President Bola Tinubu has welcomed the latest trade report from the National Bureau of Statistics (NBS), which shows Nigeria recording a trade surplus of N6.95 trillion in the second quarter of 2024. This surplus is 6.60% higher than the N6.52 trillion recorded in the first quarter.
According to the NBS report, European and American countries dominated Nigeria’s top export destinations, with Spain emerging as the largest export partner, followed by the United States and France. The report also shows that total merchandise trade in Q2 2024 stood at N31.89 trillion, a 3.76% decline compared to the preceding quarter, but a 150.39% rise from the corresponding period in 2023.
Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, stated that the president is confident in the reforms his administration is pursuing and believes they will create a more robust economy that will usher in a new era of prosperity for Nigerians. He noted that the NBS report reflects the country’s strong export performance in the second quarter, driven mainly by crude oil exports.
The presidential aide also stated that the government will continue to consolidate on the gains of the reforms as more fiscal and tax policy reforms come to fruition. He added that President Tinubu is determined to confront the inhibitions that have stunted the growth and development necessary to unlock the country’s full potential.
This positive trade report is a welcome development for Nigeria’s economy, which has faced challenges in recent years. The Tinubu administration’s efforts to reform the economy and promote exports appear to be yielding results. However, it is essential to note that the dominance of crude oil exports remains a key factor in this performance, and the government must continue to diversify the economy to ensure sustainable growth and development.
