President Bola Tinubu expressed his optimism regarding Nigeria’s economic trajectory, following the National Bureau of Statistics (NBS) report that revealed a significant trade surplus for the second quarter of 2024. The report indicated that Nigeria recorded a trade surplus of N6.95 trillion, marking a 6.60% increase from the N6.52 trillion surplus in the first quarter.
This positive economic development comes on the heels of Nigeria’s successful domestic bond issuance, which saw nearly 100% oversubscription of its first $500 million bond, alongside a half-year revenue of N9.1 trillion. These indicators suggest a robust shift in the economic landscape over the past year, reinforcing President Tinubu’s confidence in the ongoing reforms his administration is implementing.
The NBS report highlighted Nigeria’s strong export performance during the second quarter, despite a 3.76% decline in total merchandise trade compared to the previous quarter. However, the overall trade figures reflect a remarkable 150.39% increase from the same period in 2023, showcasing the resilience of Nigeria’s economy.
In Q2 2024, total exports reached N19.42 trillion, accounting for 60.89% of the country’s total trade. This figure represents a 1.31% increase from N19.17 trillion in the first quarter and an impressive 201.76% rise from N6.44 trillion recorded in Q2 2023. The strong performance was largely driven by crude oil exports, which contributed N14.56 trillion, or 74.98% of total exports. Non-crude oil exports also played a significant role, valued at N4.86 trillion, with non-oil products contributing N1.94 trillion.
Key export destinations for Nigeria in Q2 2024 included European and American countries, with Spain emerging as the largest export partner, receiving goods valued at N2.01 trillion (10.34% of total exports). The United States and France followed closely, importing N1.86 trillion (9.56%) and N1.82 trillion (9.37%) worth of Nigerian goods, respectively. Other notable export partners included India (N1.65 trillion or 8.50%) and the Netherlands (N1.38 trillion).
President Tinubu noted that the economic indicators, which were at a low point when he took office last year, are now showing positive trends. He remains committed to consolidating the gains achieved through his administration’s fiscal and tax policy reforms, aiming to confront the obstacles that have hindered Nigeria’s growth and development.
As Nigeria continues on this path of economic recovery, President Tinubu’s administration is focused on unlocking the country’s full potential and fostering a new era of prosperity for all Nigerians.
