President Bola Ahmed Tinubu has expressed happiness with the economic reforms emanating from his administration, confident that they would usher in a new era of prosperity for Nigerians.
Tinubu spoke in a statement issued by Onanuga, Special Adviser to the President on Information and Strategy, on Thursday, after the National Bureau of Statistics (NBS) reported that the country recorded a trade surplus of N6.95 trillion in the second quarter of 2024.
According to Onanuga, Tinubu welcomed the NBS report, noting that it a few came days after the country recorded almost 100 percent oversubscription of its first $500 million domestic bond and half-year revenue of N9.1 trillion.
Tinubu assured that his government will continue to consolidate the gains of the reforms as more fiscal and tax policy measures come to fruition.
According to the statement, the NBS report reflects the country’s strong export performance in the second quarter.
Onanuga cited the NBS report, noting that “although total merchandise trade in Q2 2024 stood at N31.89 trillion, a 3.76 percent decline compared to the preceding quarter (Q1 2024), it marked a 150.39 percent rise from the corresponding period in 2023.”
The NBS reported that the Q2 surplus was primarily driven by exports to Europe, the United States, and Asia.
Total exports stood at N19.42 trillion, accounting for 60.89 percent of the country’s total trade.
This represents a 1.31 percent increase from N19.17 trillion in the first quarter and a 201.76 percent surge from the N6.44 trillion recorded in Q2 2023.
The dominance of crude oil exports remains a key factor in this performance, contributing N14.56 trillion, or 74.98 percent, of total exports.
Non-crude oil exports, valued at N4.86 trillion, comprised 25.02 percent of the total export value, with non-oil products contributing N1.94 trillion.
The strong export performance, particularly in crude oil, ensured that Nigeria maintained a favourable trade balance.
Onanuga said: “President Tinubu is determined to confront the challenges that have stunted the growth and development necessary to unlock the country’s full potential.”
