President Bola Tinubu has expressed optimism over Nigeria’s economic outlook following a report from the National Bureau of Statistics (NBS) indicating a trade surplus of N6.95 trillion in the second quarter of 2024.
This represents a 6.60% increase from the N6.52 trillion surplus recorded in the first quarter, highlighting the continuing positive economic trends under Tinubu’s administration.
The report follows closely on the heels of Nigeria’s successful issuance of its first $500 million domestic bond, which was nearly 100% oversubscribed, alongside a half-year revenue report of N9.1 trillion.
These developments reflect growing investor confidence and the impact of economic reforms initiated by the Tinubu administration.
In a statement from Bayo Onanuga, Special Adviser to the President (Information and Strategy), Tinubu reaffirmed his confidence in the administration’s reforms, predicting they will foster a more robust economy and usher in a new era of prosperity for Nigerians.
The NBS report also points to a strong export performance in Q2 2024.
While total merchandise trade in Q2 stood at N31.89 trillion, marking a 3.76% decline from the previous quarter, it represented a substantial 150.39% increase compared to the same period in 2023.
The trade surplus was primarily driven by exports to Europe, the United States, and Asia. Total exports for Q2 2024 were valued at N19.42 trillion, making up 60.89% of the country’s total trade, and reflecting a 1.31% rise from N19.17 trillion in Q1. This figure also represents a staggering 201.76% increase from N6.44 trillion in Q2 2023.
Crude oil exports continued to dominate, contributing N14.56 trillion, or 74.98% of total exports. Non-crude oil exports amounted to N4.86 trillion, representing 25.02% of total exports, with non-oil products accounting for N1.94 trillion.
The strength of Nigeria’s export performance, particularly in crude oil, played a key role in sustaining the country’s favorable trade balance.
Spain emerged as Nigeria’s top export destination in Q2 2024, receiving goods worth N2.01 trillion, or 10.34% of total exports. The United States followed with N1.86 trillion (9.56%), and France imported N1.82 trillion worth of Nigerian goods, making up 9.37% of total exports. Other major export partners included India (N1.65 trillion, 8.50%) and the Netherlands (N1.38 trillion).
Economic indicators, which were considerably weak when President Tinubu took office, are now showing positive shifts.
The government aims to build on the progress of its reforms, with more fiscal and tax policies expected to further drive growth.
President Tinubu remains committed to overcoming the challenges that have hindered Nigeria’s growth, working toward unlocking the country’s full economic potential.
