*President Bola Ahmed Tinubu expresses confidence in his administration鈥檚 reforms, as Nigeria has recorded another trade surplus in the Second Quarter 2024, hitting N6.95 trillion, stating the current reforms will create 鈥榓 more robust economy鈥� that will usher in a new era of prosperity for Nigerians

Isola Moses | 绿帽献妻

Sequel to increasing positive policy shifts in the Nigerian economy, President Bola Ahmed Tinubu has welcomed the National Bureau of Statistics (NBS) new report on the West African country鈥檚 trade balance.

The latest NBS report indicated that Nigeria recorded another trade surplus in the Second Quarter (Q2) 2024, hitting N6.95 trillion.

The current surplus is 6.60 percent higher than the N6.52 trillion surplus recorded in the First Quarter (Q1) this year.

Commenting on the development, Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, in a statement issued Thursday, September 12, 2024, explained in just days after Nigeria recorded almost 100 percent oversubscription of its first $500 million domestic bond and half-year revenue of N9.1 trillion, the NBS report underscores 鈥渢he increasing positive shifts in the economy over the last year.鈥�

The statement also noted President Tinubu has expressed confidence 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.

The NBS report reflects the country鈥檚 strong export performance in the second quarter.

Although total merchandise trade in Q2 2024 stood at N31.89 trillion, a 3.76% decline compared to the preceding quarter (Q1 2024), it marked a 150.39% rise from the corresponding period in 2023.

According to NBS, the Q2 trade surplus was essentially driven by exports to Europe, the United States (US) and Asia.

Total exports stood at N19.42 trillion, accounting for 60.89% of the country鈥檚 total trade. This represents a 1.31% increase from N19.17 trillion in the first quarter and a 201.76% surge from N6.44 trillion recorded in Q2 2023.

Besides, it is noted that the dominance of crude oil exports remains a key factor in this performance, contributing N14.56 trillion, or 74.98% of total exports.

Non-crude oil exports, valued at N4.86 trillion, comprised 25.02% of the total export value, with non-oil products contributing N1.94 trillion.

The strong export performance, particularly in crude oil, ensured Nigeria maintained a favourable trade balance.

The Federal Government as well stated that in Q2 2024, European and American countries dominated Nigeria鈥檚 top export destinations.

Spain emerged as the largest export partner, receiving goods valued at N2.01 trillion, accounting for 10.34% of Nigeria鈥檚 total exports.

The United States followed closely with N1.86 trillion (9.56%), while France imported N1.82 trillion of Nigerian goods, representing 9.37% of total exports.

Nigeria’s other major export partners include India (N1.65 trillion or 8.50%) and the Netherlands (N1.38 trillion).

The statement further noted: 鈥淕enerally, the economic indicators, which were very low when President Tinubu assumed office last year, are turning positive.

鈥淭he government will continue to consolidate on the gains of the reforms as more fiscal and tax policy reforms already embarked upon by the administration come to fruition.鈥�

Onanuga also assured Nigerians, that President Tinubu is determined to confront the inhibitions that have stunted the growth and development necessary to unlock the country’s full potential.

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