President Tinubu Welcomes Nigeria’s Trade Report, Vows to Tackle Economic Challenges

President Bola Tinubu has welcomed the National Bureau of Statistics’ new report on the country’s trade balance, which showed Nigeria recorded a trade surplus of N6.95tn in the second quarter of 2024.

The report stated that the surplus was driven by exports to Europe, the United States, and Asia, and was 6.60% higher than the N6.52tn surplus recorded in the first quarter.

According to a statement by Tinubu’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga, the report is titled ‘President Tinubu assures of a robust economy.’

The National Bureau of Statistics’ Q2 2024 report revealed that European and American countries dominated Nigeria’s top export destinations. Spain emerged as the largest export partner, receiving goods valued at N2.01tn, accounting for 10.34% of Nigeria’s total exports.

The United States followed closely with N1.86tn (9.56%), while France imported N1.82tn of Nigerian goods, representing 9.37% of total exports. Nigeria’s other major export partners include India (N1.65tn or 8.50%) and the Netherlands (N1.38tn).

Onanuga stated, “Just days after the country recorded almost 100% oversubscription of its first $500m domestic bond and half-year revenue of N9.1tn, the latest report underscores the increasing positive shifts in the economy over the last year.”

“President Tinubu expresses 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 showed that:

– Total merchandise trade in Q2 2024 stood at N31.89tn, a 3.76% decline compared to the preceding quarter (Q1 2024), but a 150.39% rise from the corresponding period in 2023.
– Total exports stood at N19.42tn, accounting for 60.89% of the country’s total trade.
– Crude oil exports contributed N14.56tn, or 74.98% of total exports.
– Non-crude oil exports, valued at N4.86tn, comprised 25.02% of the total export value.

Onanuga asserted, “Generally, the economic indicators, which were very low when President Tinubu assumed office last year, are turning positive.”

He added, “The 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.”

“President Tinubu is determined to confront the inhibitions that have stunted the growth and development necessary to unlock the country’s full potential.”