Following the National Bureau of Statistics (NBS) report showing a trade surplus of N6.95 trillion for the second quarter of 2024, president Bola Tinubu has expressed hope that the Nigeria’s economy is on the right track.
This figure represents a 6.60 percent increase from the N6.52 trillion surplus recorded in the first quarter.
In a statement issued by Special Adviser to the President on Information and Strategy, Bayo Onanuga, noted that the report comes on the heels of a successful $500 million domestic bond issuance, which was nearly 100% oversubscribed, and a half-year revenue of N9.1 trillion, highlighting a positive economic trajectory under Tinubu’s administration.
The NBS revealed that the trade surplus is largely traced to strong export performance, particularly in crude oil, which accounted for N14.56 trillion, or 74.98 percent of total exports.
Despite a 3.76 percent decline in total merchandise trade compared to the previous quarter, the overall trade volume surged by 150.39 percent year-on-year. Key export partners included Spain, the United States, and France, with Spain receiving goods worth N2.01 trillion.
Tinubu reaffirmed his revolve to the ongoing economic reforms aimed at fostering a robust economy and unlocking Nigeria’s full potential, as indicators show a shift towards positive growth since he took office last year.
