By David Akinadewo-Adekahunsi 

President Bola Tinubu has welcomed the latest report from the National Bureau of Statistics (NBS) showing Nigeria’s trade balance surplus of N6.95 trillion in the second quarter of 2024. This marks a 6.60% increase from the first quarter’s surplus of N6.52 trillion.

The President expressed confidence in his administration’s economic reforms, which he believes will create a more robust economy and usher in a new era of prosperity for Nigerians. The NBS report highlights the country’s strong export performance, driven mainly by crude oil exports, which contributed N14.56 trillion or 74.98% of total exports.

Total merchandise trade in Q2 2024 stood at N31.89 trillion, a 3.76% decline from the previous quarter but a 150.39% rise from the corresponding period in 2023. The surplus was driven by exports to Europe, the United States, and Asia, with Spain, the United States, and France being Nigeria’s top export destinations.

President Tinubu’s administration has implemented various fiscal and tax policy reforms aimed at unlocking the country’s full potential. The government will continue to build on the gains of these reforms, which have contributed to the positive economic indicators.

The President is determined to address the challenges that have hindered Nigeria’s growth and development, and his administration remains committed to creating a favorable business environment that will attract investment and stimulate economic growth.

This latest report comes on the heels of Nigeria’s successful domestic bond issuance, which was oversubscribed by almost 100%, and the country’s half-year revenue of N9.1 trillion. These developments underscore the increasing positive shifts in the economy over the last year.