President Bola Tinubu has welcomed the latest report on the country’s trade balance by the National Bureau of Statistics (NBS). Nigeria recorded a trade surplus of N6.95 trillion in the second quarter of 2024, showing a 6.60% increase from the previous quarter’s surplus of N6.52 trillion. This positive trend follows the oversubscription of a 500 million dollars domestic bond and half-year revenue of N9.1 trillion.
The President’s Special Adviser, Mr. Bayo Onanuga, highlighted the strong export performance in the second quarter, with total exports accounting for 60.89% of the country’s total trade. The dominance of crude oil exports, contributing N14.56 trillion, played a significant role in maintaining a favorable trade balance. Key export partners for Nigeria included Spain, the United States, France, India, and the Netherlands.
President Tinubu expressed confidence in the reforms his administration is implementing and believes they will lead to a more robust economy and prosperity for Nigerians. The government plans to continue fiscal and tax policy reforms to unlock the country’s full potential.