President Tinubu Highlights Economic Growth Amid Trade Surplus Surge
September 12th, 2024
Abuja, September 12, 2024 — President Bola Ahmed Tinubu has expressed strong optimism about Nigeria’s economic prospects following the latest National Bureau of Statistics (NBS) report on the country’s trade balance. The report reveals that Nigeria achieved a substantial trade surplus of ₦6.95 trillion in the second quarter of 2024. This surplus marks a 6.60% increase from the ₦6.52 trillion surplus recorded in the first quarter of the year.
This economic milestone comes on the heels of Nigeria’s successful oversubscription of its inaugural $500 million domestic bond, which was oversubscribed by nearly 100%, and a remarkable half-year revenue of ₦9.1 trillion. The recent NBS report underscores the significant positive trends in Nigeria’s economic landscape over the past year.
Economic Reforms Driving Growth
President Tinubu remains confident in the economic reforms being pursued by his administration. He believes these reforms will fortify the economy and herald a new era of prosperity for Nigerians. According to the NBS, despite a 3.76% decline in total merchandise trade to ₦31.89 trillion in Q2 2024 compared to the previous quarter, there was a striking 150.39% increase from the same period in 2023.
The report highlights that the trade surplus in Q2 was primarily driven by robust exports to Europe, the United States, and Asia. Total exports reached ₦19.42 trillion, making up 60.89% of Nigeria’s total trade. This represents a 1.31% increase from the first quarter and a remarkable 201.76% surge from ₦6.44 trillion in Q2 2023.
Crude Oil Exports Continue to Lead
Crude oil remains a cornerstone of Nigeria’s export economy, contributing ₦14.56 trillion, or 74.98% of total exports. Non-crude oil exports amounted to ₦4.86 trillion, with non-oil products making up ₦1.94 trillion of this total. This strong export performance has helped Nigeria maintain a favorable trade balance.
European and American markets were the primary destinations for Nigerian exports in Q2 2024. Spain emerged as the top export partner, receiving goods valued at ₦2.01 trillion, which accounts for 10.34% of Nigeria’s total exports. The United States followed with ₦1.86 trillion (9.56%), while France imported ₦1.82 trillion worth of Nigerian goods, representing 9.37% of total exports. India and the Netherlands also featured prominently among Nigeria’s key export partners.
Positive Economic Indicators
The latest data reflects a turnaround in economic indicators, which were notably low when President Tinubu assumed office last year. The administration is committed to building on these gains as fiscal and tax policy reforms continue to unfold. President Tinubu is determined to address and overcome challenges that have previously hindered the country’s economic development, aiming to unlock Nigeria’s full potential.
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