Tinubu assures of better economy, hails NBS reports on balance of trade

President Bola Tinubu, on Thursday, assured Nigerians of a better economy and applauded the National Bureau of Statistics (NBS) latest report on the country’s trade balance.

According to the report, Nigeria recorded a trade surplus in the second quarter of 2024, of N6.95 trillion.

The new NBS report puts Nigeria’s current surplus at 6.60 percent, about .08 percent higher than the N6.52 trillion surplus recorded in the first quarter.

Bayo Onanuga, the special adviser to the president on information and strategy, in a statement, said this is coming days after the country recorded almost 100 percent oversubscription of its first $500 million domestic bond and half-year revenue of N9.1 trillion, the latest report underscores the increasing positive shifts in the economy over the last year.

Tinubu expressed confidence in the reforms his administration was pursuing and believed they would create a more robust economy to usher in a new era of prosperity for Nigerians.

“The NBS report reflects the country’s strong export performance in the second quarter.

“Although total merchandise trade in Q2 2024 stood at N31.89 trillion, a 3.76 percent decline compared to the preceding quarter (Q1 2024), it marked a 150.39 percent rise from the corresponding period in 2023.

The statement said the NBS reported that the Q2 surplus was essentially driven by exports to Europe, the United States and Asia.

“Total exports stood at N19.42 trillion, accounting for 60.89 percent of the country’s total trade. This represents a 1.31 percent increase from N19.17 trillion in the first quarter and a 201.76 percent surge from N6.44 trillion recorded in Q2 2023.

It was also revealed that crude oil exports still maintained its dominance, remaining a key factor in Nigeria’s export, contributing N14.56 trillion, or 74.98 percent of total exports.

Non-crude oil exports, valued at N4.86 trillion, comprised 25.02 percent of the total export value, with non-oil products contributing N1.94 trillion.

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The strong export performance, particularly in crude oil, ensured Nigeria maintained a favourable trade balance.

In Q2 2024, European and American countries dominated Nigeria’s top export destinations. Spain emerged as the largest export partner, receiving goods valued at N2.01 trillion, accounting for 10.34 percent of Nigeria’s total exports.

The United States followed closely with N1.86 trillion (9.56%), while France imported N1.82 trillion of Nigerian goods, representing 9.37 percent of total exports.

Nigeria’s other major export partners include India (N1.65 trillion or 8.50%) and the Netherlands (N1.38 trillion).

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

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.

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