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President Bola Tinubu has expressed confidence in the reforms introduced by his administration, stating that they will create a more robust economy and usher in a new era of prosperity for Nigerians.<\/p>\n

The president noted that the report by the National Bureau of Statistics (NBS), which announced that the country\u2019s trade balance recorded a trade surplus of N6.95 trillion in the second quarter of 2024, underscores the positive shifts in the economy over the past year.<\/p>\n

This was disclosed in a statement issued by Onanuga, Special Adviser to the President on Information and Strategy, on Thursday.<\/p>\n

Onanuga stated that Tinubu welcomed the NBS report, which came days after the country recorded almost 100% oversubscription of its first $500 million domestic bond and half-year revenue of N9.1 trillion.<\/p>\n

Tinubu assured that his government will continue to consolidate the gains of the reforms as more fiscal and tax policy measures come to fruition.<\/p>\n

According to the statement, the NBS report reflects the country\u2019s strong export performance in the second quarter.<\/p>\n

Onanuga cited the NBS report, noting that \u201calthough total merchandise trade in Q2 2024 stood at N31.89 trillion, a 3.76% decline compared to the preceding quarter (Q1 2024), it marked a 150.39% rise from the corresponding period in 2023.\u201d<\/p>\n

The NBS reported that the Q2 surplus was primarily driven by exports to Europe, the United States, and Asia.<\/p>\n

Total exports stood at N19.42 trillion, accounting for 60.89% of the country\u2019s total trade.<\/p>\n

This represents a 1.31% increase from N19.17 trillion in the first quarter and a 201.76% surge from the N6.44 trillion recorded in Q2 2023.<\/p>\n

The dominance of crude oil exports remains a key factor in this performance, contributing N14.56 trillion, or 74.98%, of total exports.<\/p>\n

Non-crude oil exports, valued at N4.86 trillion, comprised 25.02% of the total export value, with non-oil products contributing N1.94 trillion.<\/p>\n

The strong export performance, particularly in crude oil, ensured that Nigeria maintained a favourable trade balance.<\/p>\n

In Q2 2024, European and American countries dominated Nigeria\u2019s top export destinations. Spain emerged as the largest export partner, receiving goods valued at N2.01 trillion, accounting for 10.34% of Nigeria\u2019s total exports.<\/p>\n

The United States followed closely with N1.86 trillion (9.56%), while France imported N1.82 trillion of Nigerian goods, representing 9.37% of total exports.<\/p>\n

Nigeria\u2019s other major export partners include India (N1.65 trillion or 8.50%) and the Netherlands (N1.38 trillion).<\/p>\n

Onanuga added, \u201cPresident Tinubu is determined to confront the challenges that have stunted the growth and development necessary to unlock the country\u2019s full potential.\u201d<\/p>\n

N6.95 trillion trade surplus record shows Nigeria\u2019s economy doing well \u2013 Presidency<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

President Bola Tinubu has expressed confidence in the reforms introduced by his administration, stating that they will create a more…<\/p>\n","protected":false},"author":1,"featured_media":48603,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4161,15,7576,7581],"tags":[],"class_list":["post-48602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news","category-nigerias-economy","category-presidency"],"yoast_head":"\n