President Bola Tinubu has commended the latest trade report from the National Bureau of Statistics (NBS), which revealed a trade surplus for Nigeria in the second quarter of 2024. The Nigeria’s Trade Surplus stood at N6.95 trillion, representing a 6.60% increase compared to the N6.52 trillion recorded in the first quarter.
Nigeria’s Trade Surplus
Tinubu expressed confidence in his administration’s economic reforms. He believes they are setting the stage for long-term stability. The trade surplus was largely driven by exports to Europe, the United States, and Asia.
The NBS report showed that Spain was Nigeria’s largest export partner, importing goods worth N2.01 trillion. This made up 10.34% of Nigeria’s total exports. The United States followed with N1.86 trillion, representing 9.56%. France imported goods valued at N1.82 trillion, accounting for 9.37% of total exports.
Crude Oil Dominates Exports
Nigeria’s total merchandise trade for Q2 2024 was N31.89 trillion. This was a slight decline from the first quarter. However, the figure represented a 150.39% increase compared to the same period in 2023. Exports made up 60.89% of total trade at N19.42 trillion.
Crude oil remained the main driver, contributing N14.56 trillion to the total export value. Non-crude oil exports amounted to N4.86 trillion, while non-oil products contributed N1.94 trillion.
Optimism for Economic Growth
Tinubu highlighted the positive economic indicators since taking office. He reaffirmed his commitment to addressing the barriers that have slowed down Nigeria’s growth. The government is focused on consolidating the gains from its fiscal and tax reforms.
"Give thanks to the Lord for He is good: His love endures forever."
The report follows other encouraging developments, such as the oversubscription of Nigeria’s $500 million domestic bond and a half-year revenue surpassing N9.1 trillion. Tinubu’s administration is determined to create a stronger, more diverse economy for the country’s future prosperity.
