Nigeria’s President, Bola Ahmed Tinubu has welcomed the new report on the country’s trade balance, expressing confidence in the reforms his administration is pursuing.
Welcoming the new trade balance report published by the National Bureau of Statistics (NBS), President Tinubu reiterated his belief in the abilities of the administration’s reforms to create a more robust economy that will usher in a new era of prosperity for Nigerians.
In a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Nigerian Leader further expressed his determination to confront the inhibitions that have stunted the growth and development necessary to unlock the country’s full potential.
President Tinubu also reaffirmed the government’s willingness to continue to consolidate the gains of the reforms as more fiscal and tax policy reforms already embarked upon by the administration come to fruition.
‘The NBS report indicated that Nigeria recorded another trade surplus in the secon
d quarter of 2024, hitting N6.95 trillion while the current surplus is 6.60% higher than the N6.52 trillion surplus recorded in the first quarter.
‘The latest report coming a few days after Nigeria recorded about 100percent oversubscription of its first $500million domestic bond underscores the increasing positive shifts in the economy over the last year.
‘The NBS report reflected Nigeria’s strong export performance in the second quarter, a few days after the country recorded half-year revenue of N9.1 trillion.
‘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% of the country’s total trade. This represents a 1.31% increase from N19.17 trillion in the first quarter and a 201.76% surge from N6.44 trillion recorded in Q2 2023.
‘The dominance of crude oil exports remains a key factor in this performance, contributing N14.56 trillion, or 74.98% of total exports.
‘Non-crude oil exports, v
alued at N4.86 trillion, comprised 25.02% of the total export value, with non-oil products contributing N1.94 trillion.
‘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% 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% of total exports.
‘Nigeria’s other major export partners include India (N1.65 trillion or 8.50%) and the Netherlands (N1.38 trillion).
Although 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,’ Onanuga stated.
Source: Voice of Nigeria