Tinubu welcomes new NBS report on N6.94t trade surplus

President Bola Ahmed Tinubu has welcomed the National Bureau of Statistics (NBS) new report on the country’s trade balance. According to the report, Nigeria recorded another trade surplus in the second quarter of 2024, hitting N6.95 trillion. The current surplus is 6.60% higher than the N6.52 trillion surplus recorded in the first quarter. Special Adviser […]

President Bola Ahmed Tinubu has welcomed the National Bureau of Statistics (NBS) new report on the country’s trade balance.

According to the report, Nigeria recorded another trade surplus in the second quarter of 2024, hitting N6.95 trillion. The current surplus is 6.60% higher than the N6.52 trillion surplus recorded in the first quarter.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement on Thursday said the report 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, underscores the increasing positive shifts in the economy over the last year.

He said: “President Tinubu expresses confidence in the reforms his administration is pursuing and believes they will create a more robust economy that will 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% decline compared to the preceding quarter (Q1 2024), it marked a 150.39% rise from the corresponding period in 2023.

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.”

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