President Bola Tinubu has expressed optimism about Nigeria’s economic future following the increase of trade surplus in the Nigeria.
The report which was made earlier by the National Bureau of Statistics (NBS) revealed that there is a ₦6.95 trillion trade surplus for the second quarter of 2024.
The latest surplus marks a 6.60% increase from the ₦6.52 trillion surplus recorded in the first quarter, showcasing the nation’s strong export performance.
In a statement issued by the Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu emphasized that the ongoing reforms by his administration are laying the foundation for a prosperous economy.
“These figures confirm that our policies are creating a resilient economic environment that will usher in lasting growth for all Nigerians.”
NBS posts 31,892bn trade volume
Recall that NBS had yesterday revealed that Nigeria’s total merchandise trade reached ₦31,892.46 billion in the second quarter of 2024.
The NBS stated that this figure reflects a 3.76% decline from the value recorded in Q1 2024, but a 150.39% increase compared to the value in Q2 2023.
The report also added that Nigeria’s total exports in the second quarter of 2024 amounted to ₦19,418.93 billion, accounting for 60.89% of the country’s total trade. This marked a 1.31% increase from the first quarter of 2024 and a significant 201.76% jump compared to the same period in 2023.
Meanwhile, total imports stood at ₦12,473.53 billion, showing a 10.71% decline from the previous quarter but a 97.93% rise compared to Q2 2023.
Crude oil remained the dominant export, contributing ₦14,559.56 billion, or 74.98% of total exports while non-crude oil exports accounted for ₦4,859.37 billion, representing 25.02% of the total export value in the second quarter of 2024.
This positive development has reignited hope among Nigerians, with President Tinubu expressing confidence in the ongoing reforms driving the nation’s trade surplus.
