President Bola Tinubu has lauded the recent National Bureau of Statistics (NBS) report, which reveals a significant trade surplus of ₦6.95 trillion for the second quarter of 2024, as a sign of positive economic progress in Nigeria.
In a statement from Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu expressed confidence in the economic reforms his administration has implemented. He believes these changes will strengthen Nigeria’s economy and pave the way for a new era of prosperity.
The report, which follows a near 100% oversubscription of Nigeria’s inaugural $500 million domestic bond and a half-year revenue of ₦9.1 trillion, highlights a substantial improvement in Nigeria’s economic performance. Despite a 3.76% decline in total merchandise trade compared to the previous quarter, the Q2 2024 figures showed a remarkable 150.39% increase from the same period in 2023.
Onanuga noted that the surplus was largely driven by increased exports to Europe, the United States, and Asia. President Tinubu reiterated his commitment to advancing economic reforms and enhancing fiscal and tax policies to sustain this positive momentum.
News Editor