N6.95 Trillion Trade Surplus Record Shows Nigeria’s Economy Doing Well – Presidency
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President Bola Tinubu has expressed confidence in the reforms introduced by his administration, stating that they will create a more robust economy and usher in a new era of prosperity for Nigerians.
The president noted that the report by the National Bureau of Statistics (NBS), which announced that the country’s trade balance recorded a trade surplus of N6.95 trillion in the second quarter of 2024, underscores the positive shifts in the economy over the past year.
This was disclosed in a statement issued by Onanuga, Special Adviser to the President on Information and Strategy, on Thursday.
Onanuga stated that Tinubu welcomed the NBS report, which came days after the country recorded almost 100% oversubscription of its first $500 million domestic bond and half-year revenue of N9.1 trillion.
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Tinubu assured that his government will continue to consolidate the gains of the reforms as more fiscal and tax policy measures come to fruition.
According to the statement, the NBS report reflects the country’s strong export performance in the second quarter.
Onanuga cited the NBS report, noting that “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 primarily 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 the 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, valued 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 that 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).
Onanuga added, “President Tinubu is determined to confront the challenges that have stunted the growth and development necessary to unlock the country’s full potential.”
