Tinubu Hails N6.95 Trillion Trade Surplus, Credits Economic Reforms

• Nation’s Trade Surplus Hits N6.95trn in Q2 2024 Which is 6.60% Higher than Q1

President Bola Tinubu has welcomed the National Bureau of Statistics’ (NBS) latest report on Nigeria’s trade balance, highlighting a significant trade surplus of N6.95 trillion for Q2 2024. This surplus marks a 6.60% increase from the N6.52 trillion surplus recorded in Q1 2024, indicating a positive trend in the country’s economic performance.

In a statement released by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu expressed confidence in the ongoing economic reforms under his administration. He believes these reforms are pivotal in fostering a more robust economy and ushering in a new era of prosperity for Nigerians.

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The report underscores a series of positive economic indicators since President Tinubu’s tenure began last year. It notes the country’s recent achievements, including the near doubling of its first $500 million domestic bond subscription and a half-year revenue of N9.1 trillion.

The trade surplus is largely attributed to strong export performance, particularly in exports to Europe, the United States, and Asia. Total merchandise trade in Q2 2024 reached N31.89 trillion, reflecting a 3.76% decline from Q1 2024 but a dramatic 150.39% increase from Q2 2023.

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Exports amounted to N19.42 trillion, which constitutes 60.89% of the total trade, marking a 1.31% increase from the previous quarter and a 201.76% rise from the same period last year. Crude oil exports remain dominant, contributing N14.56 trillion (74.98%) of the total exports. Non-crude oil exports, valued at N4.86 trillion (25.02%), also showed considerable growth, with non-oil products contributi