President Bola Tinubu has praised the National Bureau of Statistics (NBS) for its latest report showing a significant trade surplus for Nigeria. The report reveals that Nigeria achieved a trade surplus of N6.95 trillion in the second quarter of 2024, up 6.60% from the N6.52 trillion surplus recorded in the previous quarter.

This positive economic milestone follows the near doubling of the $500 million domestic bond issuance and a half-year revenue of N9.1 trillion. President Tinubu expressed confidence that ongoing reforms will foster economic growth and lead Nigeria to a new era of prosperity.

The NBS report highlights a strong export performance, with total merchandise trade amounting to N31.89 trillion in Q2 2024. Despite a 3.76% decrease from Q1 2024, this figure marks a substantial 150.39% increase compared to Q2 2023. Exports, driven mainly by crude oil, reached N19.42 trillion, representing 60.89% of total trade and a 201.76% increase from the previous year.

Crude oil exports were pivotal, contributing N14.56 trillion, or 74.98% of the total export value. Non-crude oil exports also saw growth, totaling N4.86 trillion.

The report also shows that Nigeria’s top export destinations in Q2 2024 were Spain, the United States, and France, with Spain receiving N2.01 trillion worth of goods.

President Tinubu remains committed to advancing the country’s economic reforms and addressing challenges to unlock Nigeria’s full potential.