President Bola Ahmed Tinubu has expressed satisfaction with Nigeria’s latest trade balance report, showing confidence in the ongoing reforms of his administration.
The new report, released by the National Bureau of Statistics (NBS), highlights a trade surplus of ₦6.95 trillion for the second quarter of 2024. This surplus is 6.60% higher than the ₦6.52 trillion recorded in the first quarter, reflecting a positive shift in the nation’s economic performance.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu reiterated his commitment to overcoming obstacles that have hindered the country’s growth and unlocking its full potential. He reaffirmed the government’s resolve to build on the successes of the ongoing fiscal and tax policy reforms.
“The NBS report indicated that Nigeria recorded another trade surplus in the second quarter of 2024, hitting N6.95 trillion while the current surplus is 6.60% higher than the N6.52 trillion surplus recorded in the first quarter.”
The Trade Balance report highlights Nigeria’s strong export performance, particularly to Europe, the United States, and Asia. Total exports reached ₦19.42 trillion, accounting for 60.89% of the country’s total trade. This marks a 1.31% increase from ₦19.17 trillion in the first quarter and a dramatic 201.76% rise from ₦6.44 trillion in Q2 2023.
Crude oil exports played a pivotal role in this performance, contributing ₦14.56 trillion, or 74.98% of total exports. Non-crude oil exports amounted to ₦4.86 trillion, with non-oil products contributing ₦1.94 trillion.
In Q2 2024, European and American countries were the primary destinations for Nigerian exports. Spain was the largest export partner, receiving goods worth ₦2.01 trillion, or 10.34% of Nigeria’s total exports. The United States followed with ₦1.86 trillion (9.56%), while France imported ₦1.82 trillion, representing 9.37% of total exports.
Other significant export partners included India (₦1.65 trillion or 8.50%) and the Netherlands (₦1.38 trillion). Despite a 3.76% decline in total merchandise trade from the previous quarter, the Q2 2024 figures marked a 150.39% increase from the same period in 2023.