President Bola Tinubu has expressed satisfaction with the recent National Bureau of Statistics report, which revealed Nigeria achieved another trade surplus of ₦6.95 trillion in the second quarter of 2024.
According to the NBS report, the latest surplus represents a 6.60% increase from the ₦6.52 trillion surplus reported in the first quarter.
In a statement issued by the Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu voiced optimism in his administration’s ongoing reforms, anticipating a more resilient economy that will bring about a new phase of prosperity for Nigerians.
The presidential aide highlighted that the NBS report indicates strong export performance during the second quarter and follows the notable oversubscription of the country’s initial $500 million domestic bond and half-year revenue of ₦9.1trillon.
Nigeria’s Dollar Bond Attracts $900 Million Subscription
Finance Minister and Coordinating Minister of the Economy, Wale Edun, announced that Nigeria’s first-ever foreign-currency domestic bond has garnered subscriptions amounting to $900 million, emphasising that the oversubscription reflects investor confidence in Nigeria’s economic stability and growth potential.
He also expressed satisfaction as the Chair of the African Caucus, highlighting the bond’s significance in strengthening Nigeria’s economic resilience and expanding capital markets in African economies.
The band received significant interest from a diverse range of investors, including local and international Nigerians and institutional investors and with President Tinubu’s approval, the proceeds from the bond will be directed to crucial economic sectors.
Patience Oniha, the Director-General of the Debt Management Office, hailed the bond’s success as a significant milestone for Nigeria’s economic progress, emphasising that the $900m raised from a diverse investor base underscores the growing sophistication of Nigeria’s domestic fixed-income market.