President Bola Tinubu has expressed confidence in the economic reforms being carried out by his administration, saying it will usher in a new era of prosperity for Nigerians.
Tinubu said this in a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, in reaction to the National Bureau of Statistics’ new report on Nigeria’s trade balance released by the NBS on Thursday, September 12, 2024.
Onanuga noted: “Just days after the country recorded almost 100 per cent oversubscription of its first $500 million domestic bond and half-year revenue of N9.1 trillion, the latest report underscores the increasing positive shifts in the economy over the last year.
“President Tinubu expresses confidence in the reforms his administration is pursuing and believes they will create a more robust economy that will usher in a new era of prosperity for Nigerians.
“The NBS report reflects the country’s strong export performance in the second quarter.
“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.
“Generally, the economic indicators, which were very low when President Tinubu assumed office last year, are turning positive.”
The presidential spokesman said the government will continue to consolidate on the gains of the reforms as more fiscal and tax policy reforms already embarked upon by the administration come to fruition.
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“President Tinubu is determined to confront the inhibitions that have stunted the growth and development necessary to unlock the country’s full potential,” he added.
The NBS disclosed that Nigeria’s total merchandise trade stood at N31,892.46 billion in the second quarter of 2024.
The NBS said the figure represented a decrease of 3.76 per cent over the value recorded in Q1 2024 and an increase of 150.39 per cent compared to the value recorded in Q2 2023.
The bureau said total exports stood at N19,418.93 billion accounting for 60.89 of total trade while total imports stood at N12,473.53 billion.
It stated that total exports increased by 1.31 per cent compared to the amount recorded in the first quarter of 2024 at N19,167.36 billion.
“Also, total exports in Q2 2024 increased by 201.76 per cent when compared to Q2 of 2023 which was recorded at N6,435.13 billion,” it said.
The NBS, however, noted that total imports decreased by 10.71 per cent compared to the value recorded in the first quarter of 2024 at N13.970.05 billion.
“Total imports increased by 97.93 per cent when compared to the value recorded in Q2 2023 at N6,301.95 billion,” the NBS added.
It said in Q2 2024, Nigeria’s export trade continued to be dominated by crude oil exports valued at N14,559.56 billion which represented 74.98 per cent of total exports.
The NBS said the value of non-crude oil exports stood at N4,859.37 billion which represented 25.02 per cent of total exports in Q2 2024
“Non-oil products contributed N1,944.25 billion or 10.01 per cent of total exports,” the bureau disclosed.
The NBS said the top trading export partners in Q2 2024 were Spain, the United States, France, India, and The Netherlands.
It, however, said on the import side, China remained Nigeria’s highest trading partner followed by Belgium, India, the United States, and The Netherlands.
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