
President Bola Tinubu expressed confidence in the economic reforms implemented by his administration, stating they will strengthen the economy and lead to a new era of prosperity for Nigerians. In a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu praised the recent report by the National Bureau of Statistics (NBS), which revealed a ₦6.95 trillion trade surplus in the second quarter of 2024, highlighting the positive economic shifts over the past year.
Onanuga noted that the NBS report followed the country’s near 100% oversubscription of its first $500 million domestic bond and a half-year revenue of ₦9.1 trillion. Tinubu assured that the government would build on the momentum of these reforms as more fiscal and tax policies are implemented.
The statement emphasized the country’s strong export performance in the second quarter, despite a 3.76% decline in total merchandise trade compared to the previous quarter. According to the NBS report, the ₦31.89 trillion in Q2 trade marked a 150.39% increase from the same period in 2023, driven largely by exports to Europe, the United States, and Asia.