Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has assured Nigerians that his administration will build on the gains of previous reforms to ensure a robust economy.
Tinubu’s statement comes after the National Bureau of Statistics (NBS) reported a N6.9 trillion trade surplus for the second quarter (Q2) of 2024, representing a 6.6% increase from the N6.52 trillion recorded in the first quarter (Q1).
The NBS reported a significant rise in total exports, reaching N19.42 trillion in Q2, a 1.31% increase from the previous quarter and a 201.76% increase compared to Q2 2023.
Crude oil exports accounted for N14.56 trillion, or 74.98% of total exports, while non-crude oil exports valued at N4.86 trillion made up 25.02% of total exports.
In a statement on Thursday, Bayo Onanuga, special adviser on information and strategy to the president, said the report showed that economic indicators are turning positive.
According to the statement, the report comes days after the “country recorded almost 100 percent oversubscription of its first $500 million domestic bond and half-year revenue of N9.1 trillion” and 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 statement reads.
“Generally, the economic indicators, which were very low when President Tinubu assumed office last year, are turning positive.
“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.”
Onanuga said Tinubu is determined to “confront the inhibitions” that have stunted the growth and development necessary to unlock the country’s full potential.
