President Tinubu expressed optimism about Nigeria’s economic growth following a ₦6.9 trillion trade surplus in Q2 2024, driven by crude oil exports. His administration aims to consolidate economic gains through ongoing fiscal reforms, setting the stage for a robust economy and long-term prosperity for Nigerians.
President Bola Tinubu has reaffirmed his administration’s commitment to consolidating the economic gains from recent reforms, expressing optimism about Nigeria's financial future. His remarks followed the National Bureau of Statistics (NBS) report revealing a ₦6.9 trillion trade surplus in the second quarter of 2024, marking a 6.6% increase from ₦6.52 trillion in the previous quarter.
The NBS data highlighted that total exports in Q2 rose to ₦19.42 trillion, with crude oil exports accounting for ₦14.56 trillion, or 75% of total exports. Non-crude exports contributed ₦4.86 trillion, showcasing a balanced growth in Nigeria’s trade activities. This growth represents a staggering 201.76% increase compared to Q2 2023.
In a statement issued by Bayo Onanuga, Tinubu's special adviser on media, the president attributed these positive economic indicators to the government's fiscal and tax reforms. He emphasized the administration's dedication to addressing long-standing barriers that have hindered Nigeria's economic growth and promised continued progress in driving the nation's prosperity.
Recent financial successes, including the oversubscription of Nigeria’s first $500 million domestic bond and half-year revenues of ₦9.1 trillion, further reflect the increasing confidence in Tinubu’s economic reforms. Tinubu remains steadfast in creating a robust economy for all Nigerians, ensuring that the country’s economic trajectory remains on an upward path.
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