President Bola Tinubu has commended Nigeria’s recent trade surplus as evidence of the country’s improving economic outlook. According to the National Bureau of Statistics (NBS), Nigeria achieved a trade surplus of N6.95 trillion in the second quarter of 2024, up 6.60% from the N6.52 trillion surplus in the first quarter.

In response to the NBS report, President Tinubu highlighted this positive trade balance as a reflection of his administration’s successful economic reforms. A statement from presidential spokesman Bayo Onanuga expressed confidence that Nigeria is making significant strides toward its economic potential.

Tinubu reaffirmed his dedication to addressing Nigeria’s long-standing economic issues with policies designed to maintain and enhance current growth trends. The NBS report noted that the surplus is largely attributed to robust export performance, particularly to Europe, the U.S., and Asia. Total merchandise trade in Q2 2024 was N31.89 trillion, showing a slight 3.76% decrease from the previous quarter but a remarkable 150.39% increase from the same period last year.

Exports in Q2 reached N19.42 trillion, making up 60.89% of total trade, and marked a 1.31% rise from the previous quarter and a 201.76% increase year-on-year. Crude oil exports were the major contributor, totaling N14.56 trillion, or 74.98% of total exports.

Top export destinations included Spain, the U.S., and France, with Spain importing N2.01 trillion worth of Nigerian goods, representing 10.34% of total exports. The U.S. followed with N1.86 trillion (9.56%), and France with N1.82 trillion (9.37%).

Despite earlier economic challenges, President Tinubu’s administration is focused on leveraging these positive indicators through ongoing fiscal and tax reforms to overcome barriers and unlock Nigeria’s full economic potential.