President Bola Tinubu has asserted that Nigeria’s economy is on an upward trajectory, crediting recent reforms introduced by his administration.
He expressed optimism that these changes would strengthen the nation’s economy and usher in a new era of prosperity for its citizens.
In a statement released by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu pointed to a report from the National Bureau of Statistics (NBS) highlighting a trade surplus of ₦6.95 trillion in the second quarter of 2024 as evidence of the economy’s positive shift over the past year.
Onanuga noted that the President welcomed the NBS report, which came shortly after Nigeria’s domestic bond issuance of $500 million was nearly oversubscribed and the country posted half-year revenues of ₦9.1 trillion. These developments, according to the President, further demonstrate the growing confidence in the nation’s economic future.
Tinubu also reassured the public that his government remains committed to building on the successes of these reforms. He stated that ongoing fiscal and tax policy adjustments will continue to solidify the nation’s economic progress.
According to the NBS, the trade surplus was bolstered by strong export performance, especially to regions such as Europe, the United States, and Asia. Onanuga highlighted that while the total merchandise trade in the second quarter of 2024 amounted to ₦31.89 trillion, reflecting a 3.76% decline from the first quarter, it marked a significant 150.39% increase compared to the same period in 2023.
