‘We’ll consolidate on reforms’ gains’ — Tinubu speaks on trade surplus increase

President Bola Tinubu says his administration will consolidate on gains of reforms, assuring of a robust economy.

Tinubu was reacting to Nigeria’s N6.9 trillion trade surplus increase recently reported by the National Bureau of Statistics (NBS).

The NBS had said the second quarter (Q2) trade surplus figure was a 6.6 percent increase from the N6.52 trillion recorded in the first quarter (Q1) of 2024.

The bureau said total exports reached N19.42 trillion in Q2, a 1.31 percent rise from the N19.17 trillion recorded in the previous quarter and a 201.76 percent increase relative to the N6.44 trillion recorded in Q2 2023.

The NBS also said crude oil exports accounted for N14.56 trillion or 74.98 percent of total exports, while the value of non-crude oil exports made up N4.86 trillion or 25.02 percent 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.