Tinubu welcomes NBS report, says Nigeria Economy is showing positive shift

President Bola Tinubu has claimed that there has been a positive shift in the country’s economy.

He expressed confidence in the reforms introduced by his administration, stating that they will create a more robust economy and usher in a new era of prosperity for Nigerians.

Speaking via a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu said the report by the National Bureau of Statistics (NBS), which announced that the country’s trade balance recorded a trade surplus of ₦6.95 trillion in the second quarter of 2024, underscores the positive shifts in the economy over the past year.

Onanuga stated that Tinubu welcomed the NBS report, which came days after the country recorded almost 100% oversubscription of its first $500 million domestic bond and half-year revenue of ₦9.1 trillion.

Tinubu assured that his government will continue to consolidate the gains of the reforms as more fiscal and tax policy measures come to fruition.

According to the statement, the NBS report reflects the country’s strong export performance in the second quarter.

Onanuga cited the NBS report, noting that “although total merchandise trade in Q2 2024 stood at N31.89 trillion, a 3.76% decline compared to the preceding quarter (Q1 2024), it marked a 150.39% rise from the corresponding period in 2023.”

The NBS reported that the Q2 surplus was primarily driven by exports to Europe, the United States, and Asia