President Bola Tinubu has welcomed the latest report from the National Bureau of Statistics (NBS), which reveals that Nigeria achieved a trade surplus of ₦6.95 trillion in the second quarter of 2024.
This surplus marks a 6.60 percent increase from the ₦6.52 trillion recorded in the first quarter.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu expressed optimism about the ongoing reforms under his administration, stating that they are paving the way for a more robust economy and a new era of prosperity for Nigerians.
“The latest NBS report highlights Nigeria’s strong export performance, particularly to Europe, the United States, and Asia,” Onanuga said.
He noted that the report follows the recent success of Nigeria’s first $500 million domestic bond issuance, which saw nearly 100 percent oversubscription, and a half-year revenue of ₦9.1 trillion.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, also commented on the success of the bond issuance. “Nigeria’s first-ever foreign-currency domestic bond has attracted $900 million in subscriptions,” Edun said. He emphasized that the oversubscription underscores investor confidence in Nigeria’s economic stability and growth potential.
“This inaugural domestic FGN US Dollar Bond not only reflects investor faith in Nigeria’s economy but also enhances our capital markets,” Edun added.
The bond, with a five-year maturity and a 9.75 percent coupon, is part of a $2 billion bond program approved by President Tinubu. It attracted a diverse range of investors, including both local and international institutions.
Patience Oniha, Director-General of the Debt Management Office, described the bond’s success as a significant milestone for Nigeria’s economic development.
She highlighted that the $900 million raised from a broad spectrum of investors showcases the increasing sophistication of Nigeria’s domestic fixed-income market.
