By Ayomide Otitoju
President Bola Tinubu has welcomed the latest report from the National Bureau of Statistics (NBS), which reveals Nigeria recorded a trade surplus of ₦6.95 trillion in the second quarter of 2024. This marks a 6.6% increase from the ₦6.52 trillion surplus in the first quarter.
In a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu expressed confidence in the economic reforms his administration is implementing, affirming that they will drive sustainable growth and prosperity for Nigerians.
The NBS report, highlighting strong export performance, comes shortly after Nigeria’s successful $500 million domestic bond issuance, which attracted almost 100% oversubscription, and a half-year revenue of ₦9.1 trillion.
Exports to Europe, the United States, and Asia were the main contributors to the second-quarter surplus, underscoring Nigeria’s growing trade presence on the global stage.
Meanwhile, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that Nigeria’s first foreign-currency domestic bond secured $900 million in subscriptions. Edun noted that the bond’s oversubscription reflects investor confidence in the country’s economic stability and growth potential.
“The issuance of this inaugural domestic FGN US Dollar Bond highlights the continued faith investors have in Nigeria’s economy,” said Edun. “It strengthens Nigeria’s economic resilience and expands the capital markets of African economies.”
The $500 million bond, with a five-year maturity and a 9.75% coupon, is part of a larger $2 billion bond program registered with the Securities and Exchange Commission, allowing the government to absorb additional oversubscriptions.
Debt Management Office Director-General Patience Oniha hailed the bond’s success as a pivotal moment for Nigeria’s economic development, pointing out that the $900 million raised from diverse investors reflects the growing maturity of Nigeria’s domestic fixed-income market.
