President Bola Tinubu has praised the National Bureau of Statistics (NBS) for its latest report, which reveals that Nigeria achieved a trade surplus of ₦6.95 trillion in the second quarter of 2024.
This figure represents a 6.60% increase from the ₦6.52 trillion surplus recorded in the first quarter.
In a statement issued by Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu expressed optimism about the ongoing reforms under his administration.
He believes these reforms will strengthen the economy and pave the way for a new era of prosperity for Nigerians.
The NBS report highlights Nigeria’s strong export performance in the second quarter, which contributed significantly to the trade surplus.
This announcement follows the country’s successful oversubscription of its first $500 million domestic bond and a half-year revenue of ₦9.1 trillion.
The NBS noted that exports were a key driver of the Q2 surplus, benefiting markets in Europe, the United States, and Asia.
FG’s Dollar Bond Attracts $900m Subscription
On Wednesday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun said Nigeria’s first-ever foreign-currency domestic bond has secured $900m in subscriptions.
While discussing the results of the historic bond issuance on Tuesday, Edun noted that the oversubscription reflects investor confidence in Nigeria’s economic stability and potential for growth.
“The issuance of this inaugural domestic FGN US Dollar Bond highlights the continued faith investors have in Nigeria’s economy,” Edun said.
“I am particularly pleased that as Chair of the African Caucus, we have launched an initiative that not only strengthens Nigeria’s economic resilience but also expands the horizon for capital markets of African economies.”
The recently issued $500 million domestic FGN US Dollar Bond has garnered significant interest from a diverse group of investors, including Nigerians both locally and abroad, as well as institutional investors. With a five-year maturity and a 9.75% coupon rate, this bond represents the initial tranche of a $2 billion bond program registered with the Securities and Exchange Commission. The bond’s structure is designed to accommodate oversubscriptions up to the full $2 billion program limit.
The proceeds from this bond will be directed toward critical economic sectors as endorsed by President Bola Ahmed Tinubu. Patience Oniha, Director-General of the Debt Management Office, hailed the bond’s success as a crucial milestone for Nigeria’s economic advancement. She highlighted that the $900 million raised from a wide range of investors signifies the increasing sophistication of Nigeria’s domestic fixed-income market.