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N6.95tn : Tinubu welcomes Nigeria’s trade report and determined to confront the inhibitions that have stunted the growth and development- Bayo Onanuga
President Bola Tinubu has welcomed the National Bureau of Statistics’ new report on the country’s trade balance.
The report stated that Nigeria recorded another trade surplus in the second quarter of 2024, hitting N6.95tn, essentially driven by exports to Europe, the United States and Asia.
“The current surplus is 6.60 per cent higher than the N6.52tn surplus recorded in the first quarter,” Tinubu’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga, quoted the report in a statement he signed on Thursday.
The statement is titled ‘President Tinubu assures of a robust economy.’
In its Q2 2024 report, the NBS revealed that European and American countries dominated Nigeria’s top export destinations.
Spain emerged as the largest export partner, receiving goods valued at N2.01tn, accounting for 10.34 per cent of Nigeria’s total exports.
The United States followed closely with N1.86 trillion (9.56 per cent), while France imported N1.82tn of Nigerian goods, representing 9.37 per cent of total exports.
Nigeria’s other major export partners include India (N1.65tn or 8.50 per cent) and the Netherlands (N1.38tn).
According to Onanuga, “Just days after the country recorded almost 100 per cent oversubscription of its first $500m domestic bond and half-year revenue of N9.1tn, the latest report 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.”
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He noted that the NBS report reflects the country’s strong export performance in the second quarter.
Although total merchandise trade in Q2 2024 stood at N31.89tn, a 3.76 per cent decline compared to the preceding quarter (Q1 2024), it marked a 150.39 per cent rise from the corresponding period in 2023.
Also, total exports stood at N19.42tn, accounting for 60.89 per cent of the country’s total trade.
This represents a 1.31 per cent increase from N19.17tn in the first quarter and a 201.76 per cent surge from N6.44tn recorded in Q2 2023.
The dominance of crude oil exports remains a key factor in this performance, contributing N14.56tn, or 74.98 per cent of total exports.
Non-crude oil exports, valued at N4.86tn, comprised 25.02 per cent of the total export value, with non-oil products contributing N1.94tn.
The strong export performance, particularly in crude oil, ensured Nigeria maintained a favourable trade balance.
The presidential aide asserted that “Generally, the economic indicators, which were very low when President Tinubu assumed office last year, are turning positive.”
He said, “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, adding, “President Tinubu is determined to confront the inhibitions that have stunted the growth and development necessary to unlock the country’s full potential.”
Nigeria’s D’Tigress have once again etched their name into the history books, emerging as champions of the 2025 FIBA Women’s Afrobasket in Côte d’Ivoire after a commanding 78-64 victory over Mali in Sunday’s final.
Led by head coach Rena Wakama, the Nigerian side delivered a stellar performance at the Palais des Sports de Treichville in Abidjan to secure their fifth straight continental crown — a feat no other nation has achieved in the tournament’s history.
The win also guarantees D’Tigress an automatic berth at the 2026 FIBA Women’s World Cup in Berlin, Germany.
Having edged past a tough Senegalese team in a dramatic semi-final, where they rallied in the fourth quarter to secure a hard-fought win, D’Tigress showed a different level of composure and dominance in the final against Mali.
Mali came out strong, finishing the first quarter with a 26-21 lead. But Nigeria responded swiftly, leveling the game 41-41 by halftime.
The third quarter saw D’Tigress turn on the style, as they pulled ahead 61-56. By the final quarter, the Nigerian side tightened their defense and restricted Mali to just eight points, cruising to a 14-point triumph.
With this latest victory, Nigeria has now lifted the Women’s Afrobasket trophy seven times in total — 2003, 2005, 2017, 2019, 2021, 2023, and 2025 — and remain unbeaten in the competition for a decade. The team’s last loss in the tournament dates back to October 2, 2015, against hosts Cameroon.
This fifth consecutive title reaffirms D’Tigress’ status as the undisputed queens of African women’s basketball.
President Bola Tinubu has bestowed the national honour of Officer of the Order of the Niger, on the Super Falcons and the entire technical crew.
He also allocated three-bedroom apartments in Abuja to each of the players and the technical crew at the Renewed Hope Estate.
The President also directed the cash award of the naira equivalent of $100,000 each of the 24 players and $50,000 to each of the 11-man technical crew.
This came during a reception in honour of the players and the coaching crew at the Presidential Villa, Abuja.
He said, “I hereby conferred on the players, the 11 man technical team with national honours of the Officer of the Order of the Niger.
“Additionally, I have I directed the allocation of three bedroom apartments in the Renewed Hope Housing Scheme.
“Then there is the cash award of the naira equivalent of $100,000 US dollars each 24 players and the naira equivalent of $50,000 to the 11-man technical crew.”
The President also said he didn’t want to watch the WAFCON final because he didn’t want to have high blood pressure.
Earlier, the President and the First Lady, Senator Oluremi Tinubu, received the Super Falcons at the Presidential Villa on Monday, following their record victory at the 2025 Women’s Africa Cup of Nations in Morocco on Saturday.
The coaster buses conveying the players and coaching crew arrived at the forecourt of the Aso Rock shortly before 04:36 p.m. local time.
The Super Falcons, 10-time African champions after their 3-2 comeback over the Atlas Lionesses Morocco, were received by the President’s Chief of Staff, Femi Gbajabiamila, upon their arrival.
In a post-match video call on Saturday night, President Tinubu praised captain and tournament MVP Rasheedat Ajibade.
He also praised Nigeria’s rally from a 2-0 half-time deficit to claim the WAFCON title.
Over the past decade, the Super Falcons have won four Women’s Africa Cup of Nations titles in 2014, 2016, 2018, and 2024, bringing their total to 10
The Super Falcons emerged champions of the 2024 Women’s Africa Cup of Nations (WAFCON) after pulling off a stunning second-half comeback to defeat hosts Morocco in a pulsating final.
The Moroccans had taken a 2-0 lead in the first half, capitalizing on early momentum and a roaring home crowd at the Prince Moulay Abdellah Stadium in Rabat.
But the Nigerians, showing the grit and pedigree that has made them the most successful team in the tournament’s history, roared back after the break.
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A spirited second-half display saw the Super Falcons flip the script in dramatic fashion, scoring twice to silence the home fans and reclaim the continental crown.
With this victory, Nigeria completes the 10th WAFCON title
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