President Bola Tinubu has welcomed the latest report from the National Bureau of Statistics (NBS), which reveals that Nigeria recorded a trade surplus of ₦6.95 trillion in the second quarter of 2024. This marks a 6.60% increase from the ₦6.52 trillion surplus recorded in the first quarter.

In a statement issued by the Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu expressed confidence in his administration’s ongoing reforms, stating that they are poised to foster a more resilient economy and usher in a new era of prosperity for Nigerians.

The NBS report, as highlighted by the presidential aide, showcases the country’s strong export performance during the second quarter. This comes just days after the country reported an almost 100% oversubscription of its first $500 million domestic bond and a half-year revenue of ₦9.1 trillion.

According to the NBS, Nigeria’s exports in Q2 were primarily directed to Europe, the United States, and Asia.

Speaking on Wednesday, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, announced that Nigeria’s inaugural foreign-currency domestic bond secured $900 million in subscriptions.

Discussing the outcome of the bond issuance on Tuesday, Edun remarked that the oversubscription signals investor confidence in Nigeria’s economic stability and growth potential.

“The launch of this first-ever domestic FGN US Dollar Bond underlines the continued faith investors have in Nigeria’s economy,” Edun said. “As Chair of the African Caucus, I am particularly pleased that we have initiated a programme that not only enhances Nigeria’s economic resilience but also broadens the scope for African capital markets.”

The bond attracted a diverse range of investors, including Nigerians both locally and internationally, as well as institutional investors. Proceeds from the bond will be directed towards critical sectors of the economy, as approved by President Bola Ahmed Tinubu.

The $500 million domestic FGN US Dollar Bond, with a five-year maturity and a 9.75% coupon rate, is the first tranche of a $2 billion bond programme registered with the Securities and Exchange Commission. The structure allows the government to absorb oversubscriptions up to the full $2 billion programme limit.

Patience Oniha, Director-General of the Debt Management Office, hailed the bond’s success as a milestone for Nigeria’s economic development. She noted that the $900 million raised from a range of investors underscores the growing maturity of Nigeria’s domestic fixed-income market.