PRESIDENT Bola Tinubu has expressed satisfaction with the latest report from the National Bureau of Statistics (NBS), which shows that Nigeria achieved another trade surplus in the second quarter of 2024, amounting to N6.95tn.
The report indicates that this surplus is 6.60 percent higher than the N6.52tn recorded in the first quarter.
In a statement released by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu voiced confidence in his administration’s reforms, believing they will foster a stronger economy and usher in a new era of prosperity for Nigerians.
According to the presidential aide, the NBS report highlights Nigeria’s robust export performance during the second quarter. This comes just days after the country saw almost 100 percent oversubscription for its first $500 million domestic bond and reported half-year revenue of N9.1tn.
The NBS further noted that the Q2 surplus was driven by exports to Europe, the United States, and Asia.
Nigeria’s Dollar Bond Secures $900m in Subscriptions
On Wednesday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that Nigeria’s first-ever foreign-currency domestic bond attracted $900 million in subscriptions.
Discussing the bond’s success on Tuesday, Edun emphasized that the oversubscription reflects investor confidence in Nigeria’s economic stability and growth potential.
“The issuance of this inaugural domestic FGN US Dollar Bond underscores the continued confidence investors have in Nigeria’s economy,” Edun said.
“I am particularly proud that as Chair of the African Caucus, we have launched an initiative that not only enhances Nigeria’s economic resilience but also broadens the capital markets of African economies.”
The bond drew interest from a diverse group of investors, including Nigerians at home and abroad, as well as institutional investors. The funds raised will be directed to critical economic sectors, as approved by President Tinubu.
The $500 million domestic FGN US Dollar Bond, with a five-year maturity and a 9.75 percent coupon, represents the first tranche of a $2bn bond programme registered with the Securities and Exchange Commission. The structure of the bond allows the government to absorb oversubscriptions up to the full $2bn programme limit.
The Director-General of the Debt Management Office, Patience Oniha, described the bond’s success as a landmark event for Nigeria’s economic progress, noting that the $900m raised from a wide range of investors demonstrates the growing maturity of Nigeria’s domestic fixed-income market.
