Vice President Sen. Kashim Shettima announced that Nigeria has achieved a favourable trade balance of N6.5 trillion in its total external trade for the second quarter of the year, with exports constituting 60.89 per cent of the overall trade, which totalled N19.42 trillion.
This figure marks a slight increase of 1.31 per cent from the N19.17 trillion recorded in the first quarter of 2024 and represents a remarkable 201.76 per cent rise compared to the N6.44 trillion in the same quarter of 2023
Shettima made this announcement at the third Nigeria Export Promotion Council (NEPC) conference focused on Non-Oil Export in Abuja, themed “Promoting Non-oil Export for Rapid National Economic Growth.”
He emphasized that the diversification of the economy is a key objective of the current administration. “This initiative aims to reduce the national economy’s reliance on oil and gas by encouraging the export of value-added manufactured goods. The Renewed Hope Agenda reflects our collective commitment to reforming the economy through accelerated diversification, industrialization, digitization, the creative arts, manufacturing, and innovation, all aimed at fostering sustained and inclusive economic growth,” he stated.
He further highlighted the significance of global trade, which is projected to reach $32 trillion by the end of 2024. “The pertinent question is how Nigeria and Africa can leverage these substantial economic opportunities presented by the exchange of goods and services in the global marketplace,” he concluded.
