President Bola Tinubu has expressed confidence in the economic reforms his administration is pursuing, believing they will create a more robust economy and usher in a new era of prosperity for Nigerians.

President Tinubu expressed his confidence on Thursday in reaction to the National Bureau of Statistics (NBS) new report on the nation’s trade balance for the second quarter of 2024,which reflects the country’s strong export performance.

The President’s reaction was contained in a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga.

According to the NBS report, despite a 3.76% decline in total merchandise trade compared to the preceding quarter, there was a 150.39% rise from the corresponding period in 2023.

The NBS reported a surplus driven by exports to Europe, the United States, and Asia, with total exports standing at N19.42 trillion, accounting for 60.89% of the country’s total trade. Crude oil exports remained dominant, contributing N14.56 trillion or 74.98% of total exports.

Non-crude oil exports valued at N4.86 trillion comprised 25.02% of the total export value, with non-oil products contributing N1.94 trillion. The strong export performance ensured Nigeria maintained a favourable trade balance.

European and American countries dominated Nigeria’s top export destinations, with Spain emerging as the largest export partner, followed closely by the United States, France, India, and the Netherlands.

“According to the report, Nigeria recorded another trade surplus in the second quarter of 2024, hitting N6.95 trillion. The current surplus is 6.60% higher than the N6.52 trillion surplus recorded in the first quarter.

“Just days after the country recorded almost 100 percent oversubscription of its first $500 million domestic bond and half-year revenue of N9.1 trillion, 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.

“The NBS report reflects the country’s strong export performance in the second quarter.

“Although total merchandise trade in Q2 2024 stood at N31.89 trillion, a 3.76% decline compared to the preceding quarter (Q1 2024), it marked a 150.39% rise from the corresponding period in 2023.

“The NBS reported that the Q2 surplus was essentially driven by exports to Europe, the United States and Asia.

“Total exports stood at N19.42 trillion, accounting for 60.89% of the country’s total trade. This represents a 1.31% increase from N19.17 trillion in the first quarter and a 201.76% surge from N6.44 trillion recorded in Q2 2023.

“The dominance of crude oil exports remains a key factor in this performance, contributing N14.56 trillion, or 74.98% of total exports.

“Non-crude oil exports, valued at N4.86 trillion, comprised 25.02% of the total export value, with non-oil products contributing N1.94 trillion.

“The strong export performance, particularly in crude oil, ensured Nigeria maintained a favourable trade balance.

“In Q2 2024, European and American countries dominated Nigeria’s top export destinations. Spain emerged as the largest export partner, receiving goods valued at N2.01 trillion, accounting for 10.34% of Nigeria’s total exports.

“The United States followed closely with N1.86 trillion (9.56%), while France imported N1.82 trillion of Nigerian goods, representing 9.37% of total exports.

“Nigeria’s other major export partners include India (N1.65 trillion or 8.50%) and the Netherlands (N1.38 trillion)”, the statement said.

The statement noted that Nigeria’s economic indicators, which were at an all-time low when President Tinubu assumed office last year, are now showing positive signs of growth.

According to Onanuga, the government is committed to building on the gains of the reforms already implemented.

The statement further suggested that the administration’s fiscal and tax policy reforms are beginning to yield results, with more positive developments expected as the initiatives come to fruition.

“Generally, the economic indicators, which were very low when President Tinubu assumed office last year, are turning positive.

“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.

“President Tinubu is determined to confront the inhibitions that have stunted the growth and development necessary to unlock the country’s full potential”, the statement said.

It is difficult to imagine the life of an average Nigerian amid this economic crunch. Apart from buying fuel at an outrageous price, he struggles under the scorching sun or chilling weather to fill his tank and move on with life – depressingly and helplessly.

How on earth do you explain the hardship of buying fuel in a country with the eight largest oil reserves in the World? Bluntly, this perennial and persistent eyesore is enough to force compassionate leaders to act in the utmost interest of the people.

Think of that poor bike man who wants to fill his tank to feed himself and his family, the implication of any increase in the price of fuel means an astronomical increment in the transport fare and a decrease in the number of passengers! The story is the same for those Micra drivers, keke riders, and private car owners who only need to easily move from one destination to another. Sadly, many car owners have dropped their automobiles as a result of instability and fluctuation in the oil and gas sector. Today, you buy the premium motor spirit or diesel at a certain price only to wake up the next day to buy it at another unimaginable and unbelievable price!

The effect of this constant skyrocket fuel price increment is not only felt by the drivers and the riders but trickles down to the commuters and passengers who have groaned relentlessly and endlessly under the yoke of hardship and economic turbulence. It is no longer a secret that the twin causes of the current economic hardship are caused primarily by the ill-thought removal of fuel subsidy last year and the unification of the exchange rate. While those two policies quickly disrupted the economic stability of the country, the effect in the lives of millions of average Nigerians have not been properly tallied.

A careful study of the cost-of-living crisis revealed a more dire situation. Take food. The prices of foodstuffs in the land have never been record high as they currently are. And government efforts especially at the center haven’t stemmed the tide a bit. Palliatives upon palliatives have been rolled out to cushion the effects to no avail. Billions upon billions have also been sent to sub-national governments with little or no results. The government has now turned into the business of rice selling. It is shameful, to say the least. Where it matters most, the government at the center has only disappointed millions of Nigerians. Most policy thrusts have only undermined and frustrated many businesses out of the country.

The reports of companies exiting the nation in droves have made headlines, leading to scores of other challenges such as unemployment among others. But all is not doom and gloom. Great leaders are known by where they stand in difficult moments. Take Amofin Beulah Adeoye. He is not only confident and calm particularly when it comes to solving humanity’s biggest challenges, he has the resume to back up his leadership claims and credentials.

When a nation is as troubled, only a clear-headed leader can come to the rescue. And that’s where Amofin Beulah Adeoye comes into play. As a leader of note and thought, Amofin Beulah Adeoye has more than impressive credentials to tackle any problem head-on. He is endowed with the clarity of mind to think creatively, innovatively, and adaptively to challenges standing in the way of people’s existence and success.

Olajide Hamzat writes about issues that affect Oyo state while projecting Amofin Beulah Adeoye as a solution provider, problem solver and creative, adaptive and innovative leader with compassion and empathy.

Benedict Akika, an ally of Oyo State Governor Seyi Makinde, who was abducted from his Ibadan residence, has been released.

An informed source informed ThePageNG correspondence on Wednesday night about his release.

This is coming six days after gunmen broke into his Olorunda home and took him away to somewhere unknown.

Akika has been taken to a hospital to be examined, though it was unclear at the time of publication whether or not the ransom was paid.

His supporters prayed interdenominationally just a few days earlier, pleading with God to free him. Despite not being native, the governor has benefited by Bene’s tight relationship with him.

Senator Sharafadeen Alli (APC-Oyo South) has congratulated Asigangan of Igangan, Oba Rafiu Olaniyi Adeniyii and the people of Igangan on the official opening of the new Igangan Market, OJA AGBE.

This is contained in a statement signed by his Special Adviser on Media, Akeem Abas, and made available to newsmen on Monday in Ibadan.

Senator Alli expressed delight at the completion and commissioning of the market, which he believes would foster economic growth and improve the standard of living for the people of Igangan.

According to Senator Alli, the new market is a testament to the collaborative efforts of the Igangan community and the leadership of Oba Adeniyi.”

He commended the traditional ruler for his dedication to the development of the town and praised Igangan people for their roles in ensuring the successful execution of the project.

“This market is not just a trading hub; it symbolises progress and unity in Igangan. I am confident it will serve as a catalyst for further infrastructural development,” he said.

The lawmaker said that the success of OJA AGBE was a reflection of the strong community spirit in Igangan, which has always been known for its resilience and determination to grow.

Senator Alli urged the people of Igangan to maximize the opportunities provided by the market, ensuring that it becomes a center of commerce not just for the town but for the entire Ibarapa region.

He pledged his continued support for initiatives that would enhance the economic potential of Igangan and the larger Oyo South Senatorial District.

The lawmaker assured the people that the market would contribute significantly to the prosperity of the region and encouraged them to keep working together for the betterment of the community.

Senator Sharafadeen Alli (APC-Oyo South) has expressed deep sympathy with the victims of the devastating inferno that occurred on Saturday at Gbaremu Market along Eleyele Road, Ibadan.

This is contained in a statement signed by his Special Adviser, Akeem Abas and made available to newsmen on Monday in Ibadan.

Senator Alli described the incident as heartbreaking and a significant loss to the affected traders and the community.

The lawmaker extended heartfelt sympathy to the traders who lost their goods and properties in the fire.

He acknowledged the impact of the tragedy on their livelihoods and urged them to remain resilient in the face of this unfortunate event.

“My thoughts and prayers are with all those affected by this tragic fire outbreak. I understand the immense pain and hardship this has caused, and I pray for strength and quick recovery for all the victims,” he said.

Senator Alli called on relevant authorities to conduct a thorough investigation into the cause of the fire to prevent future occurrences.

He assured the victims of his continued support and urged government agencies to provide necessary assistance to help the affected traders recover from their losses.

The lawmaker reiterated commitment to working with the community to ensure improved safety measures at markets across Oyo South Senatorial District.

The President and Founder of Mr Learner Support Foundation, Adeyemi Sodiq (Ph.D) has extended his warmth congratulations to Alhaji Nureni Akanbi (Mogaji Ile ‘ba) on his elevation to Balogun Laguna of Olubadan of Ibadanland.

This is contained in a statement made available to the press in Ibadan, the Oyo State capital.

According to him, Mogaji Ile ‘ba as he is fondly called by many is a father figure to all and his elevation by the Olubadan is one that is cherished by all and sundry.

“I, on behalf of the entire team members of Mr. Learner Support Foundation here by extend our heartfelt congratulations to our father, the royal high Chief, Alhaji Nureni Akanbi Adebayo (Mogaji Ile’ba) on his well-deserved elevation to the throne of the Balogun Laguna of Olubadan of Ibadanland.

“Your ascension to this revered position is a testament to your wisdom, leadership, and dedication to the development of our cherished Ibadanland.

“Also, the entire Children of Oluwole of Ibadan are confident that under your guidance and leadership, Ibadanland will continue to thrive and uphold its rich cultural heritage.

“May your reign be filled with success, peace, and prosperity.

“Once again, congratulations, and may your leadership bring forth a new era of growth and unity.

Adeyemi Sodiq Opeyemi (PhD) “Mr. Learner”, the President and Founder of the Mr. Learner Foundation has once again shown his commitment to community development by addressing a long-standing electricity issue in the Oja-Oba area.

This is coming after the community has been put into darkness for a while due to bad transformer and adequate security to safeguard it.

Upon the notification of the power outage that had plagued the community for years, Dr. Adeyemi swiftly took action.

Having done the necessary investigation into the matter, he financed the repair of the transformer and revamped the fence around the transformer which was ably supervised by the Chairman of Mr Learner Foundation, Alhaji Abdulfatah Abdulafeez Mogaji.

The residents and marketers around the environment appreciated his quick and timely intervention to restore the electricity which brought much-needed relief to residents.

Mr. Learner Foundation’s efforts were met with gratitude from the Oja-Oba community during the Jumaat service at Oja-Oba yesterday, the Chief Imam of Ibadanland, Alhaji Abdul-Ganiyy Abubakr Agbotomokekere offered special prayers for Dr Adeyemi, praising his dedication to his people.

Other community leaders and members expressed their appreciation for Mr. Learner’s efforts.