The Tinubu Media Volunteers (TMV) has described the rise in Nigeria’s exports in the last year as yet another manifestation of the efficacy of the economic policies of the President Bola Tinubu administration.
This, according to the group, is clear from the progressive rise in trade surplus between the fourth quarter of 2023 and that of 2024.
In a statement signed by its Chairman Chukwudi Enekwechi and Secretary Shedrach Sunday, TMV noted that the latest foreign trade report from the National Bureau of Statistics NBS showed a trade surplus of N3.43trn in the fourth quarter (Q4) 2024.
It said: “We note with joy that the Tinubu administration’s policies are already yielding desired results as imports are on the decrease while exports are on the rise. The implication is that goods and services from Nigeria are being exported to the outside world thereby boosting local businesses and manufacturing.
“Furthermore, it is gratifying that the federal government is projecting a 15% inflation rate – a significant drop from 24% presently. This is also in alignment with the projection of a 7% GDP growth in 2025.”
The group noted that the administration’s monetary policy has been beneficial to exports of Made-in-Nigeria goods.
“Suffice it to mention that one of the policies of the Tinubu administration that has helped to boost the export of Nigerian goods is the devaluation of the local currency in the official market.
“Even in the non-oil exports, Nigeria’s agricultural products such as cocoa, beans, cashew and rubber are gaining international acceptance. The export of these products will boost the economic resilience and reduce the country’s dependence on crude oil revenues.
“We also share in the optimism of President Tinubu that the bold decisions of his administration, along with the efforts of the state governments, have bolstered the economy, and this will continue to be in upward swing.
“Even as we acknowledge the challenges being faced by Nigerians, it is remarkable that the federal government’s economic policies are protectionist and they will augur well for Nigeria’s economic growth and development.
“Without embarking on the imposition of tariffs on foreign goods, we are glad that the policies enunciated by the administration are supportive of the growth and survival of the local industries and the ultimate result is prosperity for all Nigerians,” it added.
