The Tinubu Media Volunteers (TMV) has commended the increase in Nigeria’s exports over the past year, calling it a clear demonstration of the effectiveness of
By Emmanuel Mogbede
The Tinubu Media Volunteers (TMV) has commended the increase in Nigeria’s exports over the past year, calling it a clear demonstration of the effectiveness of the economic policies under President Bola Tinubu’s administration.
The group said the growth in trade surplus between the fourth quarter of 2023 and 2024 was evidence of the administration’s successful economic strategies.
In a statement issued on Friday in Abuja, the group’s Chairman, Chukwudi Enekwechi, highlighted the latest foreign trade report from the National Bureau of Statistics (NBS).
He said that the report showed a trade surplus of N3.43 trillion in the fourth quarter of 2024.
“We are pleased to note that the Tinubu administration’s policies are already yielding positive results, as imports are decreasing while exports continue to rise.
“The implication of this is clear: goods and services from Nigeria are being exported globally, which in turn is supporting local businesses and manufacturing,” he added.
Enekwechi also expressed satisfaction with the Federal Government’s projection of a 15 per cent inflation rate, a notable decrease from the current 24 per cent.
“This aligns with the administration’s forecast of a 7 per cent growth in Gross Domestic Product (GDP) in 2025.”
The Chairman further noted that the administration’s monetary policies had also contributed to boosting the export of Nigerian-made goods.
“One key policy that has helped improve exports is the devaluation of the local currency in the official market.
“Additionally, non-oil exports, including Nigeria’s agricultural products such as cocoa, beans, cashew, and rubber, are gaining international acceptance,” Enekwechi explained.
He emphasised that the export of these products would help strengthen the economy and reduce Nigeria’s reliance on crude oil revenues.
Enekwechi shared in President Tinubu’s optimism that the bold decisions made by the administration, alongside efforts by state governments, had strengthened the economy, with continued growth expected.
While acknowledging the challenges faced by Nigerians, Enekwechi lauded the Federal Government’s protectionist economic policies, which were fostering the growth and survival of local industries without imposing tariffs on foreign goods.
“We are confident that these policies will contribute to Nigeria’s economic growth and development, ultimately leading to prosperity for all Nigerians,” he said.(NAN)