OVER 25 MILLION PHONES STOLEN IN ONE YEAR- FG. (PHOTO).

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 Over 25 million phones stolen in one year – FG The Crime Experience and Security Perception Survey report of the National Bureau of Statistics, a Federal Government agency, shows that Nigeria recorded 25.35 million phone theft cases between May 2023 and April 2024. According to the report, this was the most common type of crime within the period under review. The report read, “The number of crimes experienced by individuals in Nigeria was analysed over a period of time. The results show that theft of phones (25,354,417) was the most common crime experienced by individuals, followed by consumer fraud (12,107,210) and assault (8,453,258). However, hijacking of cars (333,349) was the least crime experienced by individuals within the reference period.” It also noted that most phone theft cases occurred either at home or in a public place, and about 90 per cent of such cases were reported to the police. Despite the high rate of the incident being reported, only about 11.7 per cent of t...
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PRESIDENT TINUBU ASSURES OF A ROBUST ECONOMY. (PHOTO). #PRESS RELEASE.

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 STATE HOUSE PRESS STATEMENT


PRESIDENT TINUBU ASSURES OF A ROBUST ECONOMY


President Bola Tinubu has welcomed the National Bureau of Statistics (NBS) 's new report on the country’s trade balance.


 


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).


 


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.


 


 


Bayo Onanuga


Special Adviser to the President 


(Information & Strategy)


September 12, 2024

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