Non-oil export revenue drops by 34%

The total earnings from non-oil exports dropped by 34 per cent in just one month, the latest economic report released by the Central Bank of Nigeria has indicated.

It put the revenue from the non-oil exports in the month of July 2014, the last month so far assessed, at $867.12m.

The report noted that the revenue fell by 34.8 per cent and 4.5 per cent below the levels in the preceding month and the corresponding month of 2013, respectively.

It also stated that the Federal Government had released a total of N234bn for 307 agricultural projects across the country.

The drop in the non-oil exports reflected, largely, the fall in the earnings from food products, manufacturing and industrial sectors.

The report stated, “A breakdown by sectors showed that proceeds from agriculture, manufacturing, industrial, food products, minerals and transport sub-sectors stood at $658.32m, $115.47, $71.61m, $11.82, $9.82m and $68m, respectively.

“The shares of agriculture, manufacturing, industrial, food products, minerals and transport sub-sectors in non-oil export proceeds were 75.92, 13.32, 8.26, 1.36, 1.13 and 0.01per cent, respectively.”

The report also revealed that agricultural credit to farmers in the month of July 2014 declined by 22.3 per cent when compared to the level in the preceding month.

  

Copyright 2017 Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.