Non-oil export earnings hit $75m in two months

non-oil export


Earnings from non-oil export in October and November rose to $75 million, figures obtained from the Central Bank of Nigeria have revealed.

The CBN stated in its November economic report that non-oil export earnings rose by 16.9 per cent to $0.40 billion, from $0.35 billion in October.

It stated, “Non-oil export earnings rose by 16.9 per cent to $0.40bn, from $0.35bn in October, due, largely to sustained favourable commodity prices at the international market.

“This was due to the 7.0 per cent and 16.1 per cent increase in other non – oil products and re-exports to $0.38bn and $0.02bn from $0.36bn and $0.01bn respectively.”

According to the report, analysis by direction of trade revealed that Brazil was the major destination of non-oil export products with a share of 13.7 per cent.

Exports to the Netherlands were 12.6 per cent; 11.6 per cent to China; 6.7 percent to Belgium; and 6.0 percent to Japan. The major commodities exported were urea, which accounted for the largest share of 21.0 per cent, followed by cocoa beans with 20.2 per cent; and sesame seeds, 9.3 per cent.

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