The Federal Government of Nigeria said the nation’s non-oil exports doubled from about N1 trillion to N2 trillion between 2018 and 2019.
The Minister of Information and Culture, Lai Mohammed disclosed this at a media briefing in Lagos on Monday where he presented the major achievements of President Muhammadu Buhari’s administration for the outgoing year.
He said while the value of crude oil exports decreased by 3.78 per cent, non-crude oil exports rose by more than 30 per cent in value between 2018 and 2019.
The minister said the value of exports grew by 2.5 per cent between 2018 and 2019 as at the third quarter, rising from N14 trillion to N14.4 trillion.
“Strong performance in the external sector suggests increasing diversification of exports and export revenue.
“This resulted in a stronger overall performance and an increase in the value of total trade by 10 per cent between 2018 and 2019,” he said.
The minister said that the value of imports in 2019, as at the third quarter stood at N11.6 trillion, compared to N9.6 trillion as at third quarter of 2018.
“This represented an annual growth rate of 21 per cent between 2018 and 2019.
“Other than refined petroleum products, major imports have been machinery and vehicles,” he said.
The minister said that the 2019 budget performance showed that while revenue shortfalls occurred in the first half of the year, capital expenditure was prioritised, leading to higher expenditure performance.
On government revenue, he disclosed that as at half year 2019, actual aggregate revenue stood at N2 trillion or 58 per cent of pro-rated target.
“This comprised oil revenue of N900 billion (49 per cent performance), Company Income Tax (CIT) of N349 billion (86 per cent performance), Value-Added Tax (VAT) of N81 billion (71 per cent performance), and Customs Collections of N184 billion (100.47 per cent performance),’’ he said.
On government expenditure, Mohammed said that as at half year 2019, out of the total appropriation of N8.9 trillion for 2019, about N3.4 trillion had been spent, representing 76 per cent performance for that period.
He said capital spending had been prioritised in favour of critical ongoing infrastructural projects in the power, roads, rail and agriculture sectors.
The minister said there was significant improvement on Capital importation comprising mainly foreign direct investment, portfolio investment and other investment flowing into the country.
The minister also said that as of the third quarter of 2019, total capital importation had reached nearly 20 billion U.S. dollars, which was 34 per cent higher than the 15 billion U.S. dollars recorded for the first three quarters of 2018.
Mohammed said while the inflow of Foreign Direct Investment declined over the period by 39 per cent from one billion U.S. dollars to 700 million U.S. dollars, portfolio investment and other investments both rose significantly by 39 per cent and 42 per cent respectively.
He said apart from banking and shares, some of the major sectors that witnessed high volume of capital inflows in 2019 were telecommunications, production and services.
The minister said nearly all of the total capital importation as at the third quarter of 2019 flowed to Lagos and Abuja.
Copyright 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.