Q1: Nigeria’s non-oil exports hits N305bn

Nigeria recorded the princely sum of N305 billion from non-oil exports in the first quarter of 2013, indicating that the Federal Government’s effort to diversify from oil, the nation’s economic mainstay, is yielding good result.
Minister of Industry Trade and Investment, Mr Olusegun Aganga, revealed these earnings Tuesday in Abuja while presenting the scorecard of his Ministry at the 2013 Ministerial Platform, packaged by the Federal Ministry of Information.
There had been, according to Aganga, significant improvement in balance of trade with reduced importation and increased export value, owing to decreased dependence on oil and gas for export earnings.
The Minister explained that, while in the first quarter of 2013, non-oil exports accounted for N305 billion, industry contributed 66.9 per cent of the Federal Government’s non-oil export earnings for the period.

He said that Nigeria recorded a 43 per cent decline in imports between 2011-2012, resulting in savings of about N4.2 trillion in foreign exchange.
Import, as a percentage of total trade, according to him, fell from 35.7 per cent in 2011 to 20 per cent in 2012.
Aganga said that the Federal Government was exploring new ways of unlocking domestic and international capital through pension assets, Sovereign Wealth Fund (SWF), Industrial Development and Investment Fund, as well as Diaspora Fund.
The Minister said that the Federal Government had commenced the Nigerian Investment Climate Reform Programme.

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