• Saturday, May 18, 2024
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Non-oil export earnings rise to N179.5bn on back of industry sector receipt


Total non-oil export earnings by Nigerian exporters rose to N179.5 billion (US$1,136.33 million) in first quarter 2013 compared to N155.96 billion (US$987.10 million) at the end of the fourth quarter of 2012, the Central Bank of Nigeria (CBN) has said.

This indicated an increase of 15.1 percent above the level in the preceding quarter and 9.3 percent in the corresponding quarter of 2012.

The development was attributed, largely, to the 66.9 percent and 70.3 percent rise in receipts from the industrial sector and manufactured products, respectively.

A breakdown of the proceeds in the review quarter showed that industrial earned US$322.6 million, manufactured earned US$634.2 million, agricultural, US$89.9 million, minerals, US$67.9 million and food products earned US$21.7 million.

The economic report of the first quarter 2013 released by the CBN shows that the shares of industrial, manufactured, agricultural and food products as well as mineral and transport in non-oil export proceeds were 55.8 percent, 28.4 percent, 7.9 percent, 6.0 and 1.9 percent, respectively.

Aggregate output (estimate) in the first quarter measured by gross domestic product (GDP) at 1990 basic prices grew by 6.6 percent, compared with 6.9 percent recorded in the preceding quarter. The lower output growth rate in the review quarter was attributed to the decline in the contribution of the non-oil sector.

Real non-oil GDP was estimated to have grown by 7.9 percent and accounted for 85.2 percent of the total GDP in the review quarter.

Real oil GDP, comprising crude petroleum and natural gas, was estimated to have declined by 13.3 percent compared with the decline of 0.2 percent in the preceding quarter and accounted for 14.8 percent of the total real GDP.