Business

Non-oil export earnings rise to $1.21bn

Nike Popoola

Non-oil export earnings through banks rose to $1.21bn in the first quarter of 2020.

The Central Bank of Nigeria disclosed this on Friday in its first quarter economic report, titled ‘Non-oil export earnings by exporters.’

The CBN said, “Total non-oil export earnings received through the banks during the review period amounted to $1.21bn, representing an increase of 26.9 per cent relative to the level in the preceding quarter, but a decrease of 77.6 per cent relative to the level in the corresponding period of 2019.

“The development, relative to the preceding quarter’s level, was attributed largely to the rise in the export receipts from manufactured products, driven by increased receipts from plastics, textiles, footwear, drugs and pharmaceutical products, wood products, metals and metal products, electrical and electronics, and other manufactured products.”

A sectoral analysis showed that proceeds from minerals, industrial and manufactured products rose by 107.6 per cent, 46.4 per cent and 42.5 per cent to $7.12m, $769.08m and $130.55m respectively, above the levels in the preceding quarter.

Receipts from food products and the agricultural sector fell by 24.6 per cent and 7.4 per cent to $21.39m and $284.23m respectively below the levels in the preceding quarter.

The decline in the food products sub-sector was attributed to the fall in receipts from wheat and fish.

The shares of the various sectors in non-oil export proceeds showed industrial sector had 63.4 per cent; agricultural products, 23.4 per cent; manufactured products, 10.8 per cent; food products, 1.8 per cent and minerals, 0.6 per cent.

Source: punchng.com