Non-oil export income rises to $2.64bn

By The Rainbow

The total non-oil export earnings by Nigerian exporters during the third quarter of 2013 stood at $2.64 billion, according to the Central Bank of Nigeria (CBN) economic report for the third quarter 2013.

This means  an increase by 236 and 362 per cent above the levels in the preceding quarter and the corresponding quarter of 2012, respectively.

In CBN's opinion, the increase came largely, to the 55.9 and 187.4 per cent increase in the proceeds of industrial and manufacturing sectors, respectively, as well as the significant increase in proceeds from primary agricultural and other products.

According to the report, agricultural products, manufactured products, industrial, minerals and food products earned $1.3 billion, $738.7 million, $522.7 million, $47.5 million, and $27.4 million, respectively.

In percentage terms, agricultural products, manufactured products, industrial, minerals and food products in non-oil export proceeds accounted for  49.3, 28.0, 19.8 1.8 and 1.1 per cent, respectively. the report also showed that the invisible sector accounted for the bulk (55.4 per cent) of total foreign exchange disbursed in the third quarter of 2013, followed by mineral and oil sector (13.6 per cent).

It listed other beneficiary sectors, in a descending order included: industrial sector (14.1 per cent), food products (7.2 per cent), manufactured products (6.9 per cent), transport sector (2.5 per cent) and agricultural products (0.3 per cent).

It states, 'Provisional data indicated that foreign exchange inflow through the CBN in the third quarter of 2013 amounted to $12.01 billion, representing an increase of 27.2 per cent above the level in the preceding quarter, but showed a decline of 10.7 per cent below the level in the corresponding quarter of 2012.

'The rise in inflow relative to the preceding quarter was attributed to the significant increase in non-oil component due largely to proceeds from Eurobond and other official receipts.'