TheNigerianVoice Online Radio Center

Nigeria earns $2.64b from non-oil export in third quarter

By The Rainbow


The total non-oil export earnings by Nigerian exporters during the third quarter of 2013 stood at US$2.64 billion, according to the Central Bank of Nigeria

The CBN said that these earnings from non-oil sector of the economy rose by 236.4 percent in third quarter of 2013 and 362.0 percent above the level in the corresponding quarter of 2012, lifted largely by increase in the proceeds of industrial and manufacturing sector and remarkable growth in proceeds from primary agriculture.

The third quarter economic report released by the CBN on Thursday indicated that the industrial sector rose 55.9 per cent to $522.7 million, manufacturing sector rose 187.4 per cent to $738.7 million, while agricultural  products earned $1.3 billion.

Minerals earned US$47.5 million, and food products earned US$27.4 million.


A breakdown of the proceeds showed that agricultural products earned US$1.3 billion, manufactured products earned US$738.7 million, industrial earned US$522.7 million, The shares of agricultural products, manufactured products, industrial, minerals and food products in non-oil export proceeds were 49.3, 28.0, 19.81.8 and 1.1 percent, respectively.

The report further indicated that total federally-collected revenue during the third quarter of 2013 stood at N2.7 trillion, representing a decline of 4.2 percent and 1.58 percent below the quarterly budget estimate and the level in the corresponding quarter of 2012, respectively. However, relative to the level in the preceding quarter, total federally-collected revenue rose by 14.4 percent.

By the CBN account,  at N1.6 trillion gross oil receipts, which constituted 59.7 percent of the total, declined below the proportionate budget estimate and the level in the preceding quarter by 16.1 percent and 10.5 Okeosisipercent, respectively.

The development relative to the preceding quarter was attributed to the decline in most of the components of oil revenue during the review quarter.

However,  non-oil receipts (gross) at N1,093.64 billion (40.3 percent of the total)  rose 21.3 percent above the proportionate budget estimate and 95.3 per cent higher than the  the level in the preceding quarter.