Business

Non-oil Export Income Rises to $2.64bn

The total non-oil export earnings by Nigerian exporters during the third quarter of 2013 stood at $2.64 billion.
 
This indicated an increase by 236 and 362 per cent above the levels in the preceding quarter and the corresponding quarter of 2012, respectively.
 
The Central Bank of Nigeria (CBN) economic report for the third quarter 2013 attributed the development, 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.
 
A breakdown of the proceeds showed that 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.
 
The shares of agricultural products, manufactured products, industrial, minerals and food products in non-oil export proceeds were 49.3, 28.0, 19.8 1.8 and 1.1 per cent, respectively.
On the other hand, available data indicated 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).
 
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).
 
“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,” it stated.
 
Furthermore, it showed that outflow amounted to $12.65 billion, showing an increase of 1.2 and 56.5 per cent above the levels in the preceding quarter and the corresponding quarter of 2012, respectively.
This, according to the report, resulted in a net outflow of $0.64 billion, compared with a net outflow of $3.06 billion recorded in the preceding quarter but was in contrast to the net inflow of $5.36 billion in the corresponding quarter of 2012.

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