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Tuesday, 17 September 2013
Nigeria’s non-oil export earnings rise 164% in 3 months
The nation’s total non-oil exports earnings by exporters, increased by164.0 percent to US$398.33million, in October 2012, relative to the level at the end of proceeding month but declined by 29.8percent below the level in the corresponding period of 2011, the Central Bank of Nigeria (CBN) has said.
The development according to Apex bank reflected, largely, the increase in receipts in respect of food, agriculture, industrial and manufactured products sub-sectors.
A breakdown of receipts showed that proceeds of agricultural, industrial, manufactured, minerals, food and transport sub-sectors stood at US$140.1 million, US$139.7 million, US$80.7 million, US$31.5 million,US$6.4 million, and US$0.1 million, respectively.
The shares of agricultural, industrial, manufactured, minerals, food and transport sub-sectors in non-oil export proceeds were 35.2, 35.1, 20.3, 7.9, 1.6 and 0.02 percent, respectively.
The CBN’s Economic Report for the month of October 2012 showed that total gross federally-collected revenue stood at N810.80billion in October 2012, showing an increase of 0.4 and1.7 percent above the monthly budget estimate and the receipts in the preceding month, respectively.
The increase relative to the level in the preceding month was attributed to the rise in oil revenue.
At N606.81 billion, gross oil receipts, which constituted 74.8 percent of the total revenue, exceeded both the receipts in the preceding month and the monthly budget estimate by 9.4 and 9.7 percent, respectively.
The development relative to the preceding month was attributed, largely to the increase in receipts from all the components and favorable crude oil price at the international market.
At N203.98 billion, gross non-oil receipts, constituted 25.2 percent of the total and was 16.0 and 19.9 percent below the receipts in the preceding month and the monthly budget estimate, respectively.
The decline in non-oil revenue relative to the receipts in the preceding month reflected, largely, the decline in customs/excise duties as well as customs special levies.