13 February 2013

Nigeria: Non-Oil Export Earnings Rise to U.S.$987 Million

The total non-oil export earnings by Nigerian exporters increased by 72.9 per cent to $987.10 million at the end of the fourth quarter last year, the Central Bank of Nigeria (CBN) has said.

This, according to the bank, also reflected an increase of 65.6 per cent above the level in the corresponding quarter of 2011.

The CBN said this in its economic report for the fourth quarter of 2012, posted on its website Tuesday.

However, the apex bank attributed the development largely to the significant rise in the export of food, agricultural products and industrial sector during the quarter under review.

A breakdown of the proceeds in the review quarter also showed that industrial products, manufactured products, agricultural products, food products, mineral and transport earned $380.3 million, $189.5 million, $186.2 million, $168.9 million, $62.2 million, and $0.7 million respectively.

Also, the share of industrial products, manufactured products, agricultural products, food products, mineral and transport in non-oil export proceeds were 38.5 per cent, 19.2 per cent, 18.8 per cent, 17.1 per cent, 6.3 per cent and 0.1 per cent in that order.

According to the banking sector regulator, total federally-collected revenue during the fourth quarter of 2012 stood at N2.413 trillion, representing a decline of 0.4 and 13.3 per cent below the proportionate budget estimate and the level in the preceding quarter of 2012, respectively.

It also revealed that at N1.824 trillion, gross oil receipts, which constituted 75.6 per cent of the total revenue, exceeded the proportionate budget estimate and the receipts in the corresponding period of 2011 by 9.9 and 151.2 per cent, respectively, but declined by 5.8 per cent below the receipts in the preceding quarter.

The rise in oil receipts relative to the proportionate budget estimate was also attributed to the improvement in the receipts

"At N9.098 trillion, foreign assets (net) of the banking system increased by 10.1 per cent at the end of the review quarter, compared with the increase of 9.9 per cent at the end of the preceding quarter," CBN said.

The development was attributed, largely to the 16.6 per cent increase in CBN's holdings of foreign assets which more than offset the 12.2 per cent decline in Deposit Money Banks' (DMBs) holdings of foreign assets during the review period.

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