Nigeria’s non-oil exports increased by 29 per cent, year-on-year, to $6.56 billion in ten months, reflecting the impact of Federal Government efforts to boost foreign exchange inflow from non-oil sources as well as favourable commodity prices in the international market. The figure was $4.58 billion in the corresponding period of 2021 (10M’21).
However, the share of non-oil exports to total exports during the period rose marginally by one percentage point to 12.2 per cent.
Data from the Central Bank of Nigeria (CBN) showed that revenue from oil exports remained predominant rising by 29 per cent YoY to $46.82 billion in 10M’22 from $36.19 billion in 10M’21.
Consequently total exports rose by 31 per cent YoY to $53.38 billion in 10M’22 from $40.77 billion in 10M’21.
While the share of oil exports in total exports dropped by 1.1 percentage points to 87.7 per cent in 10M’22 from 88.8 per cent in 10M’21, the share of non-oil exports rose by 1.0 percentage points to 12.2 per cent in 10M’22 from 11.2 per cent in 10M’21, Vanguard reported.
Further findings showed that non-oil and oil exports in October recorded 3.6 per cent and 13 per cent respectively, due to factors including higher crude oil prices and sustained favourable commodity prices at the international market.
The CBN, in its October Economic Report, stated: “Crude oil and gas export receipts rose to $4.30 billion, compared with $3.81 billion in September 2022. Gas export receipts also increased by 9.6 per cent to $0.64 billion (13.7 per cent of total export), from $0.58 billion in the preceding month.
“Non-oil export earnings rose by 3.6 per cent to $0.40 billion, from $0.38 billion in September 2022, largely, due to sustained favourable commodity prices at the international market.”