Agriculture, Manufacturing Lead As Non-oil Exports Hit $2.34bn In 2017

Agriculture, Manufacturing Lead As Non-oil Exports Hit $2.34bn In 2017

Export of agricultural products grossed over $852.23 million in earnings as non-oil exports fetched $2.34 billion in the 2017 fiscal period.

This was followed by the manufacturing sector with total export earnings of $553.7 million while minerals sector operators received a total income of $481.2 million during the period.

According the recently issued Central Bank of Nigeria (CBN) economic report, $870 million was realised in the first quarter with second quarter earning declining to $350 million.

However, in the third quarter, the sector’s earning rose to $505.9 million before hitting the sum of $614.5 million in the fourth quarter.

A breakdown of the $2.34 billion showed that exporters in the agricultural sector with $852.23m received the highest export earnings within the 2017 fiscal period.

Exporters in the industrial products sector received a total income of $307 million while those in food products sector earned $146.16 million.

The report said the least income of $0.41 million was received by exporters in the transport sector.

“Total non-oil export earnings received through the banks rose by 20.7 per cent above the level in the third quarter of 2017 to $614.50 million in the review quarter.

“The development was due mainly to the 43.2, 18.0 and 6.1 per cent increase in foreign exchange receipts from agricultural, industrial and minerals subsectors, respectively.

“The percentage shares of agricultural products, minerals, industrial sector, manufactured products and food products in the total non-oil export proceeds were 50.9, 16.9, 16.1, 14.4 and 1.7 per cent, respectively,” the report stated.