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Non-oil exports increased 29% to N6.56 billion.

Marian RomainebyMarian Romaine
January 16, 2023
in News
0
Non-oil exports increased 29% to N6.56 billion.
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Nigeria’s non-oil exports increased by 29% year over year, YoY, to $6.56 billion in ten months, as a result of both favorable commodity prices on the global market and initiatives by the Federal Government to increase foreign exchange inflow from non-oil sources. The amount in the same time of 2021 (10M’21) was $4.58 billion.

The proportion of non-oil exports to all exports during the time did, however, slightly increase by one percentage point to 12.2%.

According to figures from the Central Bank of Nigeria, or CBN, oil export revenue
continued to dominate the economy, increasing by 29% YoY to $46.82 billion in 10M’22 from $36.19 billion in 10M’21.

As a result, total exports increased by 31% YoY, from $40.77 billion in 10M’21 to $53.38 billion in 10M’22.

While oil exports as a proportion of total exports decreased by 1.1 percentage points to 87.7% in 10M’22 from 88.8% in 10M’21, non-oil exports as a percentage of total exports increased by 1.0 percentage points to 12.2% in 10M’22 from 11.2% in 10M’21.

Further research revealed that increased crude oil prices and persistently favorable
commodity prices on the global market contributed to October’s non-oil and oil export figures of 3.6% and 13%, respectively.

The CBN reported that crude oil and gas export receipts increased to $4.30 billion from $3.81 billion in September 2022 in its October Economic Report. In addition, revenue from gas exports climbed by 9.6% to $0.64 billion from $0.58 billion in the previous month or 13.7% of all exports.

Non-oil export earnings increased by 3.6% to $0.40 billion from $0.38 billion in
September 2022. This increase is primarily attributable to persistently favorable
commodity prices on the global market.

Tags: 29% increasenigeria exportsnon-oil exports
Marian Romaine

Marian Romaine

Marian Romaine is a seasoned content writer with a passion for translating complex technological concepts into accessible and engaging content.She is dedicated to creating engaging and informative content aiming to enhance both reader engagement and search engine visibility. Her writing combines a deep understanding of the subject matter with a talent for crafting clear, concise, and informative pieces.With 3 years of industry experience, her expertise includes crafting blog posts, articles, social media content, and website copy.

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