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.
