Nigeria’s non-oil exports rose by 29 percent, year-on-year, YoY, 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 favorable 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 percent.
Financial Vanguard findings from the Central Bank of Nigeria, CBN, data showed that revenue from oil exports remained predominant rising by 29 percent YoY to $46.82 billion in 10M’22 from $36.19 billion in 10M’21.
Consequently, total exports rose by 31 percent 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 percent in 10M’22 from 88.8 percent in 10M’21, the share of non-oil exports rose by 1.0 percentage points to 12.2 percent in 10M’22 from 11.2 percent in 10M’21.
Further findings showed that non-oil and oil exports in October recorded 3.6 percent and 13 percent respectively, due to factors including higher crude oil prices and sustained favorable 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 percent to $0.64 billion (13.7 percent of total export), from $0.58 billion in the preceding month.
“Non-oil export earnings rose by 3.6 percent to $0.40 billion, from $0.38 billion in September 2022, largely, due to sustained favorable commodity prices at the international market.”