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Non-oil exports rise from 29% to N6.56bn

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.

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