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HomeNewsNigeria's non-oil export sector earnings hit 37b naira - CBN

Nigeria’s non-oil export sector earnings hit 37b naira – CBN

Nigeria’s non-oil export sector earnings hit 37 billion naira in August, representing an increase of 32.6 and 108.7 per cent above the levels in the preceding month and the corresponding period of 2011, according to the Central Bank of Nigeria (CBN).

The private Guardian newspaper reported Thursday that the total non-oil export earnings rose on account of increase in the earnings from industrial and manufactured products sub-sectors.

A breakdown of receipts showed that proceeds of industrial, manufactured, agricultural, minerals and food sub- sectors stood at US$100.2 million, US$85.0 million, US$23.5 million, US$20.5 million and US$2.1 million respectively.

According to the CBN, the shares of industrial, manufactured, agricultural, minerals, food products and transport sub-sectors in non-oil export proceeds were 43.3, 36.7, 10.1, 8.9, 0.9 and 0.1per cent, respectively.

The bank also said Nigeria’s crude oil and natural gas production was estimated at an average of 2.3 million barrels per day.

It added that at an estimated average of US$114.24 per barrel, the price of Nigeria’s reference crude, the Bonny Light, rose by 9.9 per cent, compared with the level in the preceding month.

It said the increase in price was attributed to the rise in demand for crude oil mainly from Japan and North America, as well as increased demand for fuel oil as an alternative power source during power outages in India.

The bank noted that available data indicated that agricultural activities in most part of the country received a major boost due to well distributed rainfall during the month.

According to the report, activities in the sector were dominated by the harvesting of maize, yam and vegetables.

In the livestock sub-sector, farmers continued the re-stocking of broilers in anticipation of sales during the forthcoming end of year festivities.

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