Post by Trade facilitator on Sept 17, 2013 7:42:40 GMT 1
There are indications that the Federal Government efforts at encouraging the diversification of the Nigerian economy away from the oil and gas sector is yielding result as non-oil export earnings rose by 281.9 percent to $908.15 million in one month.
The development reflected, largely, the 952.4 percent ($614.6 million) rise in receipts from export of manufactured products (including glass and glass products and plastics) and the 68.6 percent increase in receipts from exports of industrial sector (particularly chemical), the Economic Report in the month of July by the Central Bank of Nigeria (CBN) has indicated.
A breakdown of receipts showed that proceeds of manufactured, industrial, agriculture, minerals and food products sub-sectors stood at $614.6 million, $222.3 million, $47.7 million, $13.3 million and $10.3 million, respectively.
Nigeria is a resource-rich country, with about 34 different minerals, including gold, iron ore, coal and limestone. It has about 37.2 billion barrels of proven oil reserves, 187 trillion cubic feet of proven natural gas and produces about 2.3 million barrels of oil per day. It also has about 70 million hectares of farmland. The structure of the Nigerian economy is oriented toward the production of two primary products: agricultural products and crude oil. The outlook for growth remains positive, estimated at 6.7 percent and 7.3 percent for 2013 and 2014, respectively, according to 2013 African Economic Outlook.
On foreign exchange inflows, the report indicated that on a month-on-month basis, non-oil public sector inflow, at $1.5 billion rose by 2,129.5 percent and accounted for 9.3 percent of the total inflow, while autonomous inflow, at $10.4 billion, rose by 9.3 percent, accounting for 64.2 percent of the total.
At $4.3 billion, oil sector receipts rose by 43.3 percent above the level in the preceding month and accounted for 26.5 percent of the total inflow.
At $4.94 billion, aggregate foreign exchange outflow from the economy declined by 16.7 percent below the level in the preceding month, but rose by 55.0 percent above the level in the corresponding period of 2012.
Thus, foreign exchange flows through the economy resulted in a net inflow of $11.87 billion in the review month, compared with $6.69 billion and $6.79 billion in the preceding month and the corresponding month of 2012, respectively.
Provisional data indicated that foreign exchange inflow and outflow through the CBN in July 2013 was $ 5.78 and $4.89 billion, respectively. This resulted in a net inflow of $0.89 billion, in contrast to the net outflow of $2.8 billion in the preceding period.
Relative to the levels in the preceding month and the corresponding period of 2012, inflow rose by 85.9 percent and 39.8 percent, respectively, according to the report.
The increase in inflow, relative to the preceding month, was attributed largely to the 39.8 percent and 2,129.6 percent increase in crude oil receipts and non-oil components, respectively.
Source: businessdayonline.com/2013/09/non-oil-export-grows-281-9-driven-by-manufactured-goods/
The development reflected, largely, the 952.4 percent ($614.6 million) rise in receipts from export of manufactured products (including glass and glass products and plastics) and the 68.6 percent increase in receipts from exports of industrial sector (particularly chemical), the Economic Report in the month of July by the Central Bank of Nigeria (CBN) has indicated.
A breakdown of receipts showed that proceeds of manufactured, industrial, agriculture, minerals and food products sub-sectors stood at $614.6 million, $222.3 million, $47.7 million, $13.3 million and $10.3 million, respectively.
Nigeria is a resource-rich country, with about 34 different minerals, including gold, iron ore, coal and limestone. It has about 37.2 billion barrels of proven oil reserves, 187 trillion cubic feet of proven natural gas and produces about 2.3 million barrels of oil per day. It also has about 70 million hectares of farmland. The structure of the Nigerian economy is oriented toward the production of two primary products: agricultural products and crude oil. The outlook for growth remains positive, estimated at 6.7 percent and 7.3 percent for 2013 and 2014, respectively, according to 2013 African Economic Outlook.
On foreign exchange inflows, the report indicated that on a month-on-month basis, non-oil public sector inflow, at $1.5 billion rose by 2,129.5 percent and accounted for 9.3 percent of the total inflow, while autonomous inflow, at $10.4 billion, rose by 9.3 percent, accounting for 64.2 percent of the total.
At $4.3 billion, oil sector receipts rose by 43.3 percent above the level in the preceding month and accounted for 26.5 percent of the total inflow.
At $4.94 billion, aggregate foreign exchange outflow from the economy declined by 16.7 percent below the level in the preceding month, but rose by 55.0 percent above the level in the corresponding period of 2012.
Thus, foreign exchange flows through the economy resulted in a net inflow of $11.87 billion in the review month, compared with $6.69 billion and $6.79 billion in the preceding month and the corresponding month of 2012, respectively.
Provisional data indicated that foreign exchange inflow and outflow through the CBN in July 2013 was $ 5.78 and $4.89 billion, respectively. This resulted in a net inflow of $0.89 billion, in contrast to the net outflow of $2.8 billion in the preceding period.
Relative to the levels in the preceding month and the corresponding period of 2012, inflow rose by 85.9 percent and 39.8 percent, respectively, according to the report.
The increase in inflow, relative to the preceding month, was attributed largely to the 39.8 percent and 2,129.6 percent increase in crude oil receipts and non-oil components, respectively.
Source: businessdayonline.com/2013/09/non-oil-export-grows-281-9-driven-by-manufactured-goods/
