Nigeria’s Non-Oil Export Hits N369.84bn
Umoru Abdulkadir
The Central Bank of Nigeria (CBN) has said that the nation’s total non-oil export receipt has surged to N369.84 billion in November 2019, up from N316.79 billion received in the preceding month, indicating a 16.7 per cent increase.
The apex bank disclosed this in its economic report for November 2019 released recently.
The report attributed the rise in earnings from non-oil exports in November largely to a 3,797.7 per cent increase in receipts from mineral sector to $ 78.88 million.
The CBN stated that relative to the amount of non-oil earnings, which was 43.1 per cent of total revenue in the month under review, the current amount was below the monthly budget of N447.24 billion by 17.3 per cent.
It explained that the drop in collection, comparative to the monthly budget, was due to the decline in revenue from Value Added Tax, Education Tax and the federal government independent revenue, adding that total non-oil export earnings, at $455.37 million, represented an increase of 15.4 per cent and 48.9 per cent compared to the levels in October 2019 and the corresponding period of 2018 respectively.
While mineral sector drives the growth recorded in non-oil export receipt for the period, the report, however, stated that export receipts from food products and industrial sector fell by 10.3 per cent and 7.2 per cent below the levels in the preceding month, to $9.41 million and $188.02 million in that order.
According to the report, the federal government received N276.12 billion while the state and local governments received N140.05 billion and N107.98 billion, respectively while the balance of N47.91 billion, was shared among the oil-producing states as 13 per cent Derivation Fund.
The report further showed that the country’s domestic crude oil production in the month under review was estimated at 1.91 mbd or 57.3 mb while Crude oil export was estimated at 1.46 mbd or 43.8 mb, and the allocation of crude oil for domestic consumption pegged at 0.45 mbd or 13.5 mb. This represented a marginal decline of 0.02 mbd or 1.04 per cent, below the 1.93 mbd produced in the preceding month.
Furthermore, the report showed that the external sector performance improved in the review month, due to an increase in the international price of crude oil by 7.5 per cent to $63.56 per barrel.
As a result, aggregate foreign exchange inflow into the CBN, at $3.72 billion, rose by 5.8 per cent, above the level in the preceding month. It, however, showed a decrease of 53 per cent below the level at the end of the corresponding period of 2018. The rise in aggregate foreign exchange inflow into the CBN, relative to the preceding month’s level, was attributed, largely, to the rise in both oil and non-oil receipts.
The average exchange rate of the naira at the inter-bank, BDC segment and the “investors” and “exporters” window were N306.93/US$, N359.00/US$ and N362.66/US$, respectively, in November 2019, compared with N306.96/US$, N359.00/US$ and N362.35/US$ in October 2019. The gross external reserves was US$38.78 billion at end-November 2019, compared with US$39.61 billion at end-October 2019.
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