Exporters Earned $1.16 Billion from Non-Oil Business in Three Months- CBN

Godwin Emefiele, Governor of Central Bank

Exporters Earned $1.16 Billion from Non-Oil Business in Three Months- CBN

Total non-oil export earnings received through the banks in the last quarter of 2018 amounted to $1.16 billion, representing an increase of 1.5 per cent and 85.9 per cent above the levels in the preceding quarter and the corresponding quarter in 2017 respectively, the Central Bank of Nigeria said.

According to figures from the CBN, the development was due to the respective increases of 39.1 per cent, 3.7 per cent and 2.5 per cent in earnings from foods products, industrial, and minerals sub-sectors.

A breakdown of the sectors showed that the proceeds were from minerals, ($657.80 million); manufactured products, ($195.65 million); agricultural sector, ($164.74 million); industrial sector, ($109.51 million); and food products, ($36.43 million).

The percentage shares of minerals, manufactured products, agricultural products, industrial sector and food products in the total non-oil export proceeds were 56.5 per cent, 16.8 per cent, 14.2 per cent, 9.4 per cent and 3.1 per cent, respectively.

The CBN, in its consumer prices report also disclosed that the all-items composite Consumer Price Index, at the end of December 2018,was 274.6 (November 2009=100), indicating a 2.3 per cent and 11.4 per cent increase over the levels in the third quarter of 2018 and the corresponding period of 2017, respectively.

The development was attributed to increase in both food and non-food categories.

The urban All-items CPI (November 2009=100) was 278.5 at end-December 2018, representing 2.4 per cent and 11.7 per cent increase, compared with the levels at end-September 2018 and end-December 2017, respectively.

The rural all-items CPI (November 2009=100), was 271.4 at end-December 2018, representing 2.2 per cent and 11.2 per cent increase, compared with the levels at end-September 2018 and the corresponding period of 2017, respectively.

The composite food index (with a weight of 50.7 per cent in the CPI basket) was 296.6 at end-December 2018, compared with 289.0 and 261.0, at the end of the preceding quarter and the corresponding period of 2017, respectively. The price increase was attributed to hike in prices during the Yuletide celebrations.

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