Nigeria earns N305bn from non-oil export –NBS

Nigeria earned about N305.1 billion within the first three months of 2013, figures obtained from the National Bureau of Statistics (NBS) indicate.

A breakdown of the figures highlighted under ‘2013 Export First Quarter’ in the NBS’ report on ‘Merchandise Trade’, showed that export from natural rubber was N158,375,727,147; raw cocoa beans, N62,198,115,182; sesame seeds, N20,756,881,654; cotton yarn, N16,437,270,508; and leather products, N8,559,891,893.

Similarly, within the period under review, the export value of flowers and buds stood at N8,189,107,093; footwear, N7,069,222,970; tanned or crust hides, N5,411,199,552; frozen shrimps and prawns, N4,963,195,130; ginger, 4,087,133,413; sacks and bags, N3,835,901,062; cigarettes, N2,748,691,487; and aluminium alloys, N2,537,424,876.

The exports mentioned above, which are captured under the sub-heading, ‘2013 Export First Quarter’ in the NBS report, total about N305 billion.

However, the NBS further said, “Analysis on exports by section revealed that mineral products contributed N3,034.2 billion or 87.9 percent of total exports during the quarter, followed by plastic, rubber and associated articles with N168.1 billion or 4.9 percent; and prepared foodstuffs, beverages, spirit, vinegar and tobacco with N115.2 billion or 3.3 percent.

“Exports to various continents showed that Europe ranked first with N1,657.5 billion or 48 percent of total exports, followed by The Americas with N830.2 billion or 24.1 percent, Asia with N591.8 billion or 17.1 percent and Africa with N304.2 billion or 8.8 percent.”

Meanwhile, crude oil exports stood at N3,030.7 billion during the first quarter of 2013, the NBS said, representing a decrease of N1,072.0 billion or 26.1 percent when compared with the previous quarter.

Based on the Bureau’s statistics, analysts linked the drop in exports to this significant decrease in crude oil export.

Out of the exports to Africa, however, the report noted that ECOWAS contributed N178.2 billion or 58.6 percent. Exports by country of destination showed that United States took the lead with N414.1 billion, followed by Netherlands with N386.0 billion, Brazil with N343.0 billion, India with N332.6 billion and Spain with N327.6 billion.

The NBS added that exports to various continents showed that Europe ranked first with N1,657.5 billion or 48 percent of total exports, followed by the United States with N830.2 billion or 24.1 percent; Asia with N591.8 billion or 17.1 percent and Africa with N304.2 billion or 8.8 percent. Out of the exports to Africa, ECOWAS contributed N178.2 billion or 58.6 percent.

Furthermore, exports by country of destination showed that the United States took the lead with N414.1 billion, followed by Netherlands with N386.0 billion, Brazil (N343.0 billion); India (N332.6 billion) and Spain (N327.6 billion).

Non-oil exports have become a major contributor to the growth of the country’s gross domestic product within the last one year.

The Central Bank of Nigeria (CBN) had said that the industrial sector contributed 66.9 percent of the Federal Government’s non-oil earnings in the first quarter of 2013.

The apex bank, which made this known in its economic report for the first quarter of this year, noted that this represented an increase of 15.1 and 9.3 percent over the preceding and corresponding quarter in 2012, respectively.

The Ministry of Industry, Trade and Investment recently kicked off the implementation of the Nigerian Industrial Revolution Plan, based on areas where the country currently has comparative and competitive advantage.

This, the minister, Olusegun Aganga, said was part of efforts aimed at diversifying the nation’s economy by increasing non-oil earnings and contribution to the country’s gross domestic product.

Commenting on the manufacturing performance, the president, Manufacturing Association of Nigeria (MAN), Kola Jamodu, had commended the Federal Government, through the Ministry of Industry, Trade and Investment, for putting in place manufacturing-friendly policies.