Nigeria’s earnings from non-oil exports declined by 24 percent month-on-month to $767.54 million in January 2015, a situation reflecting the 89.7 per cent fall in exports receipt from the manufacturing sector.
According to a Central Bank of Nigeria’s (CBN) Economic Report for January 2015 released on Tuesday, the amount of non-oil exports for January 2015 showed an increase of 102.5 per cent in the corresponding period of 2014.
A breaking of non-oil receipts in the period under consideration showed that proceeds from industrial, manufactured, agriculture, food products and minerals sub-sectors stood at $658.52 million, $61.99 million, $36.75 million, $5.42 million and $4.86 million, respectively. The transport sector recorded no receipt during the review month.
The report further showed that the shares of industrial, manufactured, agriculture, food products and minerals sub-sectors in non-oil export proceeds were 85.8, 8.1, 4.8, 0.7, and 0.6 per cent, respectively.
However, available data showed estimated federally collected revenue (gross) in January 2015, at N710.78 billion, was above the receipts in the preceding month and the corresponding period of 2014 by 4.6 and 4.3 per cent, respectively. The increase relative to receipts in the preceding month was attributed to the respective increase of 3.9 and 6.2 per cent in gross oil and non-oil revenue during the review period.
At N486.44 billion, oil receipts (gross), which constituted 68.4 per cent of total federally collected revenue, was higher than the receipts in the preceding month and the corresponding period of 2014, by 3.9 and 0.9 percent, respectively. The rise in oil receipts relative to receipts in the preceding month was attributed to the increase in receipts from crude oil and gas exports as well as domestic crude oil/gas sales.