Sunday, March 27, 2016

N1.16tn Earned From Non-Oil Exports in 2015 – NBS

The country earned a total of N1.16tn from the exportation of non-oil products in the 2015 fiscal period, figures obtained from the National Bureau of Statistics have indicated.
An analysis of the merchandise trade report for 2015 showed that since the second quarter of the year, the country had been experiencing steady decline in its non-oil exports.

According to the report, the highest non-oil export earnings recorded by the country was N270.45bn in June, followed by N215.48bn and N162.05bn in February and August, respectively.
The sum of N76.23bn was earned in January, while March, April, May and June had N62.03bn, N41.37bn and N55.05bn, respectively.
Further analysis of the report showed that the country earned N97.2bn in July; N49.43bn in September; while October, November and December had N49.59bn, N38.67bn and N46.71bn, respectively.
Some of the exported products, according to the documents, are sesame seed, with a value of N28.46bn; raw cocoa beans estimated at N15.95bn; leather, N9.6bn; and cocoa shells, husks and skins, N5.99bn.

Others are frozen shrimps and prawns, N5.02bn; cigarettes containing tobacco, N3.75bn; cocoa butter, fat and oil, N3.45bn; prepared foodstuff, beverages, spirits and vinegar, N53.8bn; and vegetable products, N36.7bn.
The report stated that Nigeria exported goods mainly to India, Netherlands, Spain, South Africa, Brazil, Ivory Coast, France, Germany, Japan and Indonesia.

The Minister of Budget and National Planning, Senator Udo Udoma, had during a meeting with members of the Organised Private Sector Exporters Association said the Federal Government would address impediments affecting the non-oil export sector of the economy.
The exporters had enumerated some challenges confronting them to include scarcity of foreign exchange and the payment of the backlog of Export Expansion Grants.
The Executive Secretary of the association and leader of the delegation, Jaiyeola Olarenwaju, had told the minister that the challenges facing the sector had led to a drop in Nigerian manufacturing exports.

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