Economy
Exporters Generated $1.16bn From Non-oil Sector in Q4 2018
- Exporters Generated $1.16bn From Non-oil Sector in Q4 2018
Exporters in the non-oil sector generated $1.16 billion in the final quarter of 2018, according to the Central Bank of Nigeria.
The amount was 1.5 per cent higher than what was earned in the third quarter and 85.9 per cent above the corresponding quarter in 2017.
The surged in earnings was attributed to the 39.1 per cent increase in food production, 3.7 per cent rise in industrial sub-sector and 2.5 per cent growth in sub-sector.
A breakdown of the CBN report showed the earnings were from minerals, ($657.80m); manufactured products, ($195.65m); agricultural sector, ($164.74m); industrial sector, ($109.51m); and food products, ($36.43m).
The minerals, manufactured products, agricultural products, industrial sector and food products contributed 56.5 per cent, 16.8 per cent, 14.2 per cent, 9.4 per cent and 3.1 per cent, respectively.