Exporters Generated $1.16bn From Non-oil Sector in Q4 2018

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  • 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.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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