…analysts attribute rise to naira devaluation

Earnings from non-oil exports between January and September this year amounted to $5.41 billion, latest data obtained from the Central Bank of Nigeria (CBN) has shown.

According to the Q3’24 economic report recently released by the apex bank, the country generated $1.87 billion from non-oil exports in the third quarter of this year compared with $1.77 billion in the second and first quarter.

This means that total earnings from non-oil exports amounted to $5.41billion in the nine month period.

The amount is 21.30 per cent ($950 million) higher than the $4.46 billion that the nation generated from non-oil exports in the corresponding period of last year.

Specifically, the report said: “Non-oil export receipts grew to $1.87 billion from $1.77 billion in the preceding quarter, attributed to increases in re-exports, electricity export, and other non-oil export.

Crude oil and gas exports remained dominant, constituting 85.71 per cent of the total export, while non-oil export accounted for the balance.”

New Telegraph’s analysis of CBN data shows that while Nigeria is still grappling with its oil dependency, the country’s earnings from non-oil exports have been heading north in recent months.

For instance, the apex bank’s monthly economic report for August 2024 released over the weekend, stated: “The performance of Nigeria’s crude oil and gas sector in August 2024 was marked by a significant decline in crude oil receipts, despite an increase in domestic crude oil production.

Provisional data indicates that total receipts from crude oil and gas exports declined to $3.99 billion, from $4.44 billion in July 2024. The development was underpinned by the decline in crude oil prices.

“A disaggregation indicates that crude oil export receipts fell by 14.03 per cent to $3.37 billion, from $3.92 billion in the preceding month.

Gas export, however, rose to $0.62 billion, from $0.52 billion in July 2024, attributable to the growing demand for liquified natural gas, boosted by fast-growing Asian markets.

“Earnings from the export of non-oil products increased, driven, majorly by higher receipts from the export of agricultural commodities and reexports.

Provisional data indicated that non-oil export earnings increased by 1.89 per cent to $0.54 billion, compared to $0.53 billion in July 2024.