Non oil Export Earnings Drop by 5% to $870m in Three Months

Bukola Olanrewaju February 15, 2021 BUSINESS Leave a comment

Nigeria’s non oil export earnings fell by five percent to $870 million in three months to November 2020, from $920 million in the previous three months.

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But the top ten non oil exporters grew their export earnings by 122 percent to $771 million in the three months to November from $236.88 million in the previous three months.

Thus the top ten non oil exporters, dominated the nation’s non oil exports earnings in the three months to November, accounting for 88.6 percentor $771 million of the total during the period analysis of data on non oil export earnings by the Central Bank of Nigeria (CBN) showed a downward trend from Septemberto November.

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From $340 million in September, non oil exports earnings fell by 41 percent to $200 million in November.

This is in sharp contrast to the upward trend recorded in the three previous months, from June to August.

From $260 million in June, non oil exports earnings rose 23 per cent to $320 million in August.

The decline in the nation’s non oil exports according to the CBN worsened in November, when total earnings fell by 4.8 percent, month-on-month (m/m), as against decline of 2.7 percent, m/m, in October.

Disclosing this in its Economic Report for November, the CBN said: “Despite the gradual pick-up in global economic activities, Nigeria’s non-oil export declined slightly. During the review period, non-oil export decreased by 4.8 per cent to US$0.20 billion in November 2020, compared with $0.21 billion in October 2020.

A disaggregation showed that electricity export and re-export declined by 1.2 per cent and 29.9 per cent to $0.01 billion and $0.06 billion, respectively, compared with the levels in October 2020. Earnings from other non-oil export increased to $0.14 billion during the review period, relative to $0.11 billion in October 2020.Estimates of export proceeds of the top ten non-oil exporters for November 2020 was $100.88 million.”