Nigeria’s non-oil export revenue increased to $75 million in October and November 2022.
This information was disclosed in the CBN November report of 2022.
The recent figures obtained from the Central Bank of Nigeria (CBN) show that earnings from non-oil exports in October and November rose to $75 million. This is a 16.9% increase compared to the previous months’ earnings, attributed largely to favorable commodity prices in the international market. The CBN report also revealed that Brazil was the major destination for Nigerian non-oil exports with a 13.7% share, followed by the Netherlands at 12.6%, China at 11.6%, Belgium at 6.7%, and Japan at 6%.
The major commodities exported were urea, which accounted for the largest share of 21.0%, followed by cocoa beans at 20.2% and sesame seeds at 9.3%. Receipts from the top five non-oil exporters declined by 13.7% to $0.15 billion, from $0.18 billion in October.
Further analysis revealed that Indorama Eleme Fertilizer and Chemical Ltd and Dangote Fertilizer Ltd were the top two exporters, with shares of 13.5% and 7.5% of the total, respectively, from the export of urea and fertilizer.
On crude oil and gas exports, the report said, “Crude oil and gas export receipts declined to $3.90 billion from $4.30 billion in October.” A breakdown reveals that crude oil export receipts fell by 9.0% to $3.30 billion, from $3.65 billion in the preceding month.
“The decrease was driven by the fall in the price of Nigeria’s reference crude, the Bonny Light, by 3.3% to an average of $93.36 pb, relative to $96.57 pb in October.
“Similarly, gas export receipts declined by 6.0% to $0.60bn, from $0.64bn in October. In terms of share in total exports, crude oil, and gas accounted for 90.2%. “Of the total crude oil and gas exports, oil constitutes 84.6%, while gas accounts for 15.4%.”
This development is good news for Nigeria as it signals an improvement in its economic activities outside of oil production, which has been declining due to low global oil prices over recent years, leading many countries depending on this source of income into recession or near-recession situations such as what we have seen recently in Venezuela and Angola, among others.
