RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Nigeria’s non-oil export earnings hit $75m in two months.

Rate Captain by Rate Captain
February 27, 2023
in Economy
Reading Time: 2 mins read
A A
0
Nigeria’s non-oil export earnings hit $75m in two months.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

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.

AlsoRead

CBN To Reduce Number of BDC’s – FG

Banks Non-Performing Loans hits N1.5 Trillion, Central Bank Reports

NEC Affirms CBN $3 Billion Loan for Naira Stability

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.

Previous Post

Nigeria to increase crude oil production from new oil fields.

Next Post

Nigeria Breweries net revenue hit N55.1 million.

Related News

Naira Depreciates to N945/$ in the Parallel Market

CBN To Reduce Number of BDC’s – FG

by Stephen Akudike
September 29, 2023
0

The Federal Government has recently urged the Central Bank of Nigeria (CBN) to reduce the number of Bureau de Change...

Banks Non-Performing Loans hits N1.5 Trillion, Central Bank Reports

Banks Non-Performing Loans hits N1.5 Trillion, Central Bank Reports

by Stephen Akudike
September 29, 2023
0

Banks in Nigeria have been actively writing off debts and debiting accounts of non-cooperative debtors from other banks, in a...

NEC Affirms CBN $3 Billion Loan for Naira Stability

NEC Affirms CBN $3 Billion Loan for Naira Stability

by Stephen Akudike
September 29, 2023
0

The National Economic Council (NEC) has officially announced its commitment to utilize the $3 billion emergency loan secured by the...

FG Secures $1.95 Billion in World Bank Loans Amidst Debt Concerns

FG Secures $1.95 Billion in World Bank Loans Amidst Debt Concerns

by Stephen Akudike
September 28, 2023
0

Nigeria, facing concerns over its rising debt profile, has secured a total of $1.95 billion in loans from the World...

Next Post
Nigeria Breweries net revenue hit N55.1 million.

Nigeria Breweries net revenue hit N55.1 million.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Naira Depreciates to N945/$ in the Parallel Market

CBN To Reduce Number of BDC’s – FG

September 29, 2023
Binance Withdraws from Russian Market

Binance Withdraws from Russian Market

September 29, 2023

Popular Story

  • Naira Depreciates to N945/$ in the Parallel Market

    CBN To Reduce Number of BDC’s – FG

    0 shares
    Share 0 Tweet 0
  • Seplat Energy Nigeria Offers Internship Opportunity to Nigerian Undergraduate Students.

    0 shares
    Share 0 Tweet 0
  • Shocking: “Undress” An AI Tool That Unveils Digital Representations of Individuals Without Clothing

    0 shares
    Share 0 Tweet 0
  • Microsoft introduces AI-powered Bing to Android and iOS users. 

    0 shares
    Share 0 Tweet 0
  • States and Local Governments Witness a 27.62% Increase in Revenue Amid Economic Hardship.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>