Nigeria Generated $1.136 Billion From Non-Oil Sectors In Q1: CBN

VENTURES AFRICA – The Central Bank of Nigeria (CBN) said in its Economic Report for the first quarter of the year that within the period, the oil-rich country generated 179.5 billion naira ($1.136 billion) from the non-oil sector, with the industrial sector largely contributing to the revenue.

The report stated: “Total non-oil export earnings by Nigerian exporters stood at $1.136 billion at the end of the review period. This indicated an increase of 15.1 and 9.3 percent above the levels in the preceding quarter and the corresponding quarter of 2012, respectively.

“The development was attributed, largely, to the 66.9 and 70.3 percent rise in receipts from the industrial sector and manufactured products, respectively.”

It added, “A breakdown of the proceeds in the review quarter showed that industrial, manufactured, agricultural, minerals and food products earned $634.2 million, $322.6 million, $89.9 million, $67.9 million and $21.7 million, respectively.

“The shares of industrial, manufactured, agricultural and food products as well as mineral and transport in non-oil export proceeds were 55.8, 28.4, 7.9, 6.0 and 1.9 percent, respectively.”

Commenting on the CBN report on Monday, the National President, Nigerian Association of Small Scale Industrialists, Chief Chuku Wachuku, said: “The report underscores the importance of manufacturing as the major driver of job creation and wealth generation globally.”

The Ministry of Industry, Trade and Investment recently kicked off the implementation of the Nigerian Industrial Revolution Plan, based on areas where the country currently has comparative and competitive advantage.

This, according to the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, is part of efforts aimed at diversifying the nation’s economy by increasing non-oil earnings and contributions to the country’s Gross Domestic Product.