Nigeria’s Non-oil Exports Earnings Rise To $382m - SCEA Report Claims

The Centre for the Study of Economies of Africa (SCEA) in its report on Nigerian economy, which was published on Thursday, January 31 said it noted a significant increase of $382 million in the earnings from non-oil exports.

The SCEA report revealed that the Central Bank of Nigeria (CBN) recorded non-oil export earnings at $382.24 million in October 2018, which means there was a rise of 46% compared to the previous month’s earning of N262.35 million and October 2017's N225.78 million.

Legit Nigeria gathers from the report that improvements in revenue from agricultural products as well as mineral exports contributed greatly to the total export earnings. It was also reported that agriculture accounted for the 13% of the total Non-oil earning, while 59% of the earning was from minerals export.

“The improved mineral exports followed important traction in the sector: at the state level, Ebonyi state launched the combined lead, steel and copper processing plant; and at the federal level, the government renewed commitments to incentivise non-oil exporters via the Export Expansion Grant (EEG) scheme.

“With recent progress made in the mining sector such as issuing the first gold refining license, mineral exports and by extension non-oil exports, are expected to continue rising.”

The report also called for the immediate establishment of the proposed Solid Minerals Development Fund. The establishment will help improve the performance of the sector, according to the report.

At the official inauguration of the initiative in Abuja, the minister of finance, Zainab Ahmed said that the aim was to harmonise efforts of all the revenue generating agencies in increasing government’s coffers.