Total non-oil export earnings by exporters fell to US$767.54 million in January 2015, representing a decline of 24.0 per cent below the level in the preceding month, but showed an increase of 102.5 per cent over the level in the corresponding period of 2014, the Central Bank of Nigeria (CBN) has said.
The development reflected, largely, the 89.7 per cent fall in export receipts from manufacturing sector.
A breakdown showed that proceeds from industrial, manufactured, agriculture, food products and minerals sub-sectors stood at US$658.52 million, US$61.99 million, US$36.75 million, US$5.42 million and US$4.86 million, respectively. The transport sector recorded no receipt during the review month.
The CBN’s Economic Report for January 2015 released yesterday showed that the shares of industrial, manufactured, agriculture, food products and minerals sub-sectors in non-oil export proceeds were 85.8, 8.1, 4.8, 0.7, and 0.6 per cent, respectively.
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However, available data showed estimated federally collected revenue (gross) in January 2015, at N710.78 billion, was above the receipts in the preceding month and the corresponding period of 2014 by 4.6 and 4.3 per cent, respectively. The increase relative to receipts in the preceding month was attributed to the respective increase of 3.9 and 6.2 per cent in gross oil and non-oil revenue during the review period.
At N486.44 billion, oil receipts (gross), which constituted 68.4 per cent of total federally collected revenue, was higher than the receipts in the preceding month and the corresponding period of 2014, by 3.9 and 0.9 percent, respectively. The rise in oil receipts relative to receipts in the preceding month was attributed to the increase in receipts from crude oil and gas exports as well as domestic crude oil/gas sales.
