Non-oil Exports Decline By 5% To $870m In Three Months

Nigeria’s non oil export earnings fell by five percent to $870 million in three months to November 2020, from $920 million in the previous three months.

But the top ten non oil exporters grew their export earnings by 122 percent to $771 million in the three months to November from $236.88 million in the previous three months.

Thus the top ten non oil exporters, dominated the nation’s non oil export earnings in the three months to November, accounting for 88.6 percent or $771 million of the total during the period

Economic Confidential analysis of data on non oil export earnings by the Central Bank of Nigeria (CBN) showed a downward trend from September to November.

From $340 million in September, non oil export earnings fell by 41 percent to $200 million in November.

This is in sharp contrast to the upward trend recorded in the three previous months, from June to August.

From $260 million in June, non oil exports earnings rose 23 per cent to $320 million in August. The decline in the nation’s non oil exports according to the CBN worsened in November, when total earnings fell by 4.8 percent, month-on-month (m/m), as against decline of 2.7 percent, m/m, in October.

Disclosing this in its Economic Report for November, the CBN said: “Despite the gradual pick-up in global economic activities, Nigeria’s non-oil export declined slightly. During the review period, non-oil export decreased by 4.8 per cent to US$0.20 billion in November 2020, compared with $0.21 billion in October 2020.

A disaggregation showed that electricity export and re-export declined by 1.2 per cent and 29.9 per cent to $0.01 billion and $0.06 billion, respectively, compared with the levels in October 2020. Earnings from other non-oil export increased to $0.14 billion during the review period, relative to $0.11 billion in October 2020. Estimates of export proceeds of the top ten non-oil exporters for November 2020 was $100.88 million.”