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Exporters rake in $1.16b in 3 months – CBN

Exporters rake in $1.16b in 3 months

Non oil export earnings received through the banks amounted to $1.16 billion for the last quarter of 2018.

It also represents a 1.5 per cent and 85.9per cent above the levels in the preceding quarter and the corresponding quarter in 2017 respectively, figures from Central Bank of Nigeria, CBN,  revealed.

According to the CBN, the development was due, mainly, to the respective increases of 39.1 per cent, 3.7 per cent and 2.5 per cent in earnings from foods products, industrial, and minerals sub-sectors.

A  breakdown of the sectors showed that the proceeds were from minerals, ($657.80m); manufactured products, ($195.65m); agricultural sector, ($164.74m); industrial sector, ($109.51m); and food products, ($36.43m).

The percentage shares of minerals, manufactured products, agricultural products, industrial sector and food products in the total non-oil export proceeds were 56.5 per cent, 16.8 per cent, 14.2 per cent, 9.4 per cent and 3.1 per cent, respectively.

The CBN, also in its consumer prices report disclosed that the all-items composite Consumer Price Index, at the end of December 2018, was 274.6 (November 2009=100), indicating a 2.3 per cent and 11.4 per cent increase over the levels in the third quarter of 2018 and the corresponding period of 2017, respectively.

The development was attributed to increase in both food and non-food categories.

Read also: Nigeria pumped 190,000 bpd of crude oil in February above approved OPEC quota

The urban All-items CPI (November 2009=100) was 278.5 at end-December 2018, representing 2.4 per cent and 11.7 per cent increase, compared with the levels at end-September 2018 and end-December 2017, respectively.

The rural all-items CPI (November 2009=100), was 271.4 at end-December 2018, representing 2.2 per cent and 11.2 per cent increase, compared with the levels at end-September 2018 and the corresponding period of 2017, respectively.

The composite food index (with a weight of 50.7 per cent in the CPI basket) was 296.6 at end-December 2018, compared with 289.0 and 261.0, at the end of the preceding quarter and the corresponding period of 2017, respectively.

The price increase was attributed to hike in prices during the Yuletide celebrations.

Timothy Enietan-Matthews

Timothy is a versatile journalist, down to earth with a critical and curious mind.

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Timothy Enietan-Matthews

Timothy is a versatile journalist, down to earth with a critical and curious mind.

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