This is perhaps the best time to become an exporter in Nigeria.

Backed by favourable export policies by government and attractive foreign exchange environment, exporters in the country raked in $14.4 billion, about 5.1 trillion naira, within the first quarter of this year.

This is an increase of 10.2% compared with the $12.925 billion recorded in last quarter of 2017.

The Central Bank of Nigeria, CBN disclosed this in its Q1 2018 ‘Brief on Balance of Payments Statistics,’ posted on its website.

The growth in the country’s export earnings in the review period also indicated an increase of about 44.4% when compared to Q1 2017.

But earnings from crude oil and gas dominated the export earnings, as it accounted for 93.3% of total export earnings during the review period, increased by 10.1% to $13,426 billion in Q1 2018, when compared with the preceding quarter.

Also Read: 7 Things To Note About Prophet Who Foresaw Otedola Bridge Accident

On the other hand, earnings from non-oil and electricity exports also increased by 12.3% to $967.08 million in the review period, when compared with the preceding quarter.

Also, available data showed that payments for import of goods to the economy in the review period grew by 13.9% to $8,642 billion above the level recorded in the preceding period.

This was attributed largely, to a 99.5% increase in the imports of petroleum products.

According to the report, the provisional Balance of Payments estimates for Nigeria in Q1 2018 showed a significant improvement in the country’s position as overall, it indicated a surplus of $7,322 billion, compared with a surplus of $6,180 billion in the preceding quarter.

Don't forget to share this story with your friends

Also Watch: