Nigeria’s Non-Oil Exports Down By 72% In Q3 2018 - NBS
Between January and September 2018, Nigeria’s non-oil exports witnessed a 71.72% drop, falling from a high of 577.62 billion naira between January and March 2018 to 163.33 billion naira in the third quarter – between July and September 2018.
According to data obtained from the National Bureau of Statistics, total non-oil exports in Q1 were 577.62 billion naira. The figure fell to 218.4 billion naira in Q2 and further down to 163.32 billion naira in Q3.
The non-oil exports involved in the computation include agricultural produce, raw materials, solid minerals, manufactured goods and energy goods.
The NBS data showed that in Q1, export of agricultural goods was 73.24 billion naira, an increase of 63.84% over the value recorded in Q4 2017, which was 44.70 billion naira.
Raw materials export was 32.70 billion-naira, 13.62% lower than Q4 2017 exports, which were 7.85 billion naira.
Nigeria realised 26.92 billion naira from solid minerals export, representing an increase of 12.96% above the value recorded in Q4 2017, which was 23.83 billion naira.
The country, however, recorded an unprecedented leap in the export of manufactured goods in the first quarter of 2018.
The volume exported was 434.37 billion naira, representing 684% increase over the value recorded in the fourth quarter of 2017, which was 55.39 billion naira.
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