04, 2020 / 01:58 PM / FBNQuest Research / Header Image Credit: FBNQuest
latest quarterly Economic Report from the CBN puts non-oil exports
provisionally at US$1.2bn in Q1 2020, indicating an increase of 27% q/q. The
q/q increase is largely attributed to the rise in export receipts from
manufactured products, notably plastics, textiles, footwear, wood products and
sectoral breakdown shows that export receipts from manufactured products,
minerals and industrial sub-sectors rose by 43% q/q, 108% q/q and 46% q/q
respectively. These data are compiled on a customs basis: total exports (other
than oil and gas) amounted to US$2.2bn according to the CBN's
balance-of-payments for Q1 2020.
CBN's commentary shows that export receipts from food products and agriculture
declined by 27% q/q and 7% q/q respectively. Collectively these segments
accounted for 25.2% of the total. The decrease in export receipts for these
segments was driven by reduced exportation of fish and wheat.
recently disclosed guidelines to access its non-oil export simulation facility,
which was introduced in 2018. The focal export commodities under this
initiative are cocoa, cashew, palm oil, shea and sesame seed. The facility is
expected to improve exporters' access to concessionary finance and encourage
reinvestment in value-added, non-oil exports production.
step by the CBN is the recent appointment of pre-shipment inspection agents
(PIAs) for export cargoes. The core remit of the PIAs, as explained in the
export guidelines released by the federal ministry of finance, budget and
national planning, is to ascertain the quality, quantity and price
competitiveness of exports from Nigeria.
Total non-oil export earnings (US$bn)
CBN ; FBNQuest Capital Research
lockdowns and movement restrictions due to the pandemic have delayed the start
of trading under the African Continental Free Trade Area (AfCFTA) from the
initially set date of 01 July, 2020. We understand that the launch has been
postponed by six months.
are hopeful that the current delay will provide an opportunity for more
countries to ratify the agreement, as the integrated African market extends
beyond the 29 countries that have ratified the agreement to date. Nigeria is
yet to ratify.
- Steps Towards Boosting
- In Need of
a Boost to Non-oil Exports Provisionally At $455m in November 2019
- Non-oil Exports Provisionally At US$1.26bn in Q1 2019; Rises 15% QoQ
and 41% YoY
- Non-oil Exports Provisionally At US$0.38bn in October 2018
- Temporary Engagement of Pre-shipment Inspection Agents (PIAs) for
- In Need of a Boost to Non-oil Exports
- Nigeria's non-oil exports increased by 55% to $1.26bn in 9M'2017
- The Hard Slog of Boosting Non-Oil Exports
- Surge in non-oil exports in Q4 2016
- In need of a boost to non-oil exports
- New initiative for non-oil exports
- Slowdown in non-oil exports