Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 21)

The value of non-oil exports increased in the first quarter of 2019. According to the latest CBN quarterly economic report, non-oil exports totalled up to US$1.26 billion in 2019Q11, indicating 14.9% quarter over quarter (QOQ) increase and 41.2% year-on-year growth rate. Significant increases were observed in and driven by receipts from all reported sectors, however, three sectors stand out: minerals, manufacturing, and agricultural sectors, following likely sectoral improvements. Export earnings from minerals amounted to US$750 million and accounted for about 60% of total earnings for the quarter. Similarly, earnings from manufacturing and agricultural sectors grew QOQ by 19.1% and 12.8% to US$190 million and US$160 million respectively. Both sectors accounted for 27.5% of total non-oil export earnings for the quarter. Given that the government is prioritizing the diversification of the country’s revenue base and the afore-mentioned sectors play a key role in the diversification process, we expect continuous growth in these sectors. However, the lack of connective infrastructure to convey equipment, products, and workers, as well as the ports congestion that affects the competitiveness of exports should be addressed.

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