The
amount is contained in the CBN economic report. An analysis of the report
showed that operators in the sector earned the sum of $870m in the first
quarter. The amount declined in the second quarter to $350m.
However,
in the third quarter, the sector’s earning rose to $505.9m before hitting the
sum of $614.5m in the fourth quarter.
A
breakdown of the $2.34bn showed that exporters in the agricultural sector with
$852.23m received the highest export earnings within the 2017 fiscal period.
The
agricultural sector export earnings of $852.23m were generated thus: $341.6m in
the first quarter; $100.43m in the second quarter; while the third and fourth
quarters had $97.6m and $312.6m, respectively.
Operators
in the manufacturing sector followed with total export earnings of $553.7m
while minerals sector operators received a total income of $481.2m during the
period.
In the
same vein, exporters of industrial products sector received a total income of
$307m while those in food products sector earned $146.16m.
The
report said the least income of $0.41m was received by exporters in the
transport sector.
It
said, “Total non-oil export earnings received through
the banks rose by 20.7 per cent above the level in the third quarter of 2017 to
$614.50m in the review quarter.
“The development was due mainly to the 43.2, 18.0 and 6.1 per cent
increase in foreign exchange receipts from agricultural, industrial and
minerals subsectors, respectively.
“A breakdown by sectors showed that proceeds from agricultural
products, minerals, industrial sector, manufactured products and food products
were $312.6m, $103.5m, $98.9m, $88.5mand $10.9m, respectively.
“The transport sector recorded $28,010.37 in earnings during the
review period.
“The percentage shares of agricultural products, minerals,
industrial sector, manufactured products and food products in the total non-oil
export proceeds were 50.9, 16.9, 16.1, 14.4 and 1.7 per cent, respectively.”
Speaking
on the development, a former Managing Director of Unity Bank Plc, Mr. Rislanudeen Mohammed, said there
was a need for policies to support the agricultural sector.
He
said, “We need to focus on policies that support
backward and forward integration and seek to make agriculture a business rather
than just for self-sufficiency.
“Nigeria has huge economic potential outside oil sector which is
largely untapped due to the so called Dutch Disease that has for years made us
lazy and always relying on mono-product commodity called oil as a source of
income, notwithstanding the fact that oil constitutes only 10 per cent of our
Gross Domestic product.”
According
to him there is a huge potential for growth in the non-oil export in most
states, stressing that virtually every state has one form of economic
competitive advantage or the other.
“For example, virtually the whole of Zamfara State is sitting on
gold and Diamond, largely untapped with little going to illegal miners,” he said. (Punch)
Have you heard this? Many
Nigerian exporters have been defrauded of huge amount of money in the process
of exporting commodities to foreign countries. Do you know why? They were not
trained on export operations, management, documentations and the best methods
of payment in export trade. This is terrible!!! Nigerians cannot continue to
lose money to foreigners in the course of export business. Exporters, why don’t
you get a practical manual that teaches the stages of export trade from
processing and packaging of commodities to receipt of payment by the foreign
buyers. It teaches export operations, export management, export documentations
and methods of payment in export trade? It is a contemporary step-by-step guide
to export trade. It tells all the contemporary dynamics in export trade. To get
it, click on the link below:
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products and services or even give you very juicy deals. The link below will
tell you more: http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html
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