Tuesday, 26 September 2017

Economy: These are the non-oil products seeing Nigeria out of recession.

The Nigerian economy seeks to diversify revenue sources away from oil. Here's how that's going.

Nigeria’s non-oil sector exports have risen, as the country makes some progress in its drive to diversify the economy.

Nigeria has depended on oil for far too long, with the ‘black gold’ contributing to more than 70 percent of government revenue.

However, according to latest data from the National Bureau of Statistics (NBS), Nigeria recorded an export rise of 73.5 percent in the second quarter of 2017.

According to the Executive Director/CEO of the Nigeria Export Promotion Council (NEPC), Mr Segun Awolowo, the Agriculture sector has posted some decent figures since the turn of the year to boost GDP numbers.

Awolowo said Cashew nuts, for instance, earned Nigeria N13.5B in revenue in the period under review.

Cashew nuts were primarily exported to Vietnam, India and Kazakhstan, Awolowo said.

Sesame earned Nigeria N7.02B.

Sesame was exported mainly to Japan, India and Turkey.

Frozen shrimps and prawns earned Nigeria over N2.83B, according to Awolowo.

Shrimps were exported to the Netherlands, Belgium, and USA.

The NEPC also said flour and meals of Soy bean earned Nigeria N2.31B.

These were mainly exported to Spain, Ghana and Senegal.

Ginger exported to Vietnam, Morocco and Sudan earned Nigeria N633M .

There were also decent manufacturing figures across the board.

Manufactured goods such as Cigarettes containing tobacco exported to Ivory Coast, Niger and Ghana contributed significantly to the surplus trade balance as well, said Awolowo.

Exports of cement to Niger and Chad; and Cocoa beans and its derivatives to several countries, have also helped to see Nigeria out of recession, according to Awolowo.

Nigeria officially emerged out of its worst economic recession in 29 years on September 5, 2017 after consecutive quarters of negative growth.

Latest figures from the nation’s statistics bureau indicate that Nigeria’s GDP grew by 0.55% in Q2 2017 compared to -0.91% (revised) in Q1 2017 and -1.49% in Q2 2016.

Quarter-on-quarter basis, real GDP growth was 3.23%.



By Jude Egbas.
Culled from Pulse NG.



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