Non-oil Exports Rise By 205% In Five Years

Nigeria’s non-oil exports rose from N458.6bn recorded between January and September 2017 to N1.4tn within the same period of 2021.

According to an analysis of data from the National Bureau of Statistics, within the five-year period, non-oil exports rose by N942bn or 205 per cent.

Breakdown Analysis

A breakdown of non-oil exports within the period under review showed that in the first quarter of 2017, non-oil exports stood at N170.6bn, but fell to N161.57bn in the second quarter and dropped further to N126.47bn in the third quarter of the year.

These brought the value of non-oil exports in the first nine months of 2017 to N458.64bn, which is 4.7 per cent of total exports made during the reviewed period.

Further analysis of data from the NBS shows that in Q1 2018, non-oil exports rose sharply to N577.6bn, but dropped to N218.4bn and N163.3bn in Q2 and Q3 respectively, bringing total non-oil exports within the reviewed period to N959.3bn.

The N959.3bn non-oil export accounted for 6.9 per cent of the total exports of N13.8tn recorded within the reviewed period.

In 2019, the value of non-oil exports in Q1 stood at N604.4bn; it ballooned to N1.08tn in Q3 after falling to N277.6bn in Q2.

The total value of non-oil exports between January and September 2019 was N1.8tn, about 12.4 percent of aggregate export during the reviewed period.

Non-oil exports stood at N611.2bn in Q1 2020, N352.9bn in Q2, and N214.6bn in Q3, bringing the total non-oil exports within the period under review to N1.2tn.

During the reviewed period, export was dominated by crude-oil which accounted for 63 per cent of total exports while non-oil products accounted for 13 per cent.

The NBS stated that in Q1 2021, non-oil exports stood at N455.4bn; it rose to N462.8bn in Q2 2021 and jumped to N546.2bn in Q3.

These showed that non-oil exports stood at N1.8tn in the first nine months of 2021, which accounted for 13.7 percent of the N13.1tn exports recorded as at September 30, 2021.