Nigeria’s Non-Oil Exports Fall By 39%, Dollar Shortage May Worsen

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Nigeria’s non-oil exports have fallen by 39% from N6.914tn to N4.194tn in10 years, according to an analysis of the National Bureau of Statistics’ Foreign Trade Statistics by Financial PUNCH.

Specifically, figures show that the N4.194tn non-oil exports recorded in 2021 is 39.34% lower than the N6.914tn non-oil exports recorded in 2012.

In 2012, Nigeria’s total exports amounted to N22.446tn. Out of this number, N15.531tn was crude oil export while N6.914tn was non-oil exports.  The non-oil exports comprised 30.8% of the total exports that year.

In 2021 the nation’s total exports were estimated at N19.057tn, with the non-oil segment occupying N4.194tn. The non-oil exports comprised 22.07% of the total exports last year.

The data revealed that the non-oil exports’ share of total exports was highest at 30.8 per cent in 2012 and lowest at 11.86 per cent in 2015.

-Punch

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