The governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele in a seminar on Wednesday disclosed that Africa’s largest economy, Nigeria, had earned $2.9 billion from the export of non-oil products as at the first quarter of the year.
Nigeria’s non-oil export experienced a growth rate of 6.08% in the first quarter of 2022 when compared to the same period in 2021. And a 5.28-point rise when compared to the previous quarter, the fourth quarter of 2021, which recorded a growth rate of 3.58%. Nigeria’s non-oil sector also contributed 93.37% to the country’s GDP.
The National Bureau of Statistics (NBS) report on the country’s Gross Domestic Product for the first quarter of 2022 shows that Nigeria’s non-oil export leading sectors include Information and Communication (Telecommunication); Trade; Financial and Insurance (Financial Institutions); Agriculture (Crop Production); and Manufacturing (Food, Beverage & Tobacco).
Why this matters
The non-oil sector holds a huge potential to revive Nigeria’s economy. For a country rich in cash crops and other natural resources, Nigeria should be generating the biggest revenue from non-oil exports in Africa.
What they are saying
The governor of CBN, Mr. Godwin Emefiele, said that Nigeria has launched the CBN RT200 FX programme, which aims at generating $200 billion from foreign exchanges in the next 3 – 5 years.