Posted by By Babajide Komolafe Asst Business Editor on
The nation's quest for a diversified export revenue received a boost in June as non-oil export earnings the top 100 exporters almost doubled during the month.
The nation's quest for a diversified export revenue received a boost in June as non-oil export earnings the top 100 exporters almost doubled during the month.
During this period, the nation's external reserve crossed the $24 billion mark, rising by 4.7 per cent to $24.39 billion from $23.29 billion in the month of May.
The Central Bank of Nigeria (CBN) disclosed this in its monthly economic report for June released on Tuesday.
According to the report, " Non-oil export earnings by Nigeria's top 100 exporters in June, 2005 amounted to $86.51 million, indicating a rise of 91.83 per cent over the level in the preceding month. Export proceeds in respect of agriculture, manufacturing and ‘others' rose from $28.72million; $6.96 million ; and $9.42 million in May 2005 to $45.3 million; $30.89 million;
and $9.49 million, respectively, in the month under review. The share of the top 100 exporters in non-oil proceeds was 91.6 per cent, compared with 99.7 per cent in May. Similarly, the share of agricultural sector in total non-oil by the top 100 exporters was 61.9 per cent, while manufacturing sub-sector and others accounted for 28.8 and 9.3 per cent respectively. The upsurge in value of non-oil exports was attributed to both price increases of some commodities and quality of goods traded at the international commodities market.
Provisional data showed that Nigeria's gross external reserves at end-June, 2005 stood at $24.39 billion, indicating an increase of 4.7 per cent over the level of US $23.29 billion in May, 2005. At the current rate of foreign exchange commitments, the level of reserves could finance about 15.9 months of foreign exchange disbursement.
Foreign exchange inflow and outflow through the CBN in June, 2005 amounted to $2.76 billion and $1.53 billion, respectively, representing a net inflow of $2.36 billion and $1.28 billion in the preceding month, inflow and outflow rose by16.9 and 19.5 per cent, respectively. Cumulative inflow and outflow through the CBN from January to June 2005 stood at $8.0 billion, respectively, compared with $10.8 billion and US$15.10 in the corresponding period of 2004.
Oil sector receipts, which accounted for 64.7 per cent of the total, rose by 16.9 per cent from the preceding month's level to US$2.60 billion. However, receipts through autonomous sources, with a share of 31.2 per cent of the total, declined by 3.0 per cent to US$1.25 billion in June 2005.
At $1.58 billion, aggregate foreign exchange outflow from the economy rose by 17.6 per cent. The rise was attributable to out payments through the Central Bank, particularly funding of the Dutch Auction System (DAS), drawings on L/C and other official payments which rose from $816.14, $15.94 and $321.88 million to $952.36, $50.23 and $466.90 million, respectively. Outflow through autonomous sources, however, declined from $63.49 million to $57.14 million in the review period. Cumulative inflow and outflow through the economy in the first six months of 2005 stood at $22.4 billion and $8.3 billion, respectively, compared with $15.3 billion and $7.9 billion in the corresponding period of 2004.