Slowdown in non-oil exports
​Slowdown in non-oil exports
The latest monthly Economic Report from the CBN puts non-oil exports provisionally at US$244m in November, indicating a decline of 25% from the preceding month and a 75% decrease on a y/y basis. The fall in receipts from the food products and minerals sectors was the major driver for the m/m decline. The largest proceeds came from industrial products, which earned US$79m.
- The breakdown by sectors shows that proceeds from manufactured products, agricultural products and the industrial sub-sector grew by 13.3%, 13.5% and 38.3% on a m/m basis respectively. In contrast, the proceeds from food products and minerals decreased by 86.4% and 49.2% respectively.
- Non-oil exports in November remained very low, at approximately 1% of GDP. The agriculture and manufacturing sectors, which underpinned non-oil exports in November, grew by 2.6% y/y and contracted by -1.8% in Q3 2015 respectively. The national accounts for Q4 are due for release later this month.
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