FG earns N179.5b from non-oil sector in Q1

The Federal Government earned N179.5billion ($1.136million) from the non-oil sector of the economy in the first quarter of 2013.
This was contained in a statement issued on Monday in Abuja by Yemi Kolapo, the Senior Special Assistant, Corporate Communications, to Dr. Olusegun Aganga, the Minister of Industry, Trade and Investment
The statement said that the Central Bank of Nigeria revealed this in its Economic Report for the First Quarter 2013
It noted that the figure represented an increase of 15.1 and 9.3 per cent over the preceding and corresponding quarter in 2012.
It stressed that the revenue generated was driven largely by receipts from the industrial sector and manufactured goods.
The statement added: “Total non-oil export earnings by Nigerian exporters stood at 1,136.33million dollars at the end of the review period.
“This indicated an increase of 15.1 and 9.3 per cent above the levels in the preceding quarter and the corresponding quarter of 2012, respectively.
“The development is attributed, largely to the 66.9 and 70.3 per cent rise in receipts from the industrial sector and manufactured products.”
A breakdown of the proceeds in the review, according to the statement, shows that industrial, manufactured, agricultural, minerals and food products earned $634.2 million, $322.6 million, $89.9 million, $67.9 million and $21.7 dollars respectively.
“The shares of industrial, manufactured, agricultural and food products as well as mineral and transport in non-oil export proceeds were 55.8, 28.4, 7.9, 6.0 and 1.9 per cents respectively,” the statement added.
The statement quoted Chief Chuku Wachuku, President, Nigerian Association of Small Scale Industrialists, as saying that the report underscored the importance of the manufacturing sector as pivot for transforming the economy.
NAN.