Nigeria’s export earnings grew by 2.8% to $16.6bn in Q4 – CBN
…Earnings rose by 27.6% in one year
Motolani Oseni
Nigeria’s export earnings grew by 2.8 per cent to $16.6 billion in fourth (Q4) 2018, while compared with third quarter of (Q3) 2018, the Central Bank of Nigeria (CBN) Q4 balance of payments statistics revealed.
The apex bank latest figure, also, showed that the growth in export earnings recorded 27.6 per cent increase when compared to the corresponding period of 2017.
The report noted that earnings from crude oil and gas, which accounted for 93.8 per cent of total export earnings during the review period, increased by 2.1 per cent to $15.6 billion in Q4 2018 when compared with the preceding quarter.
The CBN report released on Tuesday stated that earnings from non-oil and electricity exports increased by 15 per cent to $1034.59 million in Q4 2018 when compared with the preceding quarter.
According to the report, “Available data showed that payments for import of goods (fob) to the economy in the review period decreased significantly by 20.7 per cent to $9,861.89 million below the level recorded in the preceding quarter. This was as a result of 19.9 per cent decrease in the imports of non-oil products.”
It stated further that direct Investments inflow decreased by 28.3 per cent to $314.44 million when compared with the preceding quarter of 2018.
“It, however, indicated a decline of 67.2 per cent when compared to the corresponding period of 2017. Portfolio Investments inflow to the economy decreased significantly to $1,382.40 million in Q4 2018 from $1,790.83 million and $3,787.16 million in the preceding quarter and the corresponding period of 2017, respectively.
“However, other investment liabilities increased to $1,421.26 million when compared with a reversal of $3,070.76 million recorded in the preceding quarter.”
The statistics by CBN disclosed that provisional Balance of Payments (BOP) estimates for Q4 2018 showed a significant improvement in the BOP outcome as the overall balance of payments recorded a surplus of $2.80 million compared to a huge deficit of $4,542.08 million and a surplus of $6,180.40 million recorded in the preceding quarter and corresponding period of 2017, respectively.
The current account balance (CAB) improved from a deficit of $1,544.41 million in Q3 2018 to a surplus of $1,104.57 million in Q4 2018.
The financial account balance indicated a net acquisition of financial assets of $2,327.91 million in the review period as against net incurrence of financial liabilities of $4,615.17 million recorded in the preceding period.
