Export earnings rise 2.8% to $16.2bn in Q3 —CBN

THE Central Bank of Nigeria (CBN) has said export earnings rose by 2.8 per cent to $16.2 billion in third quarter (Q3) of 2018 when compared with 2018.

The balance of payments statistics of the CBN obtained by our reporter showed 35 per cent increase in export earnings when compared to corresponding period of 2017.

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According to CBN report, “Earnings from crude oil and gas, which accounted for 94.4 per cent of total export earnings during the review period, increased by 9.5 per cent to $15.3 billion in Q3 2018 when compared with the preceding quarter.

“Earnings from non-oil and electricity exports decreased by 49.3 per cent to $909.04 million in Q3 2018 when compared with the preceding quarter,” the report stated.

The data also showed that payments for import of goods (fob) to the economy in the review period increased by 70.5 per cent to $14.08 billion above the level recorded in the preceding quarter. “This was largely as a result of 79.7 per cent increase in the imports of non-oil products,” the report explained.

The report further indicated that net out-payments for services during the review period increased significantly by 35.4 per cent to a deficit of $7.02 billion when compared with the level recorded in Q2 2018.

“When compared with the corresponding period of 2017, it indicated a much higher increase of about 65.0 per cent. Similarly, the deficit in the income account (net) increased by 6.7 per cent to $4.16 billion in the review period from a deficit of $3.9 billion recorded in the preceding quarter.

“When compared with the level in the corresponding period of 2017 it indicated an increase of about 39.5 per cent. The surplus in the current transfers (net) decreased by 1.2 per cent to $5.96 billion in Q3 2018 when compared with the preceding quarter. However, the level of surplus was 2.7 percent higher than the level recorded in the corresponding period of 2017,” said the report.