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Non-oil exports attract $17b into industrial sector in 6 months

Posted by By Franklin Alli on 2005/07/27 | Views: 406 |

Non-oil exports attract $17b into industrial sector in 6 months


OVER 17 billion US dollars was attracted into the industrial sector of the economy through exportation of non-oil products in six months, reports Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

OVER 17 billion US dollars was attracted into the industrial sector of the economy through exportation of non-oil products in six months, reports Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

From records of certificates of origin issued by the association for the second half of last year, showed that total value of non-oil export products between July-December stood at US$17,122,433.07; Euro 850,336.91 and Dutch Mark DM 16,596.90 as compared with the first half year figure of US$17,980,000.00. This represents about 4.7 percent rise above the value recorded in the first half of 2004.

Analysis of products by products performance in terms of transactions indicates that Finished Goods topped the export list in the second half with US$12,410,064.06 and Euro128,867.50. This was closely followed by Cotton with US$ 1,713,390.59 and Euro 65,969.41. Cocoa followed with US 1,088.056, while Ginger trailed behind with US$73,000.00. The analysis further revealed that the highest value of export within the second year under review with a trade value of US$4,035,899.57 was recorded in the month of September while the month of December recorded the least with a trade figure of US$1,664,957.91; Euro77,497.63 and DM7,447.50. A total of nine products were captured in the analysis. these are cotton, sesame sed, cow horns, natural rubber, furniture components, coca, finished goods, gum Arabic and ginger.

The report however, noted that the data on non-oil export products does not represent the totality of non-oil exports from Nigeria during the period under review, as some products does not come under the NACCIMA records or could not be captured due to informal trading activities in the country.

Given the policy direction of government towards boosting non-oil exports earning in the country, NACCIMA, therefore, suggested that more attention should be paid to boosting the exportation of cocoa, cotton, rubber, gum arabic, sesame seed, among others, through the provision of more appropriate and adequate export incentives that would woo exporters in increasing the volume of such non-oil export products traded in, including additional products not yet on the export lists as desirable.


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