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Government earns N179.5 bn from non-oil sector

14 May 2013, 09:40

Abuja- The Federal Government earned N179.5billion (1.136million dollars) from the non-oil sector of the economy in the first quarter of 2013.

This is contained in a statement issued on Monday in Abuja by Mrs Yemi Kolapo, the Senior Special Assistant, Corporate Communications to the Mr Olusegun Aganga, the Minister of Industry, Trade and Investment

The statement said that the Central Bank of Nigeria (CBN) 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.

``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 634.2million dollars, 322.6million dollars, 89.9million dollars, 67.9million dollars and 21.7 dollars million, 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 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.



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