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Non-oil, electricity export earnings hit $967.08m in Q1-CBN

…Says Portfolio Investments inflow increased to $5,141.95m
…Stock of external reserves as at end March 2018 stood at $46,730.54m
The Central Bank of Nigeria (CBN) has disclosed that the nation’s earnings from non-oil and electricity exports increased by 12.3 per cent to $967.08 million in first quarter of 2018.

The balance of payments statistics by CBN noted that earnings from crude oil and gas accounted for 93.3 per cent of total export earnings during the review period, increased by 10.1 per cent to $13,426.53 million in Q1 2018 when compared with the preceding quarter.

The report that was released at the weekend stated that “Available data showed that payments for import of goods (fob) to the economy in the review period grew by 13.9 per cent to $8,641.60 million above the level recorded in the preceding period. This was largely as a result of 99.5 per cent increase in the imports of petroleum products.

“The surplus in the Goods Account increased to $5,752.01 million in Q1 2018 from a surplus of $5,472.74 million in the preceding quarter and US$2,271.18 million recorded in the corresponding period of 2017.

“Export earnings rose by 10.2 per cent to $14,393.61 million in Q1 2018 when compared with Q4 2017. It also indicated an increase of about 44.4 per cent when compared to Q1 2017,” the balance of payments statistics by CBN added.

The apex bank also disclosed that direct investment inflow into the country declined by 15.7 per cent in Q1 to $808.56 million.

The CBN noted that portfolio Investments inflow to the economy increased to $5,141.95 million in Q1 2018 from $3,787.16 million and $438.47 million when compared with the preceding quarter and corresponding period of 2017, respectively.

“Also, other investment liabilities increased to $6,637.92 million when compared with the level in the preceding quarter of $23.71 million,” the report explained.

The report explained that stock of external reserves as at end March 2018 stood at $46,730.54 million, indicating an accretion of 18.7 per cent when compared with the preceding quarter.

“When compared with the corresponding period of 2017, it recorded a higher accretion of 55.8 per cent. The reserves could finance approximately 16.2 months of imports, compared with 15.6 and 11.7 months of imports cover for the preceding quarter and corresponding period of 2017, respectively. These were however above the WAMZ and global benchmarks of six and three months, respectively,” the report stated.

On services, income and current transfers, the report revealed that, “Net out-payments for services during the review period decreased by 5.1 per cent to a deficit of $4,445.49 million when compared with the level recorded in Q4 2017.

“However, when compared with the level in the corresponding period of 2017, it indicated a significantly increase of about 201.2 per cent. Income account (net) worsened to a debit of $3,272.17 million in the review period from $2,983.45 million recorded in the preceding period. This is significantly different from $2,278.33 million recorded in the corresponding period of 2017.

“Current transfers (net) increased by 9.9 and 31.3 per cents to a surplus of US$6,434.25 million in Q1 2018 when compared with the levels in the preceding quarter of 2017 and corresponding period of 2017, respectively,” the report added.

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