- Centre for the Study of Economies of Africa said it noted a significant increase of $382 million from non-oil exports
- The group said agriculture accounted for the 13% of the earning, while 59% of the earning was from minerals export
- The centre also called for the immediate establishment of the proposed Solid Minerals Development Fund to improve the performance of the sector
In its report on Nigerian economy, which was published on Thursday, January 31, the Centre for the Study of Economies of Africa (SCEA) said it noted a significant increase of $382 million in the earnings from non-oil exports, Leadership reports.
The SCEA report said the Central Bank of Nigeria (CBN) recorded non-oil export earnings at $382.24 million in October 2018, which means there was a rise of 46% compared to the previous month’s earning of N262.35 million and October 2017's N225.78 million.
Legit.ng gathers from the report that improvements in proceeds from agricultural products as well as mineral exports contributed grossly to the total export earnings –
It was also noted that agriculture accounted for the 13% of the earning, while 59% of the earning was from minerals export.
Part of the report read: “The improved mineral exports followed important traction in the sector: at the state level, Ebonyi state launched the combined lead, steel and copper processing plant; and at the federal level, the government renewed commitments to incentivise non-oil exporters via the Export Expansion Grant (EEG) scheme.
“With recent strides made in the mining sector such as issuing the first gold refining license, mineral exports and by extension non-oil exports, are expected to continue rising.”
The report, however, called for the immediate establishment of the proposed Solid Minerals Development Fund.
According to the report, the establishment will help improve the performance of the sector.
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Meanwhile, Legit.ng previously reported that the federal government on Wednesday, January 23, introduced the Strategic Revenue Growth Initiative to generate more revenues to finance national development.
The minister of finance, Zainab Ahmed, at the official inauguration of the initiative in Abuja, said that the aim was to harmonise efforts of all the revenue generating agencies in increasing government’s coffers.
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