Nigeria’s non-oil exports reached $4.99 billion in the first nine months of this year, higher than the $4.19 billion achieved in all of last year, central bank governor Godwin Emefiele said on Tuesday.
Oil is Nigeria’s biggest export earner but a decline in production due to crude theft and vandalism of pipelines and lack of investment has meant fewer foreign exchange flowing into Africa’s biggest economy, which has helped weaken its currency. “A total of $4.987 villion have been repatriated into the country by non oil exporters, higher than $4.19 billion repatriated the whole of 2021,” Emefiele said, without saying which sectors had contributed the most.
Emefiele has previously said Nigeria plans to earn up to $200 billion from non oil exports in the next three to five years.
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