Central Bank of Nigeria has stated that Agriculture was the major driver of the nation non-oil export earnings in the second quarter of 2016. This was revealed in the economic report second quarter 2016 obtained from the apex bank website. The percentage shares of agricultural, minerals, industrial, manufactured products, food products and transport sectors in the total non-oil export proceeds were 34.1 per cent, 32.2 per cent, 14.6 per cent, 13.8 per cent, 5.3 per cent and 0.02 per cent, respectively. Provisional data showed that total non-oil export earnings, at US$576.97 million, fell by 43.2 per cent, below the level in the preceding quarter. The development, relative to the preceding quarter, was attributed, mainly, to the significant decline in receipts from manufactured and food products as well as minerals export. A breakdown by sectors showed that proceeds from the export of agricultural, minerals, industrial, manufactured products, food products and transport sectors stood at US$196.87 million, US$185.51 million, US$84.34 million, US$79.44 million, US$30.68 million and US$0.12 million respectively. The invisible sector accounted for the bulk (34.1per cent) of total foreign exchange disbursed in the second quarter of 2016, followed by the industrial sub-sector (22.5 per cent). The contributions of other sectors in a descending order included: minerals and oil sub-sector (23.3 per cent), manufactured products 11.3 per cent, food products (6.3 per cent), transport sector 1.7 per cent and agricultural products 0.8 per cent. However, agricultural sector activities increased due to well distributed rainfall in most parts of the country. Major activity in the South was harvesting of maize and yam, while planting and off-season harvesting dominated in the North. In the livestock sub-sector, farmers engaged in the breeding of poultry and migration of cattle from North to South in search of green pastures. The end- period inflation rate on year-on-year and 12-month moving average basis for the second quarter of 2016 was 16.5 per cent and 11.4 per cent, respectively.


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