The Central Bank of Nigeria (CBN) has disclosed that the country’s total export earnings fell by 14.9 per cent to $13.39bn in April due to decline in crude oil prices.
This was contained in the Apex bank monthly economic report for the month of April.
“Because of the decline in the price of crude oil in 2020Q1, aggregate export earnings declined by 14.9 per cent and 12 per cent to $13.39bn, compared with $15.74bn and $15.22bn in Q4 and 2019 Q1 respectively,” the report read partly.
Export of crude oil fell by 20 per cent and 14 per cent to $9.48bn, from $11.84bn and $11.02bn in 2019 Q4 and 2019 Q1 respectively.
This was attributed to the fall in the average price of Nigeria’s reference crude, the bonny light, to $52.48 per barrel in 2020 Q1, from $65.87 and $64.90 per barrel in 2019 Q1 and 2019 Q4 respectively.
Reduced global demand and supply-chain disruptions due to the lockdown measures to contain the pandemic were factors that contributed to the fall in crude oil price.
Non-oil export, on the other hand, increased marginally by 0.9 per cent to $2.16bn, from $2.14bn in 2019 Q4. It was, however, lower than the $2.36bn recorded in 2019 Q1.
The share of non-oil export accounted for the balance of 16.1 per cent, while crude oil and gas export was 70.8 per cent and 13.1 per cent respectively,