CBN discloses top five non-oil exporters in October
CBN Headquarters
Nike Popoola
Earnings from the export of non-oil products increased in October 2024, driven, majorly, by higher receipts from the export of agricultural commodities.
The Central Bank of Nigeria disclosed in its monthly economic report for October, 2024 obtained by Dailyeconomy.
According to the report, “Receipts from the top five non-oil exporters surged to US$0.24 billion, from US$0.13 billion in September 2024.
“Analysis by share indicated that Indorama Eleme Fertilizer & Chemical Ltd. (18.97%) and Dangote Fertilizer Ltd.
“(8.72%) were the leading exporters with the exports of urea and fertilizers, respectively. Outs-pan Nigeria Ltd. (8.45%) ranked third, through the export of cocoa. Starlink Global & Ideal Ltd. followed with a 7.35 per cent share, from the
export of dairy products, while Olatunde International Ltd. (5.96%) ranked fifth, from the export of cocoa beans.”
The CBN stated that non-oil export earnings increased by 19.23 per cent to US$0.62 billion, from US$0.52 billion in September 2024. Analysis by direction of trade revealed Brazil as the major destination for Nigeria’s non-oil export products (20.22% of total).
This was followed by Netherlands (15.61%), Malaysia (11.76%), Japan
(6.35%), Germany (5.32%), and USA (5.21%).
The major commodities exported were cocoa beans, which represented the largest share at 30.04 per cent, followed by urea (26.59%); sesame seeds (5.64%), cocoa products (5.63%), aluminium (3.84); and copper (3.43%).
