The Central Bank of Nigeria (CBN) has disclosed that the country’s non-oil exports have increased by 19.23 per cent to US$0.62 billion, from US$0.52 billion in September 2024.
This is according to the recently released CBN’s Economic Report for October 2024.
The report noted that this growth was largely driven by increased receipts from the export of agricultural commodities, reflecting Nigeria’s diversification efforts away from oil dependence.
In terms of trade direction, Brazil emerged as the top destination for Nigeria’s non-oil exports, accounting for 20.22% of the total exports.
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Brazil was followed by the Netherlands (15.61%), Malaysia (11.76%), Japan (6.35%), Germany (5.32%), and the United States (5.21%). These destinations underline Nigeria’s growing trade links with diverse markets across the globe.
Cocoa beans emerged as the leading commodity, representing 30.04% of total exports. Urea, a key fertilizer component, followed closely with a 26.59% share. Sesame seeds (5.64%), cocoa products (5.63%), aluminium (3.84%), and copper (3.43%) were also among the major contributors to the surge in export earnings.
Receipts from the top five exporting companies rose sharply, reaching $0.24 billion in October 2024 from $0.13 billion in the previous month. Leading this charge was Indorama Eleme Fertilizer & Chemical Ltd., which accounted for 18.97% of total non-oil export earnings through its urea exports. Dangote Fertilizer Ltd. followed with an 8.72% share, also driven by fertilizer exports. Outspan Nigeria Ltd., a major exporter of cocoa, ranked third with an 8.45% share. Starlink Global & Ideal Ltd. contributed 7.35% from dairy product exports, while Olatunde International Ltd. ranked fifth with a 5.96% share, primarily from cocoa beans.
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“Earnings from the export of non-oil products increased, driven, majorly, by higher receipts from the export of agricultural commodities.
“Non-oil export earnings increased by 19.23 percent 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 the Netherlands (15.61%), Malaysia (11.76%), Japan (6.35%), Germany (5.32%), and the USA (5.21%).
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“The major commodities exported were cocoa beans, which represented the largest share at 30.04 percent, followed by urea (26.59%); sesame seeds (5.64%), cocoa products (5.63%), aluminium (3.84); and copper (3.43%).
“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.
“Outspan Nigeria Ltd. (8.45%) ranked third, through the export of cocoa. Starlink Global & Ideal Ltd. followed with a 7.35 percent share, from the export of dairy products, while Olatunde International Ltd. (5.96%) ranked fifth, from the export of cocoa beans.”
