According to figures from the Central Bank of Nigeria (CBN), the top five non-oil exporters in Nigeria collectively earned $22 million in April and May. The CBN’s monthly economic report on non-oil exports noted a 3.0% increase in non-oil export earnings from $0.66 billion in April to $0.68 billion in May. Indorama Eleme Fertilizer and Chemical Ltd and Outspan Nigeria Ltd were the leading exporters, primarily dealing in urea, fertilizer, and dairy products. The major destinations for non-oil exports included Yemen, the United States, India, Japan, and China.
Key Points:
- The top five non-oil exporters in Nigeria earned $22 million in combined earnings during April and May, based on data from the Central Bank of Nigeria.
- Non-oil export earnings saw a 3.0% increase, rising from $0.66 billion in April to $0.68 billion in May.
- Indorama Eleme Fertilizer and Chemical Ltd and Outspan Nigeria Ltd were the primary exporters, specializing in urea, fertilizer, and dairy products.
- Segilola Resources Operating Ltd secured the third spot with a 4.2% share from gold exports, while Metal Recycling Industries Ltd ranked fourth, contributing 4.1% from aluminum and copper ingot exports. Starlink Global & Ideal Ltd held the fifth position with a 3.7% share from cocoa beans and cashew nut exports.
- Yemen emerged as the top destination for non-oil exports, accounting for 17.9% of the share, followed by the United States (11.5%), India (7.5%), Japan (7.0%), and China (5.8%).
- Major exported commodities included cashew nuts (23.0%), urea (12.5%), and cocoa beans (10.0%).
Analysis: The increase in non-oil export earnings is a positive sign for Nigeria’s economy, indicating a diversification beyond oil-dependent revenue streams. The performance of key exporters like Indorama Eleme Fertilizer and Chemical Ltd and Outspan Nigeria Ltd highlights the potential for growth in sectors like fertilizer and dairy production. The diversified destination markets also indicate a broadening global reach for Nigerian exports.
Background: The Central Bank of Nigeria’s monthly economic report on non-oil exports revealed a 3.0% increase in earnings, with the top five non-oil exporters collectively earning $22 million in April and May. This growth is a promising development for Nigeria’s economy, signaling progress in diversifying revenue sources away from oil. Key exporters, such as Indorama Eleme Fertilizer and Chemical Ltd and Outspan Nigeria Ltd, are instrumental in driving this expansion, particularly in the fertilizer and dairy sectors. The diverse range of destination markets further underlines the global potential of Nigerian exports.