CBN Highlights Top Non-Oil Exporters, Dangote, Starlink on List
- The CBN that the biggest non-oil exporters in October 2024 were Dangote Fertilizer and Indorama Eleme Fertilizer
- Among the other top non-oil exporters were Olatunde International Starlink Global & Ideal and Outspan Nigeria
- According to the report, the main factor contributing to the rise in earnings was increased revenue from the sale of agricultural commodities
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Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Central Bank of Nigeria reported that the top non-oil exporters in October 2024 were Dangote Fertilizer Ltd. and Indorama Eleme Fertilizer & Chemical Ltd.
Source: UGC
Its most recent monthly economic report, which gives a summary of the Nigerian economy, revealed this.
Olatunde International Ltd., Starlink Global & Ideal Ltd., and Outspan Nigeria Ltd. were among the other leading non-oil exporters.
To increase its revenue base, The Punch reported that Nigeria has been working to increase its non-oil exports.
The report states that higher receipts from the sale of agricultural commodities were the primary driver of the increase in earnings from the export of non-oil products.
“Non-oil export earnings increased by 19.23 per cent to $0.62bn, from $0.52bn in September. Receipts from the top five non-oil exporters surged to $0.24bn from $0.13bn in September. Analysis by share indicated that Indorama Eleme Fertiliser & Chemical Ltd. (18.97 per cent) and Dangote Fertiliser Ltd. (8.72 per cent) were the leading exporters with the exports of urea and fertilisers, respectively.
Outspan Nigeria Ltd. (8.45 per cent) 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 per cent) ranked fifth from the export of cocoa beans.
According to a breakdown of trade patterns, Nigeria's non-oil exports are primarily shipped to Brazil (20.22 percent). After that, the Netherlands (15.61 percent), Malaysia (11.76%), Japan (6.35%), Germany (5.32%), and the United States (5.21%) came next.
Cocoa beans accounted for the biggest percentage of the major commodities shipped (30.04 percent), followed by urea (26.59%); sesame seeds (5.64 percent), cocoa derivatives (5.63%), copper (3.43%), and aluminum (3.84%).
Both oil and non-oil imports contributed to an increase in merchandise import costs over the reviewed period.
According to CBN preliminary figures, total imports rose from US$2.78 billion in September to US$2.81 billion.
At $1.47 billion, the sectoral use of foreign exchange for visible imports revealed that the industrial sector accounted for the highest share of imports, at 56.88 percent. Next in line were manufactured goods (8.13 percent), minerals (3.14 percent), transportation (2.58 percent), food items (15.35 percent), the oil industry (13.50%), and agricultural (0.42 percent).
More Dollar to Enter Nigeria
Legit.ng reported that this year, Nigeria's current account position is expected to record a larger surplus of $6.96 billion, according to a macroeconomic analysis released by the research department of the Central Bank of Nigeria (CBN).
A record of Nigeria's foreign dealings with the rest of the world is kept in the current account balance of payments.
The current account position for this year will surpass the $5.31 billion figure from the previous year. Increased remittances from the diaspora and a persistent trade surplus from strong export performance will fuel the current account balance boom.
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Source: Legit.ng
