The Central Bank of Nigeria (CBN) has reported that the top five Nigerian exporters earned $22 million in April and May. Non-oil export earnings increased by 3.0%, reaching $0.68 billion, compared to $0.66 billion in April, according to the CBN’s monthly economic report on non-oil export.
The top two exporters were Indorama Eleme Fertilizer and Chemical Ltd and Outspan Nigeria Ltd, with shares of 11.9% and 5.8%, respectively. They were involved in the export of urea, fertilizer, and dairy products. Segilola Resources Operating Ltd secured the third position with a 4.2% share from the export of gold. Metal Recycling Industries Ltd and Starlink Global & Ideal Ltd were fourth and fifth, contributing 4.1% and 3.7%, respectively.
Non-oil export earnings were strengthened due to higher commodity prices and ongoing efforts to enhance non-oil product exports, as per the CBN report. Yemen was the major destination for non-oil exports, accounting for 17.9%, followed by the United States (11.5%), India (7.5%), Japan (7.0%), and China (5.8%).
Cashew nuts were the largest exported commodity, representing 23.0%, followed by urea (12.5%) and cocoa beans (10.0%). The report indicates positive trends in Nigeria’s non-oil export sector, highlighting the role of key exporters in contributing to the country’s foreign exchange earnings.
