Non-oil exports surge by 19.23% as Brazil,  Netherlands lead destinations

The Central Bank of Nigeria (CBN) has reported that the country’s non-oil exports have increased by 19.23 per cent to $0.62 billion in October 2024, from $0.52 billion in September 2024.

According to the CBN’s Economic Report for October 2024, this growth was largely driven by increased receipts from the export of agricultural commodities, reflecting Nigeria’s diversification efforts away from oil. The CBN’s analysis of trade direction showed Brazil as the top destination for Nigeria’s non-oil exports, accounting for 20.22 per cent of the total.

Other prominent trading partners include the Netherlands (15.61 per cent), Malaysia (11.76 per cent), Japan (6.35 per cent), Germany (5.32 per cent), and the United States (5.21 per cent). These destinations underline Nigeria’s growing trade links with diverse markets across the globe.

Cocoa beans emerged as the leading commodity, representing 30.04 per cent of total exports. Urea, a key fertilizer component, followed closely with a 26.59 per cent share. Sesame seeds (5.64 per cent), cocoa products (5.63 per cent), aluminium (3.84 per cent) and copper (3.43 per cent) 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 and Chemical Limited, which accounted for 18.97 per cent of total non-oil export earnings through its urea exports. Dangote Fertilizer Limited followed with an 8.72 per cent share, also driven by fertilizer exports.
 
Outspan Nigeria Limited, a major exporter of cocoa, ranked third with an 8.45 per cent share. Starlink Global and Ideal Ltd. contributed 7.35 per cent from dairy product exports, while Olatunde International Ltd. ranked fifth with a 5.96 per cent share, primarily from cocoa beans.

In August 2024, the Nigerian Export Promotion Council (NEPC) said Nigeria’s non-oil export sector recorded impressive growth in H1 2024, generating $2.7 billion in revenue.