The Central Bank of Nigeria in its monthly economic report have revealed that about $22m was earned in April and May this year by top five exporters.
The CBN disclosed that non-oil export earnings increased by 3.0 per cent to $0.68bn from $0.66bn in April.
“Receipts from the top five exporters of non-oil products were $0.12bn, compared with $0.10bn in April”, the report says.
“Analysis by share revealed that Indorama Eleme Fertilizer and Chemical Ltd and Outspan Nigeria Ltd were the top two exporters with shares of 11.9 and 5.8 per cent, respectively, from the export of urea along with fertilizer and dairy products.
“The third place was occupied by Segilola Resources Operating Ltd, with a share of 4.2 per cent from the export of gold. Metal Recycling Industries Ltd was fourth, with 4.1 per cent from the export of aluminium and copper ingots.
“Starlink Global & Ideal Ltd was fifth, with a share of 3.7 per cent from the export of cocoa beans and cashew nuts.”
According to the CBN report, non-oil export earnings strengthened on account of higher commodity prices and continued efforts to enhance the export of non-oil products.
It added that analysis based on direction of trade revealed that Yemen was the major destination of non-oil exports with a share of 17.9 per cent.
This was followed by United States of America with 11.5 per cent; India, 7.5 per cent; Japan, 7.0 per cent and China, 5.8 per cent.
The report lists the major commodities exported as cashew nuts, which accounted for the largest share of 23.0 per cent, followed by urea with 12.5 per cent; and cocoa beans with 10.0 per cent.
