Olam Nigeria Limited has again led the other non-oil exporters to earn the highest foreign exchange for Nigeria in November 2020.
The November Economic data published by the Central Bank of Nigeria, CBN, On Wednesday showed that the company earned $26.65 Million from the export to cocoa beans, cashew nuts, and sesame seeds.
It added that the destination for these commodities are mainly Turkey and China.
Olam has always maintained the lead as seen in the previous reports in which it topped non-oil export in August and October 2020, earning $15.11m and $26.65m, respectively.
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In total, Nigerian gained about $100.88 million in export proceeds from top ten non-oil exporters in November.
“A disaggregation revealed that Olam Nigeria Limited topped the list with a value of $26.65 million or 17.1 per cent of the total, from the export of cocoa beans, cashew nuts, and sesame seeds to Turkey and China,” the report stated.
According to CBN, the second major non-oil exporter was Starlink Global and Ideal Limited, with an export value of $16.49 million (10.6 per cent), from the export of raw cocoa beans, raw cashew nuts, shea nuts and sesame seeds to Malaysia.
The report stated that the third major non-oil exporter was British American Tobacco Nigeria Limited at $12.57 million (8.0 per cent), earned from the export of cigarettes to Liberia, Guinea, Ghana, Cameroun, Cote d’Ivoire and Niger Republic.
It added that the fourth major non-oil exporter was Indorama Eleme Fertilizer and Chemicals Limited, with a value of $9.82 million (6.3 per cent).
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According to CBN, this amount was earned from the export of urea, fertilizers and agronomy services to Turkey and China.
“Tulip Cocoa Processing Limited, with export value of $7.66 million (4.9 per cent) realised from the export of cocoa liquor, butter and cake to The Netherlands was placed fifth position,” the CBN added.
The CBN identifies that the sixth, seventh, eighth, ninth and tenth positions as Mamuda Industries Nigeria Limited, Metal Recycling Industries Limited, AAK Nigeria Oils and Fats Limited, Armajaro Nigeria Limited, and Valency Agro Nigeria Limited, respectively.
It said these companies earned $7.21 million (4.6 per cent), $6.66 million (4.3 per cent), US$5.73 million (3.7 per cent), $5.00 million (3.2 per cent), and $3.07 million (2.0 per cent), respectively.
They exported leather, aluminum, vegetable oils and fats, cocoa beans and dry pure prime pressed cocoa butter to India, Saudi Arabia, Malaysia, and United States, respectively.
