According to data acquired from the Central Bank of Nigeria, non-oil export revenues increased to $75 million in October and November. In its economic report for November, the CBN noted that non-oil export revenues increased from $0.35 billion in October to $0.40 billion, a 16.9% increase.
It stated, “Non-oil export earnings rose by 16.9 per cent to $0.40bn, from $0.35bn in October, due, largely to sustained favourable commodity prices at the international market.
“This was due to the 7.0 per cent and 16.1 per cent increase in other non – oil products and re-exports to $0.38bn and $0.02bn from $0.36bn and $0.01bn respectively.”
According to the report, analysis by direction of trade revealed that Brazil was the major destination of non-oil export products with a share of 13.7 per cent.
Exports to the Netherlands were 12.6 per cent; 11.6 per cent to China; 6.7 percent to Belgium; and 6.0 percent to Japan. The major commodities exported were urea, which accounted for the largest share of 21.0 per cent, followed by cocoa beans with 20.2 per cent; and sesame seeds, 9.3 per cent.
Receipts from the top five non-oil exporters declined by 13.7 per cent to $0.15bn, from $0.18bn in October.
Further analysis revealed that Indorama Eleme Fertilizer and Chemical Ltd and Dangote Fertilizer Ltd were the top two exporters with shares of 13.5 per cent and 7.5 per cent of the total, respectively, from the export of urea and fertilizer.
The third was Outspan Nigeria Ltd with a share of 6.5 per cent from the export of cocoa beans. Starling Global and Ideal Ltd came in fourth, with 5.8 per cent from the export of cocoa and cashew nut.
British American Tobacco Nigeria Ltd came in fifth place, with 4.4 per cent from the export of cigarettes.
On crude oil and gas export, the report said, “Crude oil and gas export receipts declined to $3.90bn from $4.30bn in October. A breakdown reveals that crude oil export receipts fell by 9.0 per cent to $3.30bn, from $3.65bn in the preceding month.
“The decrease was driven by the fall in the price of Nigeria’s reference crude, the Bonny Light, by 3.3 per cent to an average of $93.36pb, relative to $96.57pb in October.
“Similarly, gas export receipts declined by 6.0 per cent to $0.60bn, from $0.64bn in October. In terms of share in total export, crude oil and gas accounted for 90.2 per cent. Of the total crude oil and gas export, oil constitutes 84.6 per cent, while gas accounts for 15.4 per cent.”
