Dangote Fertiliser, Indorama led non-oil exports in October – CBN

The Central Bank of Nigeria named Indorama Eleme Fertiliser & Chemical Ltd. and Dangote Fertiliser Ltd. as the top companies selling non-oil products abroad in October 2024. This information comes from the bank’s latest monthly report about Nigeria’s economy.

Other major exporters included Outspan Nigeria Ltd, Starlink Global & Ideal Ltd, and Olatunde International Ltd. Nigeria has been trying to sell more non-oil products to increase its income from sources other than oil.

The report shows that money from non-oil exports went up, mainly because of increased sales of farming products. The bank stated: “Non-oil export earnings increased by 19.23 per cent to $0.62bn, from $0.52bn in September. Receipts from the top five non-oil exporters surged to $0.24bn from $0.13bn in September.

Analysis by share indicated that Indorama Eleme Fertiliser & Chemical Ltd. (18.97 per cent) and Dangote Fertiliser Ltd. (8.72 per cent) were the leading exporters with the exports of urea and fertilisers, respectively. Outspan Nigeria Ltd. (8.45 per cent) ranked third through the export of cocoa. Starlink Global & Ideal Ltd. followed with a 7.35 per cent share, from the export of dairy products, while Olatunde International Ltd. (5.96 per cent) ranked fifth from the export of cocoa beans.”

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Brazil bought the most Nigerian non-oil products (20.22%), followed by the Netherlands (15.61%), Malaysia (11.76%), Japan (6.35%), Germany (5.32%), and the USA (5.21%). The main products Nigeria sold were cocoa beans (30.04%), urea (26.59%), sesame seeds (5.64%), cocoa products (5.63%), aluminium (3.84%), and copper (3.43%).

During this time, Nigeria’s import costs went up for both oil and non-oil products. The total imports increased to $2.81 billion from $2.78 billion in September.

Looking at how different sectors used foreign currency for imports ($1.47 billion total), industrial sector imports made up the biggest share at 56.88%. Food products followed at 15.35%, then the oil sector at 13.50%, manufactured products at 8.13%, minerals at 3.14%, transport at 2.58%, and agriculture at 0.42%.