FX earnings of top 100 exporters decline to $831.17mn

The analysis of the export proceeds of the top 100 exporters in the first half of 2015 showed that total earnings declined by 23.8 per cent to US$831.17 million below the receipts in the corresponding period of 2014, according to the Central Bank of Nigeria (CBN)
Ranking of the exporters by earnings in the CBN’s half year economic report indicated that Olam Nigeria Limited retained the first position with proceeds valued at US$92.54 million, compared with US$178.44 million in the first half of 2014. The company exported largely cocoa beans, sesame seeds, cotton lints, and dried ginger to the Netherlands, Greece, Turkey and the United Kingdom.
Bolawole Enterprises Nigeria Limited ranked second with exports valued at US$61.08 million, from US$54.12 million in the corresponding period of 2014. Its main export product was cocoa beans to the Netherlands and South Africa.
The British American Tobacco (BAT) Nigeria Limited, and AIS Trades and Industries Limited ranked third and fourth with proceeds that amounted to US$40.85 million and US$40.59 million, respectively. BAT Nigeria Limited exported cigarettes to Ghana, Liberia, Guinea, South Africa and Cote’dvoire, while the latter exported cashew nuts and split dried ginger to the United Kingdom, the United Arab Emirates, India, Guinea and Canada.
Mamuda Industries Nigeria Limited ranked fifth largest exporter with earnings of US$31.31 million from the exports of split dried ginger and leather to Canada, Malaysia, Spain, India and Italy. The sixth major exporter was Notore Chemical Industries Limited with proceeds valued at US$25.81 million, from the exports of granular urea fertilizer and anhydrous ammonia to Morocco, Portugal, China, Italy and India.
Fresh page limited was the 99 top exporter with export earnings of US$0.144 million from th the export of raw cashew nuts to India. The Tradelinks Afro Asia Limited ranked 100 , from the export of raw cashew nuts to Bulgaria valued at US$0.142 million.