• Thursday, March 28, 2024
businessday logo

BusinessDay

Nigeria’s non-oil exports jump 55% in 9 months

Nigeria’s non-oil exports from January to September of 2017 rose to $1.259 billion from $812.67 million recorded in the corresponding period of 2016.
This represents a 54.96 per cent rise, exclusive data from the Nigerian Export Promotion Council (NEPC) show.
In the third quarter of 2017, non-oil export of Africa’s most populous country stood at $370.707 million, representing an increase of 68.57 percent when compared with $219.908 million recorded in the same period of 2016.
Like in the second quarter of 2017, the Nigerian National Petroleum Corporation (NNPC) and the Pipelines and Product Marketing Company (PPMC) topped non-oil export performance with 16.6 percent of the total value. The duo exported chemicals Naphthalene and Low Pour Fuel Oil (LPFO) estimated at $61.530 million within the period.
Indorama-Eleme Fertilizer & Chemicals Limited came second with export of urea worth $32.69 million, representing 8.82 percent of total non-oil export transactions. Indorama displaced Olam Nigeria, which came second the previous quarter.
British-America Tobacco Company Limited was next, with export of cigarettes worth $28.605 million, having a share of 7.72 percent of total non-oil export transactions.
Olam was fourth with export of agricultural products estimated at $26.871 million, taking a share of 7.25 percent of the total.
Dangote Cement Plc was fifth with export of cement worth $16.636 million, taking a share of 4.49 percent of the total non-oil export transactions.
Next was Mamuda Industry, which exported finished leather valued at $11.845 million, taking a share of 3.20percent.
An unusual entrant Wacot Nigeria Limited was next, exporting agricultural products estimated at $11.377 million, representing 3.07 percent of the total.
Tulip Cocoa Processing Limited put up a good show within the quarter, with its export of cocoa butter, cake and liquor valued at $11.105 million, indicating 3 percent of the total transactions.
Out of 85 countries that imported Nigerian products during the period, Netherlands came tops, with Nigeria’s export to the Dutch country estimated at $46.849 million, representing 12.64 percent of the total non-oil export value for Q3. In the previous quarter (Q2), the United States had been first, followed by Netherlands and Vietnam.
However, in the third quarter, Netherlands was first, followed in the second and third positions by the United States and Ghana respectively.
ECOWAS contributed 25.62 percent of the total export value and 83.46 percent of Africa’s import from Nigeria.
According to the NEPC, a total of 147 products were exported in the Q3 of 2017 as against 138 in the preceding quarter.
Three hundred and sixty-nine companies took part in the export of Nigerian products within the period, according to the NEPC.
Nigerian manufacturers are canvassing a shift from export of mainly agricultural products to semi-finished or finished products. They say export of raw agricultural products robs them of local raw materials, pushing them into scrambling for foreign exchange to import the same commodities.
“Once the tanneries are through with production, they export the entire leather to the detriment of local leather works manufacturers. This is affecting the finished leather sector in Lagos, Onitsha and especially the Aba areas,” Ken Anyanwu, national secretary, Association of Leather and Allied Industrialists of Nigeria (ALAIN), complained to BusinessDay recently.
Five major export points within the period were Tin Can Island Port, Apapa Port, Okrika Jetty, Indorama Jetty and Onne Port.
A total of 21 financial institutions, which included the Central Bank of Nigeria (CBN and Rand Bank, were used for the issuance and processing of Nigeria Export Proceeds (NXP) forms by exporters during the period.
Stanbic-IBTC had the highest number of NXPs, with transactions worth $74.485 million, occupying 20.09 percent of the total.
Zenith Bank, which came first the previous quarter, was second in Q3, with transactions valued at $71.934, representing 19.40 percent of the total. UBA and Access Bank were third and fourth with 16.25 percent and 8.65 percent respectively.

 
ODINAKA ANUDU