Report Reveals Non-oil Export Earnings Hit $75m In Two Months

Earnings from non-oil export in October and November rose to $75m, figures obtained from the Central Financial institution of Nigeria (CBN) have revealed.

The CBN said in its November financial report that non-oil export earnings rose by 16.9 per cent to $0.40bn, from $0.35bn in October.

It said, “Non-oil export earnings rose by 16.9 per cent to $0.40bn, from $0.35bn in October, due, largely to sustained beneficial commodity costs on the worldwide market.

“This was as a result of 7.0 per cent and 16.1 per cent improve in different non – oil merchandise and re-exports to $0.38bn and $0.02bn from $0.36bn and $0.01bn respectively.”

In response to the report, evaluation by path of commerce revealed that Brazil was the foremost vacation spot of non-oil export merchandise with a share of 13.7 per cent.

Exports to the Netherlands have been 12.6 per cent; 11.6 per cent to China; 6.7 p.c to Belgium; and 6.0 p.c to Japan. The most important commodities exported have been urea, which accounted for the most important share of 21.0 per cent, adopted by cocoa beans with 20.2 per cent; and sesame seeds, 9.3 per cent.

Receipts from the highest 5 non-oil exporters declined by 13.7 per cent to $0.15bn, from $0.18bn in October.

Additional evaluation revealed that Indorama Eleme Fertilizer and Chemical Ltd and Dangote Fertilizer Ltd have been the highest two exporters with shares of 13.5 per cent and seven.5 per cent of the whole, 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 World and Superb Ltd got here in fourth, with 5.8 per cent from the export of cocoa and cashew nut.

British American Tobacco Nigeria Ltd got here in fifth place, with 4.4 per cent from the export of cigarettes.

On crude oil and gasoline export, the report mentioned, “Crude oil and gasoline 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 within the previous month.

“The lower was pushed by the autumn within the worth of Nigeria’s reference crude, the Bonny Mild, by 3.3 per cent to a median of $93.36pb, relative to $96.57pb in October.

“Equally, gasoline export receipts declined by 6.0 per cent to $0.60bn, from $0.64bn in October. When it comes to share in whole export, crude oil and gasoline accounted for 90.2 per cent. Of the whole crude oil and gasoline export, oil constitutes 84.6 per cent, whereas gasoline accounts for 15.4 per cent.”