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Olam, BAT, Eight Others Earned $100m from Exports – CBN



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Olam, BAT, Eight Others Earned $100m from Exports – CBN

Top 10 exporters in the country exported non-oil goods worth $100.88m in November, according to the Central Bank of Nigeria.

The CBN disclosed this in its latest monthly economic report.

Part of the report read, “Estimates of export proceeds of the top 10 non-oil exporters for November 2020 was $100.88m.

“A disaggregation revealed that Olam Nigeria Limited topped the list with a value of $26.65m or 17.1 per cent of the total, from the export of cocoa beans, cashew nuts, and sesame seeds to Turkey and China.

“The second major non-oil exporter was Starlink Global and Ideal Limited, with an export value of $16.49m (10.6 per cent), from the export of raw cocoa beans, raw cashew nuts, shea nuts and sesame seeds to Malaysia.

“The third major non-oil exporter was British American Tobacco Nigeria Limited at $12.57m (8.0 per cent), realised from the export of cigarettes to Liberia, Guinea, Ghana, Cameroun, Cote d’Ivoire and Niger Republic.

“The fourth major non-oil exporter was Indorama Eleme Fertilizer and Chemicals Limited, with a value of $9.82m (6.3 per cent), realised from the export of urea, fertilisers and agronomy services to Turkey and China.”

It added, “Tulip Cocoa Processing Limited, with export value of $7.66m (4.9 per cent) realised from the export of cocoa liquor, butter and cake to The Netherlands was placed fifth position.

“The sixth, seventh, eighth, ninth and tenth positions were occupied by Mamuda Industries Nigeria Limited, Metal Recycling Industries Limited, AAK Nigeria Oils and Fats Limited, Armajaro Nigeria Limited, and Valency Agro Nigeria Limited, respectively.

“These companies earned $7.21m (4.6 per cent), $6.66m (4.3 per cent), $5.73m (3.7 per cent), $5m (3.2 per cent), and $3.07 million (2.0 per cent), respectively.”

The report said they exported leather, aluminum, vegetable oils and fats, cocoa beans and dry pure prime pressed cocoa butter to India, Saudi Arabia, Malaysia, and United States, respectively.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Gold Hits Record High and Bitcoin Surpasses $40,000 in Asian Markets Despite Fed’s Cautious Stance



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Gold rose to a record high of $2,135.39 per ounce on Monday during the Asian trading session while Bitcoin broke $40,000 a coin resistance levels. 

This was despite Federal Reserve Chair Jerome Powell’s cautious reminder that policymakers are not in a rush to ease interest rates.

Market analysts observed an influx of investments into gold and Bitcoin, attributing the trend to mounting expectations of Federal Reserve interest-rate cuts in the coming year.

Kyle Rodda, a senior market analyst at in Melbourne, noted, “Markets are piling in on the rate cut bets. Gold can run higher and will do so at the earliest sign of a recession.”

The rally in these alternative assets persisted even as the dollar experienced a slight uptick, and two-year Treasuries retraced some of Friday’s robust gains.

Traders maintained their bets on a potential Federal Reserve rate cut, with swaps pricing in a full reduction by May and projecting a full point of easing by December 2024.

Powell, while stating that the central bank is ready to hike further if necessary, emphasized that policy is “well into restrictive territory.”

This surge in gold and Bitcoin comes on the heels of US stocks closing at their highest since March 2022. However, concerns linger as signs emerge that American households, after a period of exuberant spending, might be starting to pull back.

Shane Oliver, head of investment strategy and chief economist at AMP Ltd. in Sydney, cautioned that the recent rebound in shares leaves them technically overbought and at risk of a consolidation or short-term pullback.

As the global economy continues to face uncertainties, all eyes will be on key events this week, including Australian growth, Chinese inflation, and US non-farm payrolls data.

Meanwhile, the cryptocurrency market anticipates potential approval of US spot Bitcoin exchange-traded funds, adding another layer of excitement to the financial landscape.

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Federal Government Revokes 1,633 Mineral Titles Over Non-payment



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In a significant move to enforce compliance and revitalize the solid minerals sector, the Federal Government through the Ministry of Solid Minerals Development has taken decisive action by revoking 1,633 mineral titles previously granted to non-compliant mining companies.

The announcement was made by the Minister of Solid Minerals Development, Dele Alake, during a press briefing in Abuja.

The revocation of these mineral titles was a result of the mining companies’ failure to fulfill their mandatory annual service fees of N1,500 per cadastral unit.

Alake emphasized that the move aligns with Sections 10, 11, and 12 of the Mining Act, and it is aimed at creating opportunities for potential investors willing to contribute to the sector.

Expressing disappointment at the non-compliance of mining firms, Alake stated, “It is indeed very unconscionable for corporate bodies making huge profits from mining to refuse to give the government its due by failing to pay their annual service fee.”

The minister stressed that the mining companies, despite reaping significant profits from mining activities, failed to meet their financial obligations to the government.

He further highlighted the nominal nature of the annual service fee, emphasizing that it pales in comparison to the revenue projections of these companies.

The revocation process, initiated by the Mining Cadastral Office on October 4, 2023, targeted a total of 2,213 titles, including Exploration titles, Small Scale Mining Licences, Quarry licenses, and Mining Leases.

The notice of revocation was published in the Federal Government Gazette on October 10, 2023.

Alake cautioned those whose licenses had been revoked to vacate mining sites promptly to avoid potential legal actions by security agencies.

The ministry’s commitment to cleaning up the sector for international competitiveness was underscored, signaling a new era for responsible and compliant mining practices in Nigeria.

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Rising Rice Consumption Spurs 37% Price Surge, Reveals AFEX Report




A recent report by AFEX, the agricultural commodity trading firm, has brought to light the surge in rice consumption in Nigeria.

The AFEX Wet Season Crop Production Report for 2023 indicates that the country’s rice consumption has been steadily increasing, contributing to a consistent growth in the rice market.

The report highlights a 37% year-to-date increase in the price of rice in 2023.

According to AFEX, despite Nigeria’s potential to be a net rice exporter, it has spent over $15 billion in the past decade to meet the expanding demand for rice.

Globally, rice prices have reached their highest point in nearly 12 years due to factors such as India’s ban on rice exports and potential production disruptions from El Nino in key regions.

In Nigeria, the 37% price surge is attributed to reduced production in 2022 caused by flooding during the wet season.

The report anticipates a 4% increase in rice production and expects the price of paddy rice to rise by around 32%.

While the Northwest region accounts for 72% of the total rice production in Nigeria, the report underscores the need for strategies to bridge the supply gap and ensure sustainable rice production to meet the growing demand in the country.

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