Dangote Fertiliser Ltd. and Indorama Eleme Fertiliser & Chemical Ltd led Nigeria’s non-oil export for the month of October 2024, according to the latest report from the Central Bank of Nigeria (CBN).
The CBN’s monthly economic review revealed a 19.23% increase in non-oil export earnings from $0.52 billion in September to $0.62 billion in October.
This surge was primarily driven by stronger demand for agricultural products.
Indorama Eleme Fertiliser & Chemical Ltd. topped the export chart, accounting for 18.97% of the total non-oil export earnings, largely through its urea exports.
Trailing closely behind was Dangote Fertiliser Ltd., which contributed 8.72% of the non-oil exports, mainly from fertiliser shipments.
Other exporters include Outspan Nigeria Ltd., Starlink Global & Ideal Ltd., and Olatunde International Ltd., which collectively pushed Nigeria’s non-oil export earnings to a total of $0.62 billion for the month.
The report highlights the growing role of non-oil exports in Nigeria’s economy as the country diversifies away from its reliance on oil.
“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%) and Dangote Fertiliser Ltd. (8.72%) were the leading exporters with the exports of urea and fertilisers, respectively,” the CBN noted.
The export earnings from agricultural commodities, such as cocoa, sesame seeds, and urea, played a central role in this progress.
Brazil emerged as the largest destination for Nigeria’s non-oil exports, absorbing 20.22% of the total export volume.
Other key markets for Nigeria’s agricultural and manufactured products included the Netherlands (15.61%), Malaysia (11.76%), Japan (6.35%), Germany (5.32%), and the USA (5.21%).
Cocoa beans remained the dominant product in Nigeria’s non-oil export mix, contributing 30.04% of the total export earnings.
Urea followed closely with 26.59% with other products like cocoa products, sesame seeds, aluminium, and copper also making notable contributions.
The CBN report also revealed that merchandise import bills increased slightly to $2.81 billion in October from $2.78 billion in September.
The industrial sector, in particular, led the way with $1.47 billion worth of imports, representing 56.88% of total visible imports.
“Non-oil export earnings have shown encouraging growth, and the continued success of major exporters like Dangote Fertiliser and Indorama Eleme will play a key role in boosting Nigeria’s economic diversification,” said an economic analyst.
