Non-oil exports surge by 19.23% in October 2024, with Brazil and Netherlands leading as key destinations – CBN 

The Central Bank of Nigeria (CBN) has reported that the country’s non-oil exports have increased by 19.23 percent to US$0.62 billion, from US$0.52 billion in September 2024.

According to the CBN’s Economic Report for October 2024, this growth was largely driven by increased receipts from the export of agricultural commodities, reflecting Nigeria’s diversification efforts away from oil dependence.

The CBN’s analysis of trade direction shows Brazil as the top destination for Nigeria’s non-oil exports, accounting for 20.22% of the total.

Other prominent trading partners include the Netherlands (15.61%), Malaysia (11.76%), Japan (6.35%), Germany (5.32%), and the United States (5.21%). These destinations underline Nigeria’s growing trade links with diverse markets across the globe.

Cocoa beans emerged as the leading commodity, representing 30.04% of total exports. Urea, a key fertilizer component, followed closely with a 26.59% share. Sesame seeds (5.64%), cocoa products (5.63%), aluminium (3.84%), and copper (3.43%) were also among the major contributors to the surge in export earnings.

Receipts from the top five exporting companies rose sharply, reaching $0.24 billion in October 2024 from $0.13 billion in the previous month. Leading this charge was Indorama Eleme Fertilizer & Chemical Ltd., which accounted for 18.97% of total non-oil export earnings through its urea exports. Dangote Fertilizer Ltd. followed with an 8.72% share, also driven by fertilizer exports. Outspan Nigeria Ltd., a major exporter of cocoa, ranked third with an 8.45% share. Starlink Global & Ideal Ltd. contributed 7.35% from dairy product exports, while Olatunde International Ltd. ranked fifth with a 5.96% share, primarily from cocoa beans.

The report read, in part, “Earnings from the export of non-oil products increased driven, majorly, by higher receipts from the export of agricultural commodities. Non-oil export earnings increased by 19.23 percent to US$0.62 billion, from US$0.52 billion in September 2024. Analysis by direction of trade revealed Brazil as the major destination for Nigeria’s non-oil export products (20.22% of total). This was followed by the Netherlands (15.61%), Malaysia (11.76%), Japan (6.35%), Germany (5.32%), and the USA (5.21%). The major commodities exported were cocoa beans, which represented the largest share at 30.04 percent, followed by urea (26.59%); sesame seeds (5.64%), cocoa products (5.63%), aluminium (3.84); and copper (3.43%). Receipts from the top five non-oil exporters surged to US$0.24 billion, from US$0.13 billion in September 2024. Analysis by share indicated that Indorama Eleme Fertilizer & Chemical Ltd. (18.97%) and Dangote Fertilizer Ltd. (8.72%) were the leading exporters with the exports of urea and fertilizers, respectively. Outspan Nigeria Ltd. (8.45%) ranked third, through the export of cocoa. Starlink Global & Ideal Ltd. followed with a 7.35 percent share, from the export of dairy products, while Olatunde International Ltd. (5.96%) ranked fifth, from the export of cocoa beans.” 

In August 2024, the Nigerian Export Promotion Council (NEPC) said Nigeria’s non-oil export sector recorded impressive growth in the first half of 2024, generating 2.7 billion dollars in revenue.

Essentially, exports accounted for 60.89 percent of total trade which amounted to N19.42 trillion, representing a marginal increase of 1.31 percent compared to N19.17 trillion in Q1 2024, and a 201.76 percent rise over N6.44 trillion in Q2 2023.