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This information comes from the CBN's monthly report on non-oil exports. Non-oil exports went up by 3.0 percent, reaching $0.68 billion, compared to $0.66 billion in April.
The report highlighted that the leading five exporters of non-oil products earned $0.12 billion, as opposed to $0.10 billion in April. Let's take a closer look at these top exporters and what they exported:
1. Indorama Eleme Fertilizer and Chemical Ltd: They were the top exporter, with a share of 11.9 percent. They mainly exported urea, fertilizer, and dairy products.
2. Outspan Nigeria Ltd: This company came in second place with a 5.8 percent share. They also exported urea, fertilizer, and dairy products.
3. Segilola Resources Operating Ltd: In third place, they had a share of 4.2 percent, primarily from exporting gold.
4. Metal Recycling Industries Ltd: They secured the fourth spot, with a 4.1 percent share, by exporting aluminum and copper ingots.
5. Starlink Global & Ideal Ltd: In fifth place, they had a 3.7 percent share, mainly from exporting cocoa beans and cashew nuts.
The CBN's report explained that the increase in non-oil export earnings was due to higher prices for commodities and ongoing efforts to boost non-oil exports. Looking at the destinations of these exports:
- Yemen received the largest share of non-oil exports, accounting for 17.9 percent.
- The United States of America followed with 11.5 percent.
- India received 7.5 percent of the exports.
- Japan received 7.0 percent.
- China received 5.8 percent.
The primary commodities exported included cashew nuts, which made up the largest share at 23.0 percent, followed by urea at 12.5 percent, and cocoa beans at 10.0 percent. This shows that Nigeria's non-oil exports are on the rise, benefiting from higher prices and a diverse range of products.