Nigeria’s non-oil export sector experienced a modest boost in April 2024, with earnings rising to $510 million, up from $500 million in March, reflecting a 2% increase. This data was highlighted in the Central Bank of Nigeria’s (CBN) April 2024 Monthly Economic Report, which attributed the growth primarily to higher commodity prices.
The report noted, “Higher commodity prices boosted earnings from non-oil export. Provisional data indicated that non-oil export earnings increased marginally to US$0.51 billion, from US$0.50 billion in March 2024.”
Key players in the sector, such as Starlink Global and Dangote Fertilizer Ltd, emerged as the leading contributors to this growth. Starlink Global, a company specializing in agricultural exports like cocoa, cashew, and sesame seeds, topped the list by accounting for 30.93% of total non-oil export earnings, mainly through the export of dairy products. Dangote Fertilizer Ltd followed closely, contributing 23.33% through its urea exports.
Other significant contributors included Indorama Eleme Fertilizer, which accounted for 17.77% of earnings from its urea exports, Outspan Nigeria Ltd, contributing 16.88% through dairy product exports, and Metal Recycling Industries Ltd, which added 11.09% from its export of aluminum and copper ingots. The CBN report further elaborated on these statistics, stating, “Receipts by the top five non-oil exporters rose to US$0.14 billion, from US$0.11 billion in March 2024.”
Regarding export destinations, Vietnam, the United States, and the Netherlands were the top recipients of Nigeria’s non-oil exports, together capturing a significant portion of the market. Other notable destinations included Malaysia, India, and Japan. Key exports driving this trade were cocoa beans, cashew nuts, urea, cocoa products, and sesame seeds.
The report provided detailed insights, stating, “Analysis showed that the key destinations of Nigeria’s non-oil export were Vietnam (13.96%), the US (13.87%) and the Netherlands (11.81%). Other notable destinations were Malaysia (7.25%), India (6.44%), and Japan (6.37%). Analysis revealed that the main commodities exported were cocoa bean (19.95%), cashew nuts (18.25%), urea (13.21%), cocoa products (5.34%), and sesame seeds (4.79%).”
While the sector showed slight improvement, previous reports by Nairametrics indicated signs of stagnation within Nigeria's non-oil sector despite overall economic growth in the second quarter of 2024.
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