Now this is for doubting thomases! read the bolded.

Emerging trends in Nigeria’s non-oil exports


In spite of the late release of the Central Bank of Nigeria’s (CBN) 2012 Annual Report, the non-oil export data as contained therein have shown some emerging trends with regards to the top non-oil export firms, values of their exports, the types of goods exported, and the destinations of exports most especially when comparison is made between their 2012 and 2011 figures. The CBN always publishes the top 100 non-oil exporters in its annual report.

Pertaining to non-oil exporters, some of the firms which made the top 30 on the CBN list in 2011 have lost their positions as they have been replaced by other firms at the end of 2012 financial year. A company’s position on the CBN top 100 non-oil exporters list is determined by the worth of its export measured in US dollars ($). The firms that missed the top 30 positions in 2012 are Eleme Petrochemicals, Multi-Trex Integrated Foods Plc, Stanmark Cocoa Processing Ltd, Metal Recycling Industries Ltd, Nestle Nigeria Plc, RMM Global Company Ltd, Yara Commodities Ltd and Friesland Capina Wamco.

Furthermore, the combined revenue of the 2012 top 30 non-oil exporters dipped by 8 percent to $1.67bn as against $1.75 billion the 2011 top 30 league collectively realised. By implication, the share of the 2012 top 30 members in the overall export earnings fell to 77 percent as against 80 percent that the 2011 group recorded. The new entrants into the top 30 league are Notore Chemical Industries Ltd, Multitan Ltd, Everest Metal Nigeria Ltd, Dansa Food Processing Company, West African Rubber, Starlink Global and Ideal Ltd as well as Kimatrai Nigeria Ltd.

Surprisingly, Eleme Petrochemicals Company Limited which exported $75.7 million worth of goods in 2011 was completely absent on the list of the top 100 non-oil exporters in 2012. An analyst who did not want his name in print but is well familiar with the agriculture and agro-allied sector attributed that development to the on-going expansion in Indorama Eleme Petrochemicals. As noted in the Nigeria Dealbook H1, 2013, the company has sourced for $375 million from IFC, Bank of India, Belgian Company for Development, the Commonwealth Development Corporation, Germany’s DEG and the FMO of Netherland. It is believed that by the time the fund is fully utilized, the company will be a force to reckon with in its sector.

Metal Recycling Industries Ltd, which earned $14.8 million from non-oil exports in 2011 was also missing on the list in 2012, but no reason could be adduced as at the time of writing the report. Even though the following firms made more from export in 2012, the positions of RMM Global Company, Yara Commodities Ltd and Stanmark Cocoa Processing Ltd fell to 33rd, 34th and 37th in 2012 down from 26th, 27th and 21st respectively in 2011.

It was even more surprising that Multi-Trex Integrated Foods Plc, Friesland Capina Wamco and Nestle Plc had both the values of their exports as well as their positions decline on the table. In other words, Multi-Trex, Friesland Capina and Nestle were rated the 45th, 49th and 50th non-oil exporters in 2012 as against 15th, 30th and 24th positions respectively in 2011.

The collective earnings of firms with lower sales in 2012 despite making it on the list of top 30 non-oil exporters still dipped by $385m (N60bn). The sharp fall in their earnings demands attention from the Nigerian authorities. Observations made by the World Trade Organization’s (WTO) which were explicitly stated in WTO’s 2012 annual report should provide some hints as to why these firms experienced a decline in export revenue in 2012. The body states that issues relating to non-tariff measures (NTM) such as certification requirements, export inspection and obtaining export licenses/permits are factors that can impair a firm’s ability to effectively and efficiently explore international market. According to WTO “these three categories account for more than 60 percent of firm complaints about export related measures.” WTO team came about these three major factors based on their findings in 11 countries some of which share economic, social and political characteristics with Nigeria. In addition, since the destination countries are majorly in Europe, Nigerian searchlight should be beamed on SPS measures, standards and testing that most exporters to EU are confronted with.

[b]The records of the new entrants into the top 30 non-oil export firms justify why they are there. Memuda Industries sold $82.3m worth of finished leather to Italy in 2012 to emerged the 4th biggest non-oil exporter compared with $10.6m worth of the same item it sold overseas in 2011 when it was rated the 32nd. Notore occupied the 11th position in 2012 for selling $45.5 million worth ammonia and fertilizers to Morocco and Uruguay whereas the same firm was rated 34th in 2011 when it sold just $10m worth of the same goods. Multitan’s export value rose to $36m in 2012 from a paltry $3m in 2011. For that reason, its position moved from 60th in 2011 to 13th in 2012.

Everest Metal Ltd is another firm that had a good outing in 2012 due to the threefold increase in its export value. It earned $33.7m in 2012 in contrast to $10m in 2011. Dansa Food Processing Ltd realised $32m in 2012 whereas Dangote Agrosacks Ltd, the only firm from Dangote Group on the table in 2011, realised just $0.39m. The earning realised by the West African Cotton Company Ltd jumped up by 219 percent, from $9.4m in 2011 to $29.8m in 2012.

Finished products and fully-processed produce earned the nation more foreign exchange in 2012. Sale of manufactured products especially textiles and other materials increased by 32 percent between 2011 and 2012. Apart from that, many of the firms that exported finished products performed better in 2012 fiscal year. The gainers are those whose 2012 export earnings surpassed 2011 earnings. On top of the gainers’ table was Mamuda which increased its export revenue by $72m by selling fished leather to Italy. In similar business are the West African Tannery Company Limited and Unique Leather Ltd. The former which outperformed 2011 revenue by $23m sold finished goat and sheep leather to Italy, India and China while the latter which surpassed the previous year’s earnings by $13m exported finished leather grades 1,2,3 and 4 to Italy.

Nigerian ginned cotton lint made its presence felt at the international market in 2012. Armajaro and the West African Cotton Ltd traded in this commodity just as both firms made the list of gainers in the top 30 non-oil exporters. In comparison with 2011 foreign earnings, Armajaro was better by $70m, though it also traded in cocoa bean while the WA Cotton Ltd which traded only in cotton lint increased its year-on-year earnings by $20m. The export destinations are Indonesia, Germany and Vietnam.

Fully fermented Nigerian cocoa beans posted good performance as it was a major exportable of Starlink Global Ltd which increased its earnings by $14m in 2012 when compared with 2011 figure. Notore Chemical Industries Ltd also garnered additional $35m in export earnings because it sold fully refrigerated anhydrous ammonia & fertilizer (urea granular) to Morocco and Uruguay.

Other produce and goods whose sales overseas earned the nation more foreign earnings are Gum Arabic, aluminium alloy ingot, remelted lead ingot, Nigerian sesame seeds and dried hibiscus flour. Dansa Food Processing Ltd’s revenue jumped up by $32m through the sale of Gum Arabic to France and Germany; Everest Metal traded in aluminium and lead ingots thereby realising additional $30m over 2011 earnings while AIS Trades and Industries Ltd raised its 2012 revenue by $11m through the sale of Maiduguri type sesame seeds and Nigerian dried hibiscus flour.

As said earlier, there are companies that made lesser revenue from export in 2012 compared with 2011 figures. On the flip side are Bolawole Enterprises, Olam Nigeria Ltd, Sun and Sand Industries, Imoniyame Holdings, Saro Agro Allied Ltd, Agro Traders Ltd, Rubber Estates Ltd, Fata Tanning and Tulip Cocoa Processing Nigeria Ltd. Others are MINL, Enghuat Industries, Atlantic Shrimpers and the West African Rubber Products. In monetary terms, Multi-Trex’s export value fell to $12m in 2012 from $34.9m in 2011. Friesland Wamco made $10.2m in 2012 compared with $10.9 million it realised in 2011 while Nestle’s export value dropped to $9.8 million in 2012 from $13.5 million in 2011. For companies like Friesland Wamco and Nestle, they could have decided to focus more on the growing home demand. Producing their products in smaller packs such as sachets lends credence to this. Another possible cause is that the dominance of these firms in their respective sectors is now being challenged by up-coming firms.

Inter-regional trade between Nigeria and other African countries seems to be growing, albeit slowly. Nigerian firms are also in the race to control markets in DR Congo, Sudan, Morocco, Egypt and South African. But jokes apart, the structure of the nation’s exports shows the level of our industrial development and the extent Nigerian exporting firms can play at the international market. If this continues for a while, Nigeria may not realise much from international trade until we begin to export heavy manufactured goods such as heavy machinery, equipment, sophisticated electrical and electronic appliances. Presently, our manufactured exports include cigarettes, evaporated milk, soaps, detergents, noodles, dairy products, ingots, bathroom slippers and seasonings.
[/b]
By: TELIAT SULE
http://businessdayonline.com/2013/12/emerging-trends-in-nigerias-non-oil-exports/#.U9P8MtJDveA

ujoinme: the balance of 64%.

read this link, Thomas: http://businessdayonline.com/2014/07/nigerias-non-oil-export-products-rise-to-117-as-orders-hit-3-72bn/#.U9P6-tJDveA

thanks for the links yes it summaries the products and the total value but did not explain how we came up with 36% in cocoa production.

koboko69:

You dey mind these vodoo economist. All this growth be like music....we dey hear am, but we nor dey see am Thanks to PDP entertainments!

Why are you guys like this?It's this same attitude of unbelief that leads some unwittingly sabotage the government's efforts.
Some of you will hear of the improvements ongoing in this country's economy and infrastructure but WILL NEVER see it because you have become willfully blind to any good thing happening in this country.
It's a condition you have to wean yourselves from.

koboko69:

You dey mind these vodoo economist. All this growth be like music....we dey hear am, but we nor dey see am Thanks to PDP entertainments!

I was at a bank today to withdraw money from an ATM and this guy made one funny but serious comment "with people like him, Nigeria will move forward" I'm afraid but with people like you Nigeria's progress will stall, it's a shame. What do you really want with Nigeria? Why are you averse to good news about Nigeria but celebrate the negatives? What will be your gain if Nigeria or do I say Jonathan fails? ehhh?

So, why are you borrowing from left and right even to rescue our missing girls?

APContherun:
I was at a bank today to withdraw money from an ATM and this guy made one funny but serious comment "with people like him, Nigeria will move forward" I'm afraid but with people like you Nigeria's progress will stall, it's a shame. What do you really want with Nigeria? Why are you averse to good news about Nigeria but celebrate the negatives? What will be your gain if Nigeria or do I say Jonathan fails? ehhh?

Whats up with ur lamentations?
If u choose to be a fool...must everyone be?
In developed countries....when economy is good,everyone feels it...but in Nigeria....just a group of people. Make we hear word abeg. Ok?

atlwireles:

https://www.nairaland.com/1826485/nigeria-emerge-economic-force-powered

https://www.nairaland.com/1826038/british-firms-look-discover-boom

https://www.nairaland.com/1814723/manufacturing-sector-now-nigerias-major

https://www.nairaland.com/1814325/nigerias-economy-grows-6.21-percent

https://www.nairaland.com/1805969/nigerias-non-oil-export-products-rise

https://www.nairaland.com/1795035/stronger-economic-management-lifts-nigeria

https://www.nairaland.com/1816178/winning-nigerias-evolving-food-market

https://www.nairaland.com/1824769/world-bank-cuts-nigerias-poverty#24897246

These are Nigerian economic news headlines in the last 30-60 days. They all show one trend, improvement of this country. Do we still have lots of problems, yes we do. But pretending nothing is happening, is very disingenuous.

Plz im not interested in paper vodoo economics. We know who madam okonjo is....and we know why obj removed her. In developed countries...ordinary citizens feel it when the economy is growing, they also feel it when it goes bad. What evidence can u give that economy is growing in reality and not paper? Is it the high rate of unemployment as evident in the failed immigration recruitment or the self indictment by the army boss who claimed that many poeple want to join the force cos of high rate of unemployment. Is the economy meant for only the elite or some particular set of people? Plz wake up...

koboko69:

Plz im not interested in paper vodoo economics. We know who madam okonjo is....and we know why obj removed her. In developed countries...ordinary citizens feel it when the economy is growing, they also feel it when it goes bad. What evidence can u give that economy is growing in reality and not paper? Isnit the high rate of unemployment as evident in the fails immigration recruitment or the self indictment by army boss who claimed that many poeple want to join the force cos of high rate of unemployment. Is the economy meant for only the elite or some particular set of people?

I really hope, you are not stricken by poverty as you pretend to portray on this forum. Business is improving in Nigeria, nobody needs to tell me this fact. Whether people are joining the army or 1 million people are seeking immigration jobs, the facts on the ground, remain what they are. Factories are expanding capacities and investors are pourings trillions into Nigeria. You can accept or reject it. No probs.

[b]"The World Bank, using the International Labour Organisation (ILO), definition, stated that “unemployment rate in Nigeria, according to a usual ILO definition, is likely lower than 10 per cent.

This, it said, “is the conclusion that comes from unofficial assessments, including that of the National Bureau of Statistics (NBS), and does not contradict the fact that the scarcity of jobs is the number one economic in Nigeria”.
As in many other developing countries, the report noted, “most Nigerians cannot afford to be completely unemployed”. “Those without good productive employment therefore typically engage in various low productivity and low paying tasks for survival.”
Unemployment, the report said, “may be better understood as an underemployment problem corresponding to a scarcity of high productivity jobs, and in many cases of highly qualified candidates to fill those jobs”. “These additional jobs and qualifications need to be created in Nigeria through accelerated private sector growth in the cities and improvements in the country’s education system.”[/b]

http://thenationonlineng.net/new/nigerias-economy-outlook-growing-says-world-bank

koboko69:


Whats up with ur lamentations?
If u choose to be a fool...must everyone be?
In developed countries....when economy is good,everyone feels it...but in Nigeria....just a group of people. Make we hear word abeg. Ok?

People living in United states will probably disagree with that notion. Almost 5 years of growth under Obama, yet many claim their lives are not getting better. But the data speaks for it self.

atlwireles:

I really hope, you are not stricken by poverty as you pretend to portray on this forum. Business is improving in Nigeria, nobody needs to tell me this fact. Whether people are joining the army or 1 million people are seeking immigration jobs, the facts on the ground, remain what they are. Factories are expanding capacities and investors are pourings trillions into Nigeria. You can accept or reject it. No probs.

[b]"The World Bank, using the International Labour Organisation (ILO), definition, stated that “unemployment rate in Nigeria, according to a usual ILO definition, is likely lower than 10 per cent.

This, it said, “is the conclusion that comes from unofficial assessments, including that of the National Bureau of Statistics (NBS), and does not contradict the fact that the scarcity of jobs is the number one economic in Nigeria”.
As in many other developing countries, the report noted, “most Nigerians cannot afford to be completely unemployed”. “Those without good productive employment therefore typically engage in various low productivity and low paying tasks for survival.”
Unemployment, the report said, “may be better understood as an underemployment problem corresponding to a scarcity of high productivity jobs, and in many cases of highly qualified candidates to fill those jobs”. “These additional jobs and qualifications need to be created in Nigeria through accelerated private sector growth in the cities and improvements in the country’s education system.”[/b]

http://thenationonlineng.net/new/nigerias-economy-outlook-growing-says-world-bank

Wow...asides the fact im under MOD and under the pay of the FG. And trust me, my kind of work,FG cant delay my salary as they can do to other public servants. Asides this..i have a biz of my own...and we know when the economy is good or not. Even under OBJ, without this bogus figures and world bank poo with the influnce of okonjo(one of the reasons obj threw her out in thr 1st place) things were not this bad. The faster u uproot urself from suffering and smiling attitude...the better for u.

atlwireles:
People living in United states will probably disagree with that notion. Almost 5 years of growth under Obama, yet many claim their lives are not getting better. But the data speaks for it self.

Like seriously? And he won a 2nd term... Not with the usual rigging as done in african countrie. U can do better.

He said, "Consequent upon the faithful implementation of the transformation agenda, by the end of 2013, Nigeria's non-oil exports had increased tenfold over two years, reaching almost $3bn from $276m in 2011

Lies, lies, and more lies. Tenfold in 2 years? Pull the next one, Liar Okupe.

‘Nigeria earned N428bn from non-oil exports last year’
....
Nigeria made N428bn from non-oil exports in the last one year, the Minister of Trade and Investment, Mr. Olusegun Aganga, said on Thursday.

....

Aganga said, “In 2011, Nigeria exported non-oil products to 103 countries and territories out of 220. This shows significant improvement over the previous years. There has been an increase in non-oil exports to $2.765bn (N428bn), representing an increase of 19 per cent.

May 2012 Source

Nigeria earns N305bn from non-oil export – NBS

Nigeria earned about N305.1billion within the first three months of 2013, figures obtained from the National Bureau of Statistics indicate.

A breakdown of the figures highlighted under “2013 Export First Quarter” in the NBS’ report on ‘Merchandise Trade’, showed that export from natural rubber was N158.38 billion; raw cocoa beans attracted N62.198 billion; Sesame seeds, N20,76 billion; cotton yarn, N16.44 billion; and Leather products, N8.56 billion.

Similarly, within the period under review, the export value of flowers and buds stood at N8.19 billion; footwear, N7.07 billion; tanned or crust hides, N5.41 billion; frozen shrimps and prawns, N4.96 billion; ginger, N4.09 billion; sacks and bags, N3.84 billion; cigarettes, N2.75 billion; and aluminum alloys, N2.54 billion.

July 2013 Source

52.9% Decline In Non-oil Export Weighs On Balance Of Trade

Nigeria’s dream of diversifying its revenue base to by increasing non-oil exports has suffered a major setback as value of non-oil exports declined sharply by 52.9 per cent in the third quarter of 2013, weighing down on the balance of trade during the period.

Data released by the National Bureau of Statistics (NBS) yesterday indicated that balance of trade declined by 30.6 per cent to N1.48 trillion compared to N2.14 trillion in the second quarter of 2013 or N4.63 trillion in the corresponding quarter of 2012.

According to the NBS, total external merchandise trade amounted to N5.65 trillion during the third quarter of 2013. This represents an increase of 5.9 per cent from N5.34 trillion recorded in the second quarter of 2013. The increase was driven by a 30.4 per cent rise in the value of imports from N1.59 trillion in the second quarter of 2013, to N2.08 trillion in the third quarter of 2013. Rising imports coupled with a 4.5 per cent decline in exports from N3.74 trillion in the second quarter 2013, to N3.57 trillion in the third quarter.

In contrast, the non-crude oil component of exports exhibited a sharp decline of 52.9 per cent, from N1.03 trillion recorded in the second quarter to N486.4 billion in the third quarter. Year-on-year, crude oil and non-crude oil exports were down by 25.9 per cent and 72.1 per cent respectively

The crude oil component of exports in the third quarter of 2013 stood at N3.08 trillion, an increase of N377.5 billion, or 13.9 per cent when compared to the second quarter of 2013.

In comparison to the corresponding quarter of 2012, total merchandise trade in the third quarter of 2013 declined by 21.2 per cent from N7.17 trillion recorded in the previous year. This is largely attributable to a 39.5 per cent lower value of exports year-on-year. Imports on the other hand, were 64.0 per cent higher compared to the corresponding period.

April 2014 Source

In other news, forget #BringBackOurGirls and get with #LondonForGoodluck


https://www.youtube.com/watch?v=0uhMUd5OEUk

koboko69:

Wow...asides the fact im under MOD and under the pay of the FG. And trust me, my kind of work,FG cant delay my salary as they can do to other public servants. Asides this..i have a biz of my own...and we know when the economy is good or not. Even under OBJ, without thia bogus figures and world bank poo with the influnce of okonjo(one of the reasons obj threw her out in thr 1st place) things were not this bad. The faster u uproot urself from suffering and smiling attitude...the better for u.

Facts don't hide themselves, Mrs Iweala manipulation, will not move funds manager around the world to invest in Nigeria. The booming housing industry with the associated materials supply chain cannot be created on paper. The demand for agricultural products in Nigeria today by huge international processing plants is there for all to see. If your business is losing ground, I'm sorry for that, but others are picking up steam.

koboko69:

Like seriously? And he won a 2nd term... Not with the usual rigging as done in african countrie. U can do better.

What has wining a second term got to do, with what people say? George Bush won a second term with almost the same sets of numbers. George senior lost a second term, with an improving economy.

masseratti: like seriously? If we produce 36% what are Ghana,ivory coast,indonesia,cameroon producing,we are no 5 or at best 4th

assuming Ghana produces 37%, what about the ivory coast the world"s #1.....break things down man!!!

AzontoGhost:
assuming Ghana produces 37%, what about the ivory coast the world"s #1.....break things down man!!!

point is we don't produce 36% period.

ujoinme:

poor institution of state, corruption and high recurrent expenditures did not emanate from this government, but GEJ is doing his best to address this problems in the face of strong opposition to his policies and insecurity that is directing his efforts away from this areas.

In the Area of strong institutions: You would agree that this government has come up with the best policies in Agriculture, Industrialization, Aviation, commerce/trade etc.than any Nigerian Administration in recent times.
The ministry of finance and economic planning you already agree is doing great.
The Military is receiving training and equipment upgrade in a scale that has not happened in recent times in Nigerian history, Our Navy now has seaworthy ships with offshore/high-sea capabilities for the first time in many years, the army and air force are getting 40 helicopters at once and other heavy equipment, our soldiers fighting in the front-lines are being paid allowances in advance for their services: the only military in the world that does it.
Our Elections are more credible as ballot stuffing, outright snatching and wanton killings on election day is disappearing, ie INEC is getting stronger and better at service delivery and has more credible people at its helms.

Privatization of government assets are being handled in a more transparent manner than before, within the privatization sector many regulatory agencies are being setup to regulate those industries.
My friend you would agree that this administration has done a lot if not more than any administration has done to strength govt institutions in Nigeria.
On corruption: you would agree that most of the issues surrounding the corruption of this administration has been media sensationalism the $40b that became $12bn and $10b and finally reviewed to $20b was the figment of imagination of Sanusi Lamido and the opposition. the senate and the international accounting firm that waded in to ascertain the veracity of his claim has since declared that no such amount is missing.
That is not to say that Nigeria is not faced with corruption, but corruption has been institutionalized in many aspects of our nation hood and it will take a long time to stamp it out, it starts by having an accountable govt. at the head and GEJs administration has been more accountable than most of his predecessors.
And Finally, on High recurrent expenditure I agree with you here, but we cannot hold it against this president because he wasn't responsible for the high cost of government, but you would agree that institution responsible for making laws that are capable of changing the high cost of government ie the Senate, are not going to make any laws that will seek to cut down their own expense, because they are the biggest beneficiary of government pork.
GEJ in his wisdom set up the National constitutional conference that would have been an avenue to pass resolution that would have change the fiscal composition of the nation, but instead of Nigerians welcoming such moves there has been a hugh campaign to scuttle its success, and the members of the conference have not themselves help matters, but instead of passing such tough resolution on devolution of powers that would have had immense impact on the fiscal composition of the Nation they choose to pass the buck and opt for trivialities like state creation that will compound Nigeria's problems especially in this regard.

I would rest my case by stating that GEJ is the best president that Nigeria Has ever had, If not for anything by captaining Nigeria in its metamorphosis into the biggest economy in Africa, and charting a new course in diversifying our economy before our very eyes -30 auto manufacture and agriculture on my mind! No one can fault him on that regards. And this is the reason that Nigeria is the #1 destination for Foreign direct investment in Africa. He has done all this in the face of insecurity and stiff political opposition.
Care to ponder where Nigeria would be if we all cooperated with this good president? Hopefully, we will all wise up and give him full support for his second term, so he will take us to our transformational destiny as a country.

Your comment was very informative and sincere. I agree with most of the point u raised but still believe more still need to be done.

omenka: Anytime economic indices of this country improve on paper, they get worse in reality!!!

Nigeria: defying the laws of economics since '99!!
PDP: Lying to Nigerians since 500BC!

Liar... For many peeps things are looking up. Unless you gat no hustle..

EMANY01:

Why are you guys like this?It's this same attitude of unbelief that leads some unwittingly sabotage the government's efforts.
Some of you will hear of the improvements ongoing in this country's economy and infrastructure but WILL NEVER see it because you have become wilfully blind to any good thing happening in this country.
It's a condition you have to wean yourselves from.

''Wilfuly blind''. Perfect description.

abdulwastecx:

Your comment was very informative and sincere. I agree with most of the point u raised but still believe more still need to be done.

Thanks, I agree with you that more needs to be done too, That's why we all need to support GEJ for a second term Because he is changing things, and will do more if given the opportunity.

masseratti: point is we don't produce 36% period.

I know right. my post was intended for the person who made that incorrect claim but I misquoted...Lolx

Sometimes,I wonder why people say things are getting harder in Naija everyday. My own business and standard of living has been improving yearly. Same goes for folks around me. Why the lives of some nairalanders has refused to improve in four years of GEJ's administration,still baffles me.