Top five exporters earned $22m in April and May, figures obtained from the Central Bank of Nigeria have revealed.

The CBN disclosed in its monthly economic report on non-oil export obtained by The PUNCH that non-oil export earnings increased by 3.0 per cent to $0.68bn from $0.66bn in April.

According to the report, “Receipts from the top five exporters of non-oil products were $0.12bn, compared with $0.10bn in April.

“Analysis by share revealed that Indorama Eleme Fertilizer and Chemical Ltd and Outspan Nigeria Ltd were the top two exporters with shares of 11.9 and 5.8 per cent, respectively, from the export of urea along with fertilizer and dairy products.

“The third place was occupied by Segilola Resources Operating Ltd, with a share of 4.2 per cent from the export of gold. Metal Recycling Industries Ltd was fourth, with 4.1 per cent from the export of aluminium and copper ingots.

Starlink Global & Ideal Ltd was fifth, with a share of 3.7 per cent from the export of cocoa beans and cashew nuts.”

The CBN report said that non-oil export earnings strengthened on account of higher commodity prices and continued efforts to enhance the export of non-oil products.

Analysis by direction of trade, it added, revealed that Yemen was the major destination of non-oil exports with a share of 17.9 per cent.

Export to the United States of America followed with 11.5 per cent; India, 7.5 per cent; Japan, 7.0 per cent and China, 5.8 per cent.
The major commodities exported were cashew nuts, which accounted for the largest share of 23.0 per cent, followed by urea with 12.5 per cent; and cocoa beans with 10.0 per cent.

GeneralPula:
Mehn..

If only Nigerians can change their mentality of importing everything..

Nbote:


How can they change their mentality on imports? Policies in the country isn't favorable for production. Cost of production will cripple both buyers and sellers. If the govt wants to encourage local production let them stop lip service and put up measures, palliatives and incentives to encourage local production. It is cheaper to import than produce in this country despite the fact that we have all the raw materials

Nbote:


How can they change their mentality on imports? Policies in the country isn't favorable for production. Cost of production will cripple both buyers and sellers. If the govt wants to encourage local production let them stop lip service and put up measures, palliatives and incentives to encourage local production. It is cheaper to import than produce in this country despite the fact that we have all the raw materials

Nbote:


How can they change their mentality on imports? Policies in the country isn't favorable for production. Cost of production will cripple both buyers and sellers. If the govt wants to encourage local production let them stop lip service and put up measures, palliatives and incentives to encourage local production. It is cheaper to import than produce in this country despite the fact that we have all the raw materials

FreeStuffsNG:

When you spend all day on Nairaland with your negative mindset , insulting everyone including the leaders and the land till it withheld its blessings from you and you fail to meet the right set of people who can teach you the right legitimate way to go about it, everything will remain hard for you nah.

There's a Korean proverb that if you see nail in every issue presented to you, instead of using your brain to solve it, you will be looking for hammer.

There's no where in the world where entrepreneurs find it easy so stop deceiving yourself. It's very very hard and that's why most people don't take the Entrepreneurial journey. Export business is particularly hard everywhere in the world!

The Founder of one of those 5 companies is a Nigerian like you, he did not even go to school like you! Yet, he started learning commodities traidng in his late teens and early 20s then proceeded to farming and buying cocoa beans then exporting overseas, he is in his 80s 0r 90s today and still Chairman of the company. Behind is success is about 60 active years of intense hardwork and positive mindset. Today, one of his Children, who are very well educated, is the CEO of the company.

Quit decieving yourself. Business is hard everywhere in the world and Nigeria is no exception.

Below is a short video of an American entrepreneur swearing in a court deposition and you can see him admit he has problems and how stressed he is. Entrepreneurship is for the bold and positive minded who are teachable too.
https://youtube.com/shorts/u1S1CTQMjlY?si=nkffiIrJ9Q7t7pyb

Nbote:


I'll ignore your rantings because apparently there's something wrong in your head. I'm a major distributer and dealer with a well known brand in baking butter and other materials here in Nigeria. I'm not a jobless retard like you.

RepoMan007:
This is a good example to understand how the naira weakens and strengthens bases on cumulative export/import balance of trade.

These companies if they ever need dollar to import, maybe machinery, can take from their earned dollar and use or even sell to others in need of dollar to import. That means less pressure upon dollar supply and better exchanging rate for the naira. The CBN is not the one to be blamed if bandits had ransacked these companies and force them to short operation. The CBN has little to do with actual economics operation.

Kukutente23:

At the bolded is the koko
Nigerian govt will sit down and be chasing CBN, NNPC, Minister of Finance about while there are no plans to make the economy productive
How exactly will the CBN gov conjure dollars out of the bank?
Too much misplaced priority under APC

GeneralPula:
Mehn..

If only Nigerians can change their mentality of importing everything..

Nbote:


How can they change their mentality on imports? Policies in the country isn't favorable for production. Cost of production will cripple both buyers and sellers. If the govt wants to encourage local production let them stop lip service and put up measures, palliatives and incentives to encourage local production. It is cheaper to import than produce in this country despite the fact that we have all the raw materials

GeneralPula:

Nigerians producing in Nigeria, which policy are they using?

Report came in last year that Nigeria sent over $50m to China for fake human hair. Are there no made in Nigeria human hairs? What happened to them using such money to patronize made in Nigeria human hair?

Our naira will keep paying the price..

FreeStuffsNG:

When you spend all day on Nairaland with your negative mindset , insulting everyone including the leaders and the land till it withheld its blessings from you and you fail to meet the right set of people who can teach you the right legitimate way to go about it, everything will remain hard for you nah.

There's a Korean proverb that if you see nail in every issue presented to you, instead of using your brain to solve it, you will be looking for hammer.

There's no where in the world where entrepreneurs find it easy so stop deceiving yourself. It's very very hard and that's why most people don't take the Entrepreneurial journey. Export business is particularly hard everywhere in the world!

The Founder of one of those 5 companies is a Nigerian like you, he did not even go to school like you! Yet, he started learning commodities traidng in his late teens and early 20s in the old western region then proceeded to farming and buying cocoa beans then exporting overseas, he is in his 80s 0r 90s today and still Chairman of the company. Behind his success is about 60 active years of intense hardwork and positive mindset. Today, one of his Children, who are very well educated, is the CEO of the company. The company he founded in his 20s is today the highest indigenous non oil forex earner. That's powerful. What then is your own excuse? Social media entertainment and cyberbullying addiction? Smh

Quit decieving yourself. Business is hard everywhere in the world and Nigeria is no exception.

Below is a short video of an American entrepreneur swearing in a court deposition and you can see him admit he has problems and how stressed he is. Entrepreneurship is for the bold and positive minded who are teachable too.
https://youtube.com/shorts/u1S1CTQMjlY?si=nkffiIrJ9Q7t7pyb

GeneralPula:

Nigerians producing in Nigeria, which policy are they using?

Report came in last year that Nigeria sent over $50m to China for fake human hair. Are there no made in Nigeria human hairs? What happened to them using such money to patronize made in Nigeria human hair?

Our naira will keep paying the price..

GeneralPula:

Nigerians producing in Nigeria, which policy are they using?

Report came in last year that Nigeria sent over $50m to China for fake human hair. Are there no made in Nigeria human hairs? What happened to them using such money to patronize made in Nigeria human hair?

Our naira will keep paying the price..