Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports - Politics (4)

Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports - Politics (4) - Nairaland

Nairaland Forum › Nairaland General › Politics › Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports (11642 Views)

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Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by Believeintruth: 2:16pm On Sep 02, 2024

Gerrard59:
The thread isn't a lie. The folks behind Starlink are stupendously wealthy and are very silent at it. For them to beat Olam is a testament to their dominance and growth.

When you see a good thing even from your perceived enemy, admit it is good. It is the right thing to do.

Did i tell you they are my enemy? Come of it, you guys should stop being childish and foolish at the same time. I know these guys are wealthy and kudos to them. It is the poster that i have an issue with no one has bothered to decode the intentions behind the Op who posted this. The guy FreestuffNG is a known tribalist and he loves to post things with deception in mind.

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by LegendHero(m): 2:22pm On Sep 02, 2024

IbeOkehie:
https://www.referenceforbusiness.com/biography/F-L/Lawal-Kase-L-1954.html

Interesting person to know about for anyone interested in Nigerian business, especially the cross links with other African countries and the USA.

Good Luck to Nigeria.

Thanks. God bless you

3 Likes

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by Gerrard59(m): 2:26pm On Sep 02, 2024

Believeintruth:
Did i tell you they are my enemy? Come of it, you guys should stop being childish and foolish at the same time. I know these guys are wealthy and kudos to them. It is the poster that i have an issue with no one has bothered to decode the intentions behind the Op who posted this. The guy FreestuffNG is a known tribalist and he loves to post things with deception in mind.

I know his intentions, but that should not becloud the actual news - a Nigerian company generated $1BN via commodity trading. Focus on the news as nothing you or anyone will change FreestuffNG's sick ideology.

1 Like 1 Share

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by Factcheck0001: 2:32pm On Sep 02, 2024

Believeintruth:
Did i tell you they are my enemy? Come of it, you guys should stop being childish and foolish at the same time. I know these guys are wealthy and kudos to them. It is the poster that i have an issue with no one has bothered to decode the intentions behind the Op who posted this. The guy FreestuffNG is a known tribalist and he loves to post things with deception in mind.

u go explain tire

Oya call d mods

2 Likes

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by Believeintruth: 3:10pm On Sep 02, 2024

Gerrard59:
I know his intentions, but that should not becloud the actual news - a Nigerian company generated $1BN via commodity trading. Focus on the news as nothing you or anyone will change FreestuffNG's sick ideology.

Okay

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by NairalandDJ2738: 3:37pm On Sep 02, 2024

Elon musk star link ?

D0WL0AD latest gospel dj mix on ==>> http://dj-mix-84578457.ohbah.com/

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by PHAYOL81: 4:16pm On Sep 02, 2024

Good. Things will surely get better with more exports and improved manufacturing capabilities and participations.

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by BALLOSKI: 7:43pm On Sep 02, 2024

FreeStuffsNG:
I hope the naysayers can now see that Nigerian indigenous companies are the real deal!

This little known indigenous company was founded from a humble beginning in 1948 by a farmer/commodity trader in old Western region of Nigeria and today earns a revenue of over $1 billion annually from Nigeria, topping even the multinationals operating in the non-oil exports! Not even Dangote Fertilizer, Indorama, Olam etc could match this indigenous company!

The Founder, Pa(Alhaji) R.A. Adeniji, is a High Chief from Ode Omu, Osun state. Silent multi-billionaire achiever with no noise

A single company earns more than 30% of our non-oil exports and it's proudly a Nigerian company!

Nigeria will only bless those who bless Nigeria and curse those who curse Nigeria!

Here is the lesson to those wishing ill luck to the administration of President Bola Tinubu; when you hate, criminally defame and point accusing fingers at an innocent person, the remaining 4 fingers of illwind you wish others are pointing at you! You bless Nigeria, Nigeria will bless you, you curse Nigeria, Nigeria will curse you and your generations and nothing you sow in Nigeria or outside Nigeria will be blessed because the curse will follow you around!

May God bless Nigeria for ever! Check my signature for free stuffs!

In 2021, I was seriously involved in the movement of cocoa from Starlink yard on that Apapa-Oshodi expressway. We were moving the goods to Calabar port to be exported. I think there was issues with congestion at Apapa then, so they opted to ship through Calabar.

Why am I giving you this background? As a Nigerian, it's a thing of joy to see the number of Nigerians - both young and old- working there; the sight of those women sorting and sewing sacks give me joy. It's also a sad reality to see that, as a nation, we can't export finished goods, we export raw material and in turn import finished goods. It's disturbing. This is the same template being deployed in the oil sector.

4 Likes

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by FreeStuffsNG(op): 7:51pm On Sep 02, 2024

BALLOSKI:
In 2021, I was seriously involved in the movement of cocoa from Starlink yard on that Apapa-Oshodi expressway. We were moving the goods to Calabar port to be exported. I think there was issues with congestion at Apapa then, so they opted to ship through Calabar.

Why am I giving you this background? As a Nigerian, it's a thing of joy to see the number of Nigerians - both young and old- working there; the sight of those women sorting and sewing sacks give me joy. It's also a sad reality to see that, as a nation, we can't export finished goods, we export raw material and in turn import finished goods. It's disturbing. This is the same template being deployed in the oil sector.

Wow!! Thank you for sharing sir.
Oil sector has not always been so until our refineries became moribund. Hopefully, the new refineries springing up here and there in Nigeria, including the Dangote refinery, will take us back to crude oil refining.

There are few agro processing companies that are indigenous Nigerian companies but can not even meet local demands. FTN Cocoa Processors is now up and running and Multitrex will join FTN Cocoa Processors soon.
We are bringing back the jobs and value chain, this is why all hands must be on deck and we should patronize made in Nigeria products too.

Once again, thank you sir. One Love ❤️

1 Like

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by Gerrard59(m): 1:50am On Sep 03, 2024

IbeOkehie:
Oga Gerrard how are you? I hope you're well.
The major reason for lack of value addition in Nigeria and Africa as a whole is rigged currency markets.

I think electricity and infrastructure and such things are relevant but not the major constraint. That telecoms providers, banks, broadcasters and cement manufacturers and even Starlink itself can function profitably in Nigeria right now is enough evidence.

A controlled currency is one of the bottlenecks, but unfavourable trade agreements, no protection of private property and instability in governments and its policies also contribute. For instance, the EU subsidises its farmers heavily. How can we compete against such? South American nations do compete favourably against American and European agribusinesses largely because of cheaper labour costs and consistent and favourable government policies. The question is why can't we copy South American folks?

Another thing is the will to invest. Why haven't those who studied in the abroad, gained expertise and finance invested in industrial capacities enmass across the continent to usurp the likes of Vietnam as the favourite country to process cashews and export to the EU and the US? Most of the cashew exported from the continent goes to Vietnam and India where entrepreneurs there invest in factories with approval from EU, Japan and US regulators. Why can't our people do the same.

3 Likes 1 Share

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by IbeOkehie: 4:26am On Sep 03, 2024

Gerrard59:
A controlled currency is one of the bottlenecks, but unfavourable trade agreements, no protection of private property and instability in governments and its policies also contribute. For instance, the EU subsidises its farmers heavily. How can we compete against such? South American nations do compete favourably against American and European agribusinesses largely because of cheaper labour costs and consistent and favourable government policies. The question is why can't we copy South American folks?

Another thing is the will to invest. Why haven't those who studied in the abroad, gained expertise and finance invested in industrial capacities enmass across the continent to usurp the likes of Vietnam as the favourite country to process cashews and export to the EU and the US? Most of the cashew exported from the continent goes to Vietnam and India where entrepreneurs there invest in factories with approval from EU, Japan and US regulators. Why can't our people do the same.

Property rights are vital...look what happened to....Dangote with his refinery and Atiku with Intels. And the Landmark guy in Lagos.

I've told you the story of a diasporan dispossessed of his 1000 hectare farm in Abia..and it was the local community and not the State government that ripped him off.

Anyway lots of factors. Including foreign protectionism. The solution to that is to grow consumption in Nigeria by encouraging free markets which enable private enterprises to thrive, which will encourage job creation that stokes consumption.

I don't think Nigeria needs a lot of foreign markets. How many cars are sold in Nigeria, how much fresh milk is consumed and how many good houses are needed? Trains, airplanes, gas stoves and fridges? What about roads, public water and sewer systems?

Let Nigeria produce for its own free market before worrying about the ones abroad.

Good Luck to Nigeria

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Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by Gerrard59(m): 8:18am On Sep 03, 2024

IbeOkehie:
Property rights are vital...look what happened to....Dangote with his refinery and Atiku with Intels. And the Landmark guy in Lagos.

I've told you the story of a diasporan dispossessed of his 1000 hectare farm in Abia..and it was the local community and not the State government that ripped him off. Anyway lots of factors. Including foreign protectionism. The solution to that is to grow consumption in Nigeria by encouraging free markets which enable private enterprises to thrive, which will encourage job creation that stokes consumption.

Fair enough. Maybe to stem the tide of government instability, free trade zones should be established in each region and offer investors the freewill. Lagos and Ogun do this very well. In return, industries are present and jobs are created. Just yesterday, I read a 2016 paper on how Chinese investors are utilising this concept to produce goods in Nigeria and transfer the know-how. Benin Republic did the same in a bid to process cashew nut before eventual export in partnership with an investment fund focused on Africa. Here: https://www.ariseiip.com/under-construction-industrial-zones/ This partly solves the problem of protection of private property. I once thought of telling a senior classmate who is now a Special Adviser to the governor of the state to enact. Nevertheless, the fuel subsidy has to go as well as other subsidies. If these people had allowed Jonathan to remove it then, I doubt people would be experiencing having to buy fuel at 1000 but cannot even see the fuel to buy!

I don't think Nigeria needs a lot of foreign markets. How many cars are sold in Nigeria, how much fresh milk is consumed and how many good houses are needed? Trains, airplanes, gas stoves and fridges? What about roads, public water and sewer systems?

To design and produce those stuff needs constant electricity. But seriously, why are Nigerians against the removal of subsidies? If electricity subsidies should be allowed, it should be ONLY for manufacturers in industrial complexes. Consumers in residential areas should pay out of their pockets.

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Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by Gerrard59(m): 8:25am On Sep 03, 2024

BALLOSKI:
In 2021, I was seriously involved in the movement of cocoa from Starlink yard on that Apapa-Oshodi expressway. We were moving the goods to Calabar port to be exported. I think there was issues with congestion at Apapa then, so they opted to ship through Calabar.

Why am I giving you this background? As a Nigerian, it's a thing of joy to see the number of Nigerians - both young and old- working there; the sight of those women sorting and sewing sacks give me joy. It's also a sad reality to see that, as a nation, we can't export finished goods, we export raw material and in turn import finished goods. It's disturbing. This is the same template being deployed in the oil sector.

We can, but our competitors are Vietnamese, Indians and Chinese who have the advantage of a wider supply chain, technical know-how, governments who back them to the end, trade agreements with major consuming nations and cheap loans. Cheap loans are very important because manufacturing has a long gestation time to break-even and profitability. But for cocoa specifically, I don't see us usurping the EU on a global scale. The best we can do is to focus on the consumption in Nigeria and neighbouring countries. We even import palm oil to the tune of 20BN+ from Malaysia alone!

1 Like

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by BALLOSKI: 6:42am On Sep 04, 2024

FreeStuffsNG:
Wow!! Thank you for sharing sir.
Oil sector has not always been so until our refineries became moribund. Hopefully, the new refineries springing up here and there in Nigeria, including the Dangote refinery, will take us back to crude oil refining.

There are few agro processing companies that are indigenous Nigerian companies but can not even meet local demands. FTN Cocoa Processors is now up and running and Multitrex will join FTN Cocoa Processors soon.
We are bringing back the jobs and value chain, this is why all hands must be on deck and we should patronize made in Nigeria products too.

Once again, thank you sir. One Love ❤️

You're welcome, bro. I appreciate. One love!

If you see our potential and how under-tapped it is, you just breakdown if you truly love this country.

I'm really excited to hear about FTN cocoa coming up. We need such investment.

We must make a "conscious" effort about bringing every sector of our economy up to solve problem of poverty in our country.

I'm done complaining. I'm trying to find solutions to problem in my community and society at large.

After the rubber tree planted during Awolowo days in the SW, we haven't planted new ones and this is a raw material needed in over 10k finished products.

Once I see company producing something we have raw materials for, I beg them to come to Nigeria and assure them they'll have the needed support. I'm trying to see we create a free trade zone or industrial layout with power where they can come to and be close to raw material.

2 Likes

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by Ritchiee: 6:55am On Sep 04, 2024

nairalanda1:
Up starlink

Looks like there is a new kid on the block

Elon better not hear of this

He has that name before Elon.
I think that firm was set up in 1948 or so.
It has weathered the storm like some other South West firms had done.
It is sure to be amazingly exciting if we can have more and more of this.

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Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by BALLOSKI: 6:56am On Sep 04, 2024

Gerrard59:
We can, but our competitors are Vietnamese, Indians and Chinese who have the advantage of a wider supply chain, technical know-how, governments who back them to the end, trade agreements with major consuming nations and cheap loans. Cheap loans are very important because manufacturing has a long gestation time to break-even and profitability. But for cocoa specifically, I don't see us usurping the EU on a global scale. The best we can do is to focus on the consumption in Nigeria and neighbouring countries. We even import palm oil to the tune of 20BN+ from Malaysia alone!

If we can even monopolize the west African market, it'd be a big leap.

Our banks don't give loan to manufacturers at a competitive interest rate, so they struggle.

Our government is not stable with policy and currency instability is killing production and power is another issue.

Our half-baked economists should quit telling us that government "has no business in business", Nigeria is the only place such stupid message is preached. Government must always make incentives available for manufacturing to take off so that manufacturers can compete.

I won't forgive the SAP of IBB. We listen to these neo-liberal economists too much.

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by Gerrard59(m): 12:48pm On Sep 04, 2024

BALLOSKI:
If we can even monopolize the west African market, it'd be a big leap.

Our banks don't give loan to manufacturers at a competitive interest rate, so they struggle. Our government is not stable with policy and currency instability is killing production and power is another issue. Our half-baked economists should quit telling us that government "has no business in business", Nigeria is the only place such stupid message is preached. Government must always make incentives available for manufacturing to take off so that manufacturers can compete.

I won't forgive the SAP of IBB. We listen to these neo-liberal economists too much.

Mr IbeOkehie begs to disagree.

But the SAP freed up the economy for private participants to compete and have the government at the back seat. The Nigerian government, at all levels, isn't competent enough to manage corporations. Mr BALLOSKI, I'm genuinely curious, do you know any Nigerian government owned corporation that has been competently managed for profitable purposes?

2 Likes

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by IbeOkehie: 4:40pm On Sep 04, 2024*

Gerrard59:
Mr IbeOkehie begs to disagree.

But the SAP freed up A FEW SECTORS of the economy for private participants to compete and have the government at the back seat.

The Nigerian economy today is still dominated by government in so many intricate ways. SAP was just the start and the Nigerian people AND their government since 1986 keep on devising methods to undermine SAP. The imposition of a petrol monopoly for domestic fuel production is an example we can see with our own eyes right now.

BALLOSKI:
If we can even monopolize the west African market, it'd be a big leap.

I won't forgive the SAP of IBB. We listen to these neo-liberal economists too much.

And lovers of FREEDOM will never forgive wicked people like you for embracing socialist slavery for their country.

Why would other West Africans allow Nigeria....of all countries...to monopolize their market. I don't see how Nigeria will achieve such a feat. If that's the goal Nigeria should have colonized Liberia and Sierra Leone in the 1990's using ECOMOG.

Besides, it's also IMMORAL, the people you're targeting for ECONOMIC EXPLOITATION are Black Africans like you. See, the spirit of SLAVE TRADING is still strong in the Black African. It's just who you are!

If you're using a phone on a Nigerian telecom network to participate in this discussion, you're benefiting from SAP reforms put in place by IBB. Like a typical Black African, you're ungrateful to those who try to help you.

The Starlink Commodity trader we're discussing here exists SOLELY because of SAP, cocoa was the FIRST industry deregulated by SAP. Go and get educated. Go look up the trend of cocoa production before SAP was promulgated in 1986. Yoruba cocoa farmers were going to PRISON for selling their beans to other people because THE LAW before SAP mandated that they MUST sell to the Government Cocoa Board. I've personally verified this, but you only have to use Google.

Just like the Federal Government today has made regulations that Dangote Industries can only sell petrol to NNPC!!!

Just like electricity producers can ONLY SELL TO TCN!!!

Just as it is illegal to sell forex to whomsoever you want!!!

What will it take for Nigerians to learn right from wrong?

There's nothing good about government monopoly. Nothing at all. It's an assault on human freedom. Go get enlightened, you socialist Nigerians really suck, you're sooooo IGNORANT!

Good Luck to Nigeria!

2 Likes 1 Share

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by Konquest: 1:41am On Sep 06, 2024

FreeStuffsNG:
Starlink Global, an indigenous Nigerian company, account for 30.93% of non-oil export earnings

Starlink Global, Dangote Fertilizer lead Nigeria’s $510 million non-oil export in April 2024

Starlink Global, an indigenous Nigerian company, account for 30.93% of non-oil export earnings

Starlink Global, Dangote Fertilizer lead Nigeria’s $510 million non-oil export in April 2024

Nigeria’s non-oil export sector experienced a marginal increase of 2% in earnings, reaching $510 million in April 2024, up from $500 million in March.

This is according to the Central Bank of Nigeria’s (CBN) April 2024 Monthly Economic Report.

The report read: “Higher commodity prices boosted earnings from nonoil export. Provisional data indicated that non-oil export earnings increased marginally to US$0.51 billion, from US$0.50 billion in March 2024.”

This growth was largely driven by higher commodity prices and the robust performance of key exporters such as Starlink Global and Dangote Fertilizer Ltd, which emerged as the top contributors.

Starlink Global account for 30.93% of non-oil export earnings

Starlink Global, an agricultural produce marketing company exporting cocoa, cashew, sesame seeds, among others, from Nigeria, led the charge.

The company accounted for 30.93% of the total non-oil export earnings, primarily through the export of dairy products.

Dangote Fertilizer followed closely, contributing 23.33% with its urea exports.

Indorama Eleme Fertilizer also made a notable impact, accounting for 17.77% of the earnings from its urea exports, while Outspan Nigeria Ltd added 16.88% through dairy product exports. Metal Recycling Industries Ltd, specializing in aluminum and copper ingots, contributed 11.09% to the total.

The CBN report noted: “Receipts by the top five non-oil exporters rose to US$0.14 billion, from US$0.11 billion in March 2024. Analysis by share showed that Starlink Global and Dangote Fertilizer Ltd were the leading exporters, accounting for 30.93 and 23.33 per cent of the total, from the export of dairy products and urea, respectively.

“Indorama Eleme Fertilizer accounted for 17.77 per cent from urea export. Outspan Nigeria Ltd contributed 16.88 per cent from the export of dairy products, while Metal Recycling Industries Ltd with the export of aluminum and copper ingots constituted 11.09 per cent.”

Vietnam, US top non-oil export destinations
The primary destinations for Nigeria’s non-oil exports included Vietnam, the United States, and the Netherlands, which collectively received a significant share of the country’s exports.

Other notable destinations were Malaysia, India, and Japan. Key commodities that fueled these exports were cocoa beans, cashew nuts, urea, cocoa products, and sesame seeds.

The report read: “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%).”

What you should know
Nairametrics earlier reported that Nigeria’s non-oil sector exhibited signs of stagnation despite Nigeria’s overall growth in Gross Domestic Product (GDP) in the second quarter of 2024.

According to the latest GDP report by the National Bureau of Statistics (NBS) for the second quarter of 2024, the non-oil sector recorded a growth rate of 2.80% in real terms, mirroring the growth rate seen in the first quarter of 2024.

This growth rate is notably lower than the 3.58% recorded in the same quarter of 2023, indicating a slowdown, and raising concerns about the country’s economic diversification efforts.

While the non-oil sector continues to play a pivotal role in Nigeria’s economy, its inability to sustain robust growth amidst fluctuating global oil prices and economic pressures raises concerns about the country’s economic resilience and long-term growth prospects.

https://nairametrics.com/2024/08/31/starlink-global-dangote-fertilizer-lead-nigerias-510-million-non-oil-export-in-april-2024/

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Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by Konquest: 1:45am On Sep 06, 2024

FreeStuffsNG:
I hope the naysayers can now see that Nigerian indigenous companies are the real deal!

This little known indigenous company was founded from a humble beginning in 1948 by a farmer/commodity trader in old Western region of Nigeria and today earns a revenue of over $1 billion annually from Nigeria, topping even the multinationals operating in the non-oil exports! Not even Dangote Fertilizer, Indorama, Olam etc could match this indigenous company!

The Founder, Pa(Alhaji) R.A. Adeniji, is a High Chief from Ode Omu, Osun state. Silent multi-billionaire achiever with no noise

A single company earns more than 30% of our non-oil exports and it's proudly a Nigerian company!

Nigeria will only bless those who bless Nigeria and curse those who curse Nigeria!

Here is the lesson to those wishing ill luck to the administration of President Bola Tinubu; when you hate, criminally defame and point accusing fingers at an innocent person, the remaining 4 fingers of illwind you wish others are pointing at you! You bless Nigeria, Nigeria will bless you, you curse Nigeria, Nigeria will curse you and your generations and nothing you sow in Nigeria or outside Nigeria will be blessed because the curse will follow you around!

May God bless Nigeria for ever! Check my signature for free stuffs!

That's impressive.

3 Likes 1 Share

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by GoodJohn: 6:37am On Sep 08, 2024

advice

Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by XAUBulls: 10:13pm On Nov 09, 2024*

FreeStuffsNG:
Starlink Global, an indigenous Nigerian company, account for 30.93% of non-oil export earnings

Starlink Global, Dangote Fertilizer lead Nigeria’s $510 million non-oil export in April 2024

Nigeria’s non-oil export sector experienced a marginal increase of 2% in earnings, reaching $510 million in April 2024, up from $500 million in March.

This is according to the Central Bank of Nigeria’s (CBN) April 2024 Monthly Economic Report.

The report read: “Higher commodity prices boosted earnings from nonoil export. Provisional data indicated that non-oil export earnings increased marginally to US$0.51 billion, from US$0.50 billion in March 2024.”

This growth was largely driven by higher commodity prices and the robust performance of key exporters such as Starlink Global and Dangote Fertilizer Ltd, which emerged as the top contributors.

Starlink Global account for 30.93% of non-oil export earnings

Starlink Global, an agricultural produce marketing company exporting cocoa, cashew, sesame seeds, among others, from Nigeria, led the charge.

The company accounted for 30.93% of the total non-oil export earnings, primarily through the export of dairy products.

Dangote Fertilizer followed closely, contributing 23.33% with its urea exports.

Indorama Eleme Fertilizer also made a notable impact, accounting for 17.77% of the earnings from its urea exports, while Outspan Nigeria Ltd added 16.88% through dairy product exports. Metal Recycling Industries Ltd, specializing in aluminum and copper ingots, contributed 11.09% to the total.

The CBN report noted: “Receipts by the top five non-oil exporters rose to US$0.14 billion, from US$0.11 billion in March 2024. Analysis by share showed that Starlink Global and Dangote Fertilizer Ltd were the leading exporters, accounting for 30.93 and 23.33 per cent of the total, from the export of dairy products and urea, respectively.

“Indorama Eleme Fertilizer accounted for 17.77 per cent from urea export. Outspan Nigeria Ltd contributed 16.88 per cent from the export of dairy products, while Metal Recycling Industries Ltd with the export of aluminum and copper ingots constituted 11.09 per cent.”

Vietnam, US top non-oil export destinations
The primary destinations for Nigeria’s non-oil exports included Vietnam, the United States, and the Netherlands, which collectively received a significant share of the country’s exports.

Other notable destinations were Malaysia, India, and Japan. Key commodities that fueled these exports were cocoa beans, cashew nuts, urea, cocoa products, and sesame seeds.

The report read: “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%).”

What you should know
Nairametrics earlier reported that Nigeria’s non-oil sector exhibited signs of stagnation despite Nigeria’s overall growth in Gross Domestic Product (GDP) in the second quarter of 2024.

According to the latest GDP report by the National Bureau of Statistics (NBS) for the second quarter of 2024, the non-oil sector recorded a growth rate of 2.80% in real terms, mirroring the growth rate seen in the first quarter of 2024.

This growth rate is notably lower than the 3.58% recorded in the same quarter of 2023, indicating a slowdown, and raising concerns about the country’s economic diversification efforts.

While the non-oil sector continues to play a pivotal role in Nigeria’s economy, its inability to sustain robust growth amidst fluctuating global oil prices and economic pressures raises concerns about the country’s economic resilience and long-term growth prospects.

https://nairametrics.com/2024/08/31/starlink-global-dangote-fertilizer-lead-nigerias-510-million-non-oil-export-in-april-2024/

That's a huge one from Starlink Global, Lagos. Kudos to the silent billionaire founder [Alhaji R.A. Adeniji, a High Chief from Ode Omu, Osun State] of the export trading company.

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Re: Indigenous Company, Starlink Global Accounts For 30.93% Of Non-Oil Exports by XAUBulls: 10:38pm On Nov 09, 2024

BALLOSKI:
In 2021, I was seriously involved in the movement of cocoa from Starlink yard on that Apapa-Oshodi expressway. We were moving the goods to Calabar port to be exported. I think there was issues with congestion at Apapa then, so they opted to ship through Calabar.

Why am I giving you this background? As a Nigerian, it's a thing of joy to see the number of Nigerians - both young and old- working there; the sight of those women sorting and sewing sacks give me joy. It's also a sad reality to see that, as a nation, we can't export finished goods, we export raw material and in turn import finished goods. It's disturbing. This is the same template being deployed in the oil sector.

Very insightful. The end users in Europe, America, and Asia always want to dictate what commodities to sell to them and they prefer the raw commodities. As long as Africans don't invest in top-notch value addition to meet the standards of these countries, the export of raw commodities and/or semi-finished commodities will continue.

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Cocoa, Fertiliser Lead Nigeria’s Non-Oil Exports With $5.46 Billion Shipment • Crude Oil Exports: Malami Allegedly Paid $200m As Whistleblower Fees — Reps • Osinbajo: Nigeria Now Earns More Money From Non-Oil Exports • 2 • 3 • 4

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