In One Month, Top 10 Exporters Earned $74.78m
Top 10 exporters earned $74.78m from export proceeds in May despite lockdown introduced by the Federal Government to contain the COVID-19 pandemic spread according to the Central bank of Nigeria.
The CBN stated this in its monthly economic report for the month of May.
It said, “Despite the lockdown measures, export proceeds of the top 10 exporters increased by 29.8 per cent to $74.78m from $57.62bn.”
Analysis showed that Olam Nigeria Limited topped the list with a value of $21.15m or 28.3 per cent of the total, from the export of cocoa beans, cashew nuts, and sesame seeds to Turkey and China.
The second major non-oil exporter was British American Tobacco Nigeria Limited with a value of $18.13m (24.2 per cent), from the export of cigarettes to Liberia, Guinea, Ghana, Cameroun, Cote d’Ivoire and Niger.
The third major non-oil exporter was Indorama Eleme Fertilizer and Chemicals Limited at $9.64m (12.9 per cent), realised from the export of urea fertilizer and agronomy services to Turkey and China.
The fourth major non-oil exporter was Valency Agro Nigeria Limited, with a value of $5.52m (7.4 per cent), from the export of cocoa beans to Malaysia.
This was followed by Starlink Global and Ideal Limited, with a value of $5m (6.7 per cent), from the export of cocoa beans to Malaysia.
Olatunde International Limited, Wacot Limited, ETC Agro Company Nigeria Limited, Atlantic Shrimpers Limited and BC Nigeria Cocoa & Chocolate Limited, were at sixth, seventh, eighth, ninth and 10th positions with export earnings of $4.09m (5.5 per cent), $3.48m (4.7 per cent), $3.09m (4.1 per cent), $2.39m (3.2 per cent) and $2.29m (3.1 per cent) respectively.
Their major export products were raw cocoa beans, cashew nuts, sesame seeds, sea frozen shrimps and chocolates to Spain, India, Japan, Vietnam and the Netherlands respectively.
According to the report, dampened global demand caused a contraction in merchandise imports to $3.92bn in May 2020 from $4.12bn in the preceding month and $6.51bn in May 2019.
Non-oil products, constituting 77 per cent of total imports, declined to $3.02bn in the review period, from $3.12bn and $4.01bn in April 2020 and May 2019 respectively.
Similarly, it added, the importation of petroleum products, representing 23 per cent of total imports, fell to $0.90bn in May 2020, from $1bn in April 2020 and $2.20bn in May 2019.