Olam, Nine Others Earned $100m From Exports – CBN Report

Top 10 exporters in the country exported non-oil goods worth $100.88m in November, according to the Central Bank of Nigeria.

The CBN disclosed this in its latest monthly economic report.

Part of the report read, “Estimates of export proceeds of the top 10 non-oil exporters for November 2020 was $100.88m.

“A disaggregation revealed that Olam Nigeria Limited topped the list with a value of $26.65m or 17.1 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 Starlink Global and Ideal Limited, with an export value of $16.49m (10.6 per cent), from the export of raw cocoa beans, raw cashew nuts, shea nuts and sesame seeds to Malaysia.

“The third major non-oil exporter was British American Tobacco Nigeria Limited at $12.57m (8.0 per cent), realised from the export of cigarettes to Liberia, Guinea, Ghana, Cameroun, Cote d’Ivoire and Niger Republic.

“The fourth major non-oil exporter was Indorama Eleme Fertilizer and Chemicals Limited, with a value of $9.82m (6.3 per cent), realised from the export of urea, fertilisers and agronomy services to Turkey and China.”

It added, “Tulip Cocoa Processing Limited, with export value of $7.66m (4.9 per cent) realised from the export of cocoa liquor, butter and cake to The Netherlands was placed fifth position.

“The sixth, seventh, eighth, ninth and tenth positions were occupied by Mamuda Industries Nigeria Limited, Metal Recycling Industries Limited, AAK Nigeria Oils and Fats Limited, Armajaro Nigeria Limited, and Valency Agro Nigeria Limited, respectively.

“These companies earned $7.21m (4.6 per cent), $6.66m (4.3 per cent), $5.73m (3.7 per cent), $5m (3.2 per cent), and $3.07 million (2.0 per cent), respectively.”

The report said they exported leather, aluminum, vegetable oils and fats, cocoa beans and dry pure prime pressed cocoa butter to India, Saudi Arabia, Malaysia, and United States, respectively.”