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.

FreeStuffsNG:
I hope the naysayers can now see that Nigerian indigenous companies are the real deal! This little known company earns a revenue of over $1 billion annually from Nigeria.
The Founder is a High Chief from Ode Omu, Osun state. Silent achiever with no noise

Armaggedon:


.

FreeStuffsNG:
Smh. Ignorance is bliss. I can't give you the education and teach you polite manners you should have received from home. Go and read about Starlink Global and its thousands of hectares of functional cash crops plantations now earning Nigeria hard earned forex up to over 30% of non-oil exports. Only empty barrels make the loudest noise.

I didn't put up the post to attract hatred from your ilk but to celebrate Nigeria and inspire those patriotic Nigerians out there to continue to give their best. In due season, they too shall reap blessings from the land if they don't give up. Starlink Global is our own and it reinforce the belief that only Nigerians can develop Nigeria!

May God bless Nigeria for ever!

Armaggedon:
you are ascribing export revenue to a marketing firm? This is how lunatics in the NBS put up deceptive statistics that service ethnic ego instead providing accurate national information.

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 is a High Chief from Ode Omu, Osun state. Silent 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!

FourQu:


Don't mind the op

This same op is someone who slept, woke up, opened eye, came to nairaland and decided to settle down and explain GAZELLE - GARA - GARA to us here last year with one full page of nonsense

Is that who you want to take seriously? 😏

APCeeeeee

MadPolitician:

You remember that?

FourQu:


Nobody in his/her right mind can ever forget such shamelessness

MadPolitician:


I couldn't beleive what i was reading as he desperately tried to explain the nonsense as something meaningful. Dude is a real desperado. Can easily sell dog poo as candy

FourQu:


So you do not know that he's mannababaqgrillz? It's he's second account he activated to use and propell his darling daddy and tinubu after his former account was casted as the bigoted fraud it was sent here to perpetrate

Who else can stoop so low to write such rubbish as this op does apart from mannababaqgrillz?

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 is a High Chief from Ode Omu, Osun state. Silent 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!

Armaggedon:
you are ascribing export revenue to a marketing firm? This is how lunatics in the NBS put up deceptive statistics that service ethnic ego instead providing accurate national information.