The Central Bank of Nigeria has identified Indorama Eleme Fertiliser & Chemical Ltd. and Dangote Fertiliser Ltd. as the top companies exporting non-oil products in October 2024. This announcement was made in the bank’s monthly economic report. Other notable exporters included Outspan Nigeria Ltd, Starlink Global & Ideal Ltd, and Olatunde International Ltd. Nigeria’s focus on increasing income from non-oil sources led to a rise in non-oil export earnings, particularly from agricultural products. The top five non-oil exporters saw a significant increase in revenue compared to the previous month.
Indorama Eleme Fertiliser & Chemical Ltd. and Dangote Fertiliser Ltd. were the leading exporters, followed by Outspan Nigeria Ltd, Starlink Global & Ideal Ltd, and Olatunde International Ltd. Brazil, the Netherlands, and Malaysia were the top importers of Nigerian non-oil products, with cocoa beans, urea, and sesame seeds being the most sold items. Despite the growth in non-oil exports, Nigeria’s import costs for both oil and non-oil products also increased.
In terms of sector-wise import spending, the industrial sector accounted for the largest share, followed by food products, the oil sector, manufactured products, minerals, transport, and agriculture.
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