Olam, Dangote, others export $57.74m goods in one month

trade deficit


The top 10 exporters in the country exported $57.74m goods in August 2020, according to the Central Bank of Nigeria.

This was, however, a reduction from the N74.78m worth of goods exported in July, the CBN’s monthly report showed.

Part of the report read, “The aggregate value of export proceeds of the top 10 exporters decreased by 22.8 per cent to $57.74m in August 2020, compared with $74.78m in July 2020.

“A breakdown showed that Olam Nigeria Limited topped the list with a value of $15.11m or 26.2 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 a value of $6.79m (11.8 per cent), from the export of cocoa beans to Malaysia.

“The third major non-oil exporter was Dangote Cement Plc at $5.71m (9.9 per cent), realised from the export of Dangote Portland limestone cement to Togo and Niger Republic.

“The fourth major non-oil exporter was Aak Nigeria Oils and Fats Limited with a value of $5.50m (9.5 per cent), from the export of vegetable oils and fats to India, Saudi Arabia and other Asian and Middle East countries.

“British American Tobacco Nigeria Limited with a value of $5.39m (9.3 per cent), followed with export of cigarettes to Liberia, Guinea, Ghana, Cameroun, Cote d’Ivoire and Niger.

“The sixth, seventh, eighth, ninth and tenth positions were taken by Atlantic Shrimpers Limited, ETC Agro Company Nigeria Limited, Metal Recycling Industries Limited, Valency Agro Nigeria Limited and Plantation Industries Limited, respectively, with export earnings of $4.90m (8.5 per cent), $3.99m (6.9 per cent), $3.62m (6.3 per cent), $3.49m (6.0 per cent) and $3.24m (5.6 per cent), respectively.”

According to the report, their major export products were sea frozen shrimps, sesame seeds, aluminum, cocoa beans and pure prime pressed cocoa butter to Vietnam, Japan, India, Malaysia and France, respectively.