Olam, BATN, 8 Other Exporters Earn $100.88m In One Month

Top 10 traders earned $100.88m from non-oil goods exported in one month according to latest figures obtained from the Central Bank of Nigeria.

Most of the exports were agriculture produce such as cocoa, beans, cashew nuts, and sesame among others.

The CBN disclosed in its monthly economic report for October that Olam Nigeria topped the list of the exporters with 17.1 per cent.

Part of the report read, “Provisional data indicated that aggregate export proceeds of the top 10 non-oil exporters was $100.88m in October 2020.

“A breakdown showed that, Olam Nigeria Limited topped the list with a value of $26.65m (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 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 reported added that 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, fertilizers and agronomy services to Turkey and China.

It stated that Tulip Cocoa Processing Limited, with export value of $7.66m (4.9 per cent), occupied the fifth position.

The sixth, seventh, eighth, ninth and tenth positions were occupied by Mamuda Industries (Nig) 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), $5.0m (3.2 per cent), and $3.07m (2.0 per cent) respectively.

According to the report, the exported items were leather, aluminum, vegetable oils and fats, cocoa beans and dry pure prime pressed cocoa butter to India, Saudi Arabia, other Asian and Middle East countries, Malaysia, and United States, respectively.