Brazil becomes Nigeria's top non-oil export destination as trade earnings hit $75m

While citing the presence of a sustained and favourable commodity price in the international market, the CBN report further stated that non-oil export earnings rose by 16.9 percent from $0.35 billion in October to $0.40 billion in November 2022.

“This was due to the 7.0 percent and 16.1 percent increase in other non–oil products and re-exports to $0.38bn and $0.02bn from $0.36bn and $0.01bn respectively.” the report revealed.

The report also stated the top five export destinations as Brazil, Netherlands and China, Belgium, and Japan.

With a share of 13.7%, Japan took the lead according to the analysis by direction of trade as the country became the major destination of non-oil export products.

The Netherlands followed closely with a share of 12.6%. China came in third place with 11.6%. 6.7% of non-oil exports went to Belgium while Japan took 6.0%.

The analysis also revealed the top three non-export materials that were exported to be Urea, which accounted for the largest share of 21.0%, cocoa beans followed closely with a share of 20.2%, and sesame seeds at 9.3%.

Further reports also revealed that the top two exporters of non-oil products during the period in the review were Indorama Eleme Fertilizer and Chemical Ltd and Dangote Fertilizer Ltd.

The two firms accounted for 13.5% and 7.5% respectively, from the export of urea and fertilizer.

The company responsible for exporting Cocoa beans, Outspan Nigeria Ltd came in third place with a share of 6.%. Two other firms, Starling Global and Ideal Ltd responsible for the export of cocoa and cashew nuts came in fourth place, with 5.8% while British American Tobacco Nigeria Ltd came in fifth place, with 4.4% from the export of cigarettes.