Brazil leads Nigeria’s top non-oil export destination

A recent economic report from the Central Bank of Nigeria (CBN) has revealed that Brazil was the top export destination for non-oil products from Nigeria as trade earnings rose by 16.9 per cent to hit $75 million in October and November 2022.

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.

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

With a share of 13.7per cent Brazil 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 per cent. China came in third place with 11.6 per cent. 6.7per cent of non-oil exports went to Belgium while Japan took 6.0 per cent.

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

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 per cent and 7.5 per cent respectively, from the export of urea and fertilizer.

Source: The Nation

To read the original news report, access: https://thenationonlineng.net/brazil-leads-nigerias-top-non-oil-export-destination/

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