Top five exporters earned $22m in April and May, figures obtained from the Central Bank of Nigeria have revealed.

The CBN disclosed in its monthly economic report on non-oil export obtained by that non-oil export earnings increased by 3.0 per cent to $0.68bn from $0.66bn in April.

According to the report, “Receipts from the top five exporters of non-oil products were $0.12bn, compared with $0.10bn in April.

“Analysis by share revealed that Indorama Eleme Fertilizer and Chemical Ltd and Outspan Nigeria Ltd were the top two exporters with shares of 11.9 and 5.8 per cent, respectively, from the export of urea along with fertilizer and dairy products.

“The third place was occupied by Segilola Resources Operating Ltd, with a share of 4.2 per cent from the export of gold. Metal Recycling Industries Ltd was fourth, with 4.1 per cent from the export of aluminium and copper ingots. Starlink Global & Ideal Ltd was fifth, with a share of 3.7 per cent from the export of cocoa beans and cashew nuts.”

The CBN report said that non-oil export earnings strengthened on account of higher commodity prices and continued efforts to enhance the export of non-oil products.

Analysis by direction of trade, it added, revealed that Yemen was the major destination of non-oil exports with a share of 17.9 per cent.

Export to the United States of America followed with 11.5 per cent; India, 7.5 per cent; Japan, 7.0 per cent and China, 5.8 per cent.

The major commodities exported were cashew nuts, which accounted for the largest share of 23.0 per cent, followed by urea with 12.5 per cent; and cocoa beans with 10.0 per cent.