Post by Trade facilitator on Feb 20, 2013 12:24:41 GMT 1
The non-oil sector which has been so neglected over the years, in the aftermath of the discovery of oil, has in 2012 generated N556 billion in revenue. This represents a 29 percent increase in revenue over 2011 figures.
This feat was accomplished by some indigenous companies operating in a particularly challenging environment
The firms earned a record $3.56 billion (N556bn) from the sale of goods overseas in the 2012 fiscal year, an analysis of quarterly non-oil export earnings conducted by BusinessDay Research and Intelligence Unit (BRIU) has revealed.
Olam Nigeria Ltd, Armajaro Ltd, Mamuda Industries, Unique Leather Finishing and Imoniyame Holdings Ltd, were the topmost firms in terms of non-oil export receipts as at half year 2012.
The analysis was done on the quarterly export earnings as reported by the Central Bank of Nigeria (CBN) in its Economic Reports for all the quarters in 2012 in comparison to the corresponding periods in 2011. The Economic Report is a publication of the CBN which shows the progress being made on a quarterly basis, in the different sectors of the Nigerian economy. Our analysis has shown that the non-oil export earnings for 2012 were 29 percent better than the $2.76 billion (N431 bn) recorded in 2011.
By June end 2012, Olam Nigeria had made $241.63 million from the export of sesame seeds and cocoa beans to Europe, Asia and the United States of America. Armajaro Nigeria realised $62.02 million from exporting cotton and cocoa beans to Germany and The Netherlands, just as Mamuda Industries Ltd realised $60.44 million from exporting leather to Italy and Hong Kong.
In addition, Unique Leather Finishing Ltd raked in $48.05 million to occupy the 4thposition on the table. It achieved that feat by exporting finished leather to Italy. For its part, Imoniyame Holdings, sold $36.7 million worth of crumbed rubber to the Netherlands, to occupy the fifth position as at half year 2012.
On a quarter-by-quarter analysis, the total non-oil export earnings for Q1, Q2, Q3 and Q4 2012 stood at $1.01 bn, $968m, $571m and $988m respectively. These figures show an improvement over the corresponding quarters of 2011. In other words, the total non-oil export earnings for Q1, Q2, Q3 and Q4 2011 were $778m, $518m, $351m and $974m respectively.
That Olam Nigeria is the leading non-oil exporter in the country does not come as a surprise because the firm has maintained that position in the last few years. In the 2011 fiscal year, it exported $444 million worth of sesame seeds and good fermented superior grade Nigerian cocoa beans to USA, Europe and Asia, most especially the US, Germany, Japan, Syria and China. Bolawole Enterprises was second on the table the same year, as it exported $146 million worth of good fermented superior grade Nigerian cocoa beans to Europe. Unique Leather, Imoniyame Holdings and Saro Agro Allied were third, fourth and fifth respectively, with $124 million, $98 million and $79 million worth of non-oil exports in 2011.
Another interesting trend in the 2012 quarterly non-oil export earnings, is that industrial products remained the most exported among all the items sold in the international market by Nigerian firms. Total industrial products sold overseas in 2012 were worth $1.31 billion, compared to $1.14 billion export receipts recorded in 2011. It was trailed by the value of manufactured products which rose to $1.19 billion in 2012 up from $865 million in 2011.
Officials at the Federal Ministry of Agriculture and Rural Development will have every reason to smile now, on account of the improving fortunes of agric and agro-allied exporters in the country. The value of agric products sold overseas rose to $546 million in 2012 up from $296 million recorded for the fiscal year 2011. Food products exported in 2012 increased to $304 million, in contrast to $262 million in 2011.
When measured in terms of growth, the minerals sub sector posted the best performance, with a record 317 percent increase over the corresponding quarters in 2011. A total of $206 million worth of Nigerian minerals were sold in 2012 whereas only $49 million worth of the same items were sold in 2011.
By 2011 year end, notable companies in the solid minerals sub-sector included Highglory Solid Mineral Company, Mel-Tech West Africa Limited, Sfuma Global Limited and AA-Kkayz Resources Ltd. Highglory Solid Mineral exported $2.24 million worth of zinc and iron ore to China in 2011. Mel-Tech sold $1.67 million worth of copper ingots also to China. Sfuma Global exported aluminum alloy ingot to Malaysia and India, while AA-Kkayz sold melted lead ingot to the United Arab Emirates (UAE). The minerals sub sector might witness even better performance now that Canadian firms have shown interest in the sub sector.
Source: www.businessdayonline.com/NG/index.php/news/76-hot-topic/ 51901-olam-armajaro-saro-agro-earn-n556bn-from-non-oil-exports
This feat was accomplished by some indigenous companies operating in a particularly challenging environment
The firms earned a record $3.56 billion (N556bn) from the sale of goods overseas in the 2012 fiscal year, an analysis of quarterly non-oil export earnings conducted by BusinessDay Research and Intelligence Unit (BRIU) has revealed.
Olam Nigeria Ltd, Armajaro Ltd, Mamuda Industries, Unique Leather Finishing and Imoniyame Holdings Ltd, were the topmost firms in terms of non-oil export receipts as at half year 2012.
The analysis was done on the quarterly export earnings as reported by the Central Bank of Nigeria (CBN) in its Economic Reports for all the quarters in 2012 in comparison to the corresponding periods in 2011. The Economic Report is a publication of the CBN which shows the progress being made on a quarterly basis, in the different sectors of the Nigerian economy. Our analysis has shown that the non-oil export earnings for 2012 were 29 percent better than the $2.76 billion (N431 bn) recorded in 2011.
By June end 2012, Olam Nigeria had made $241.63 million from the export of sesame seeds and cocoa beans to Europe, Asia and the United States of America. Armajaro Nigeria realised $62.02 million from exporting cotton and cocoa beans to Germany and The Netherlands, just as Mamuda Industries Ltd realised $60.44 million from exporting leather to Italy and Hong Kong.
In addition, Unique Leather Finishing Ltd raked in $48.05 million to occupy the 4thposition on the table. It achieved that feat by exporting finished leather to Italy. For its part, Imoniyame Holdings, sold $36.7 million worth of crumbed rubber to the Netherlands, to occupy the fifth position as at half year 2012.
On a quarter-by-quarter analysis, the total non-oil export earnings for Q1, Q2, Q3 and Q4 2012 stood at $1.01 bn, $968m, $571m and $988m respectively. These figures show an improvement over the corresponding quarters of 2011. In other words, the total non-oil export earnings for Q1, Q2, Q3 and Q4 2011 were $778m, $518m, $351m and $974m respectively.
That Olam Nigeria is the leading non-oil exporter in the country does not come as a surprise because the firm has maintained that position in the last few years. In the 2011 fiscal year, it exported $444 million worth of sesame seeds and good fermented superior grade Nigerian cocoa beans to USA, Europe and Asia, most especially the US, Germany, Japan, Syria and China. Bolawole Enterprises was second on the table the same year, as it exported $146 million worth of good fermented superior grade Nigerian cocoa beans to Europe. Unique Leather, Imoniyame Holdings and Saro Agro Allied were third, fourth and fifth respectively, with $124 million, $98 million and $79 million worth of non-oil exports in 2011.
Another interesting trend in the 2012 quarterly non-oil export earnings, is that industrial products remained the most exported among all the items sold in the international market by Nigerian firms. Total industrial products sold overseas in 2012 were worth $1.31 billion, compared to $1.14 billion export receipts recorded in 2011. It was trailed by the value of manufactured products which rose to $1.19 billion in 2012 up from $865 million in 2011.
Officials at the Federal Ministry of Agriculture and Rural Development will have every reason to smile now, on account of the improving fortunes of agric and agro-allied exporters in the country. The value of agric products sold overseas rose to $546 million in 2012 up from $296 million recorded for the fiscal year 2011. Food products exported in 2012 increased to $304 million, in contrast to $262 million in 2011.
When measured in terms of growth, the minerals sub sector posted the best performance, with a record 317 percent increase over the corresponding quarters in 2011. A total of $206 million worth of Nigerian minerals were sold in 2012 whereas only $49 million worth of the same items were sold in 2011.
By 2011 year end, notable companies in the solid minerals sub-sector included Highglory Solid Mineral Company, Mel-Tech West Africa Limited, Sfuma Global Limited and AA-Kkayz Resources Ltd. Highglory Solid Mineral exported $2.24 million worth of zinc and iron ore to China in 2011. Mel-Tech sold $1.67 million worth of copper ingots also to China. Sfuma Global exported aluminum alloy ingot to Malaysia and India, while AA-Kkayz sold melted lead ingot to the United Arab Emirates (UAE). The minerals sub sector might witness even better performance now that Canadian firms have shown interest in the sub sector.
Source: www.businessdayonline.com/NG/index.php/news/76-hot-topic/ 51901-olam-armajaro-saro-agro-earn-n556bn-from-non-oil-exports
