There are has been so much clamor for Nigeria to increase its non-oil exports over the years. Dependance on oil has been a major blame for corruption and poor national development despite its huge revenue generation ability. Despite its N396.4b export value for 2010, a 37% rise, non-oil exports still accounts for just 3.3% of total exports. But then, its a marked improvement and Government is hell bent on ensuring that it grows.
To achieve their target, Government gives major incentives to companies who engage in exports. Incentives such as tax, cheap credit, relaxed trade barriers etc. According to the CBN, 100 major non-oil exporters in Nigeria account for about 82.8% of the about $2.2b non-oil exports receipts. Out of the 100, to top 3 are as follows;
1. Olam Nigeria Limited
2. Bolawole Enterprising Nigeria Limited
3. Unique Leather Furnishing Company Limited
Surely, these are not household names but their relevance cannot be underesimated. Olam Nigeria Ltd alone makes up 16% of the total receipts. These guys export cotton lint, fermented cocoa bean and goat skin leather to Malaysia, Netherlands and Italy respectively.
Graph Source: CBN
It’s no surprise that the top 2 are in the AGRI business but with some foreign ownership. There’s Lots of potential in that agri business just that it requires lots of physical work considering the level of technology around here. Still good tho..
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