How 19 banks supported export of Nigerian products in Q2

Nineteen Nigerian banks supported export of non-oil products in the second quarter of this year, according to a document obtained from the Nigerian Export Promotion Council (NEPC).

First on the list was Zenith Bank, which issued Nigeria Export Proceeds (NXP) forms for export transactions worth $83.519 million, representing 19.28 percent of the total.

Next on the list was UBA, which conducted NXP transactions worth $51.535 million, occupying 11.9 percent of the total within the period.

Third on the list was the Central Bank of Nigeria (CBN), which issued NXP forms valued at $50.096, representing 11.57 percent.

Access Bank put up a good show, conducting non-oil export transactions estimated at $48.134 million, which represented 11.11 percent of the total.

First Bank was next, with total transactions valued at $39.942 million, which was a 9.22 percent share.

Stanbic-IBTC Bank did transactions valued at $36.837 million, sharing 8.51 percent of the total.

Also, SCB Bank had non-oil export deal estimated at $22.676 million, representing 5.24 percent of the total.

Fidelity Bank occupied the 8th position with transactions worth $21.742, which was 5.02 percent of the total.

Diamond Bank was next, with total transactions of $19.459 million, which represented 4.49 percent share.

Citi Bank’s deals within the period were valued at $19.391 million, representing 4.48 percent.

While Eco Bank’s deals were estimated at $10.618million, representing 2.45 percent, FCMB’s transactions were valued at $9.798 million, sharing 2.26 percent of the total.

GT Bank deals were estimated at $7.468 million, which was 1.72 percent of the total, while Union Bank’s deals amounted to $5.761 million (representing 1.33 percent of the total).

Furthermore, Keystone Bank’s transactions were valued at $4.037 million, representing 0.93 percent, while Sterling Bank did non-oil export NXP transactions valued at $1.459 million, which represented 0.34 percent.

Skye Bank issued NXP forms for export transactions valued at $0.330 million, while Heritage Bank and Wema Bank’s transactions were estimated at $0.250 million and $.050 million respectively.

Naphthalene, a chemical product obtained from petroleum distillation, displaced cocoa beans as Nigeria’s biggest non-oil export product within the period.

The product was exported by the Nigerian National Petroleum Corporation (NNPC)/ Petroleum Investment Management company (PPMC), which for the first time topped the non-oil export list.

The NEPC data show that Naphtalene is followed by cashew nuts (second), Low Pour Fuel Oil (third), urea (fourth), cigarettes (fifth), cocoa (sixth), sesame seeds (seventh), finished leather (eighth), rubber (ninth) and processed wood (tenth).

Nigeria exports other products, including noodles, biscuits, processed wood/ furniture, plastics and textiles, rubber, among others.

The NNPC was the biggest non-oil exporter within the period, followed by Olam International, and Indorama Eleme Fertilizer & Chemical Company Limited.

 

Odinaka Anudu