Business Nigeria Suffers Massive Drop in Non-oil Exports


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LequteMan

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Tough days and conditions lie ahead for Nigeria's economy following revelations by CBN governor, Mr Godwin Emefiele that the country recorded a massive decline of $6.14bn in non-oil exports receipts.

The country's non oil exports dropped from $10.53bn in 2014 to $4.39bn in 2015, Punch reports.

This is coming against the backdrop of dwindling crude oil prices from a peak of $114 barrel in July 2014 to as low as $28 currently.

The country’s reserves had also suffered great pressure from speculative attacks, round tripping and front loading activities by actors in the foreign exchange market, making it fall from $37.3bn in June 2014 to about N28bn currently.

Emefiele blamed the decline on the low level of export loans from the banking sector.
 

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