Bureau of statistics says Nigerian exports fell 40% in 2015

The National Bureau for statistics says Nigerian exports fell 40.3 percent in 2015. There are heightened fears that the figures for 2016 may not fair better against rapid decline in crude prices, weakened currency and diminishing capacity in the value chain process across most sectors of the economy.
Last year imports fell 9.2 percent, the NBS said adding that the decline helped mitigate a trade balance.
Available stats also reveal that the balance of trade for 2015 was 3.03 trillion naira, down from 8.93 trillion naira a year earlier ($15.2 billion – $44.9 billion).
The NBS further acknowledged that “This development arose largely due to sharp decline in the value of exports. The structure of Nigeria’s exports is dominated by crude.”
Nigeria’s exports reportedly fell by 29.7 percent in the fourth quarter from a year ago and imports declined 22.4 percent, the NBS said. The fall in crude oil exports, which accounted for 71.4 percent of total domestic exports last year, hit the economy the most.
Nigeria’s economic slowed in 2015 to grow at 2.8 percent, its slowest growth in decades, down from 6.2 percent in 2014, as currency controls introduced by the central bank last year to support the naira, as oil prices plunged start to hurt growth.

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