Business
Non-oil exports defy govt efforts, drop 58% by $6bn
In spite of government’s efforts to diversify the nation’s economy from crude oil based, non-oil exports dropped by a whopping 58 per cent losing $6.14 billion in 2015.
According to the Central Bank of Nigeria (CBN), credit to the non-oil sector has been declining and currently at 0.6 percent of total domestic loan to the private sector in the past five years, while the credit to the domestic economy has been on the rise.
This was disclosed by CBN Deputy Director, Trade and Exchange Department, Mr. Dauda Gotring, who represented the CBN governor, Godwin Emefiele at the Zenith Bank International Trade seminar, held in Lagos on Wednesday.
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He stated, that “The low level of export loan has no doubt contributed to the decline in non oil revenue from $10.53 billion in 2014, $4.39 billion in 2015, which is a very significant drop.
“The impact of this on the country’s export potentials is quite significant and has become topic for stakeholders’ dialogue towards evolving responsive strategies that will expand resources for exports expanding programmes on a complimentary basis.”
He also called on stakeholders to evolve strategies to address the sharp fall in the nation’s non oil export revenue.
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