Export And Its Components
Export and Components (US$ Million)
Sharp drop in export, post-2014Q3
Import and its Components (US$ Million)
Considerable drop in imports, 2016
Export and its Components: In 2015 and 2016Q1, overall export earnings declined significantly to a record low of less than $3000 million in 2016Q1, as against the peak of above $10,000 million in 2008 and 2013. This is largely on the account of falling crude oil price, production and export.
Import and its Components: Overall import declined considerably in 2015 and 2016Q1, due to the scarcity of FOREX and depreciation of the naira which made imports highly expensive.
Balance of Trade (Export and Import): With export and, to lesser extent, import declining balance of trade fell deeply in 2015 and, to lesser extent, in 2016Q1.
Gross Domestic Product: Agriculture Gross Domestic Product growth rate recorded its highest point in 2006Q1 but fell sharply subsequently. Particularly, the slow growth recorded in 2015 and 2016Q1 is
Capital Importation: Overall capital imported into the manufacturing sector fell deeply in 2015 and has remained low in 2016H1 on the account of present FOREX issues affecting businesses in the sector
External Reserve: External reserve picked up from its year-2000 level below $10,000 million to above $60,000 million in 2008. However, the external reserve fell deeply in 2010/11 and even further in 2