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.
Crude Oil Price: Crude oil price attained a historical low of $30.7 in January 2016 largely due to excess global oil supply.
Crude Oil Production and Export: Oil production has continued to fall in
Real GDP Growth Rate- Nigeria and selected African Economies: While GDP growth in selected African economies have generally declined at different magnitudes with the slump in commodity prices, other e
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.
Capital Importation: Investment in the oil and gas sector has remained low since 2009. However, investments into the sector fell more deeply in 2015, on the account of persistent global and domestic c