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Nigeria Suffers Massive Drop In Non-oil Export - Business - Nairaland

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Nigeria Suffers Massive Drop In Non-oil Export by einsteine(m): 7:31pm On Jan 19, 2016
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.
www.nigerianbulletin.com/threads/nigeria-suffers-massive-drop-in-non-oil-exports.167575/
Re: Nigeria Suffers Massive Drop In Non-oil Export by grandstar(m): 11:57pm On Jan 19, 2016
einsteine:
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.
www.nigerianbulletin.com/threads/nigeria-suffers-massive-drop-in-non-oil-exports.167575/

I wanted to go into small exportation recently but was discouraged as I would be forced to collect my dollar earnings at 197.

I am sure the grossly overvalued official rate will deal a huge blow to exports.

Unless the naira is allowed to find its true rate, exports will continue to decline
Re: Nigeria Suffers Massive Drop In Non-oil Export by einsteine(m): 10:13am On Jan 22, 2016
Apart from the artificial rates at which you have to sell your export proceeds, you still pay 1% tax in the form of NXP. That is separate from the corporation tax. Needless to say, this has encouraged smuggling. People move cocoa and Cotton to cote divoire where they can sell it without the unnecessary controls in Nigeria.

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