In a crucial blow to President Buhari’s economic policies, the value of Nigeria’s exports dropped by a massive 40% to about N9.7 trillion (2014:16.3 trillion). The National Bureau of Statistics made this revelation in its fourth quarter Foreign Trade Statistics report.
According to the Bureau, crude oil exports on an annual basis total exports from Nigeria stood at N9.728 trillion at the end of 2015, representing a drop of N6.57 trillion or 40.3% over levels recorded in 2014. Crude oil exports also took a significant hit as it dropped by about 41.6% in 2015 to about N6.94 trillion. Total oil sales was about N9.6 trillion down 40.7% when compared o the N16.2 trillion reported in 2014. Non oil exports for the year was about N1.16 trillion.
In terms of the composition of Nigeria’s exports, the largest product exported by Nigeria in 2015 was “Mineral products” which accounted for N8,574.3 billion or 88.1%. Other products that contributed noticeably to Nigeria’s exports include “Vehicles, aircraft and parts thereof; vessels etc.” and “Prepared Foodstuffs; beverages, spirits and vinegar; tobacco” whose values stood at N681.6 billion or 7.0%, and N167.1 billion or 1.7% respectively, of the total exports of Nigeria for the year.
Imports
Nigeria’s imports stood at N6.3 trillion compared to N7.3 trillion reported in 2014. Imports came mostly from Boilers, machinery and appliances accounting for about N1,580.0 billion or 23.6% of the total value of imports in 2015. Mineral Products was next with N1,273.4 billion (19.0%) followed by Vehicles, aircraft and associated parts at N608.5 billion (9.1%). Products of the chemical and allied industries stood at N578.9 billion (8.6%) and Base metals and articles of base metals was N574.1 billion (8.5%).
This report represents a critical blow to President Buhari’s economic polices (that is assuming he has one). The Central Bank has imposed capital controls since 2015 restricting the outflow of forex outside the country. This policy has significantly affected the level of imports into the country and has widened the gap between the official and black market rates.
The drop in the price of oil since 2014 and the disruption to oil production due to pipeline vandalisation has also negatively affected oil exports proceeds. The monetary policy committee of the CBN meets next Tuesday as analysts anticipates its response to a rash of data released last week. Nigeria’s inflation rate rose to a three year high of 11.4% while GDP growth rate was just 2.79% (2015) compared to about 6.22% in 2014
let us give president Buhari and his goons,this year, runs out.in this administration,they only act sensible, only when,they are on pressure.inflation is about 9 % increases, and we have a drop of 40 % drop in non-oil export.
we enter new year with hope and optism and positivism.the young Nigerians voted for a change,I ASSUMED THEY VOTED FOR THEIR DOOM AND DESTRUCTION.LOOK AT THE CABINET,HE FIRST THOUGHT WOULD BE HIS CABINET tired brain,or lazy brain maybe retired brain.that is why nothing moves in Nigeria.
We sees, what is the problem,we buried our head in sand like ostrich.
For every action there is repacussion,and things are in harmony and balanced,even one elements is not greater than the other.to change something you increases the goodness,virtue,positivism.i.e.evil should not overcome this darkness,because it create decay,disrepair,chaos.
We have inflation creeping to 9 %.the president should have summon the governor or minister “what the hell is going on ? do you want to bring down my govt.you two of you have 48 Hrs to bring to my desk a programme and strategy to control inflation and pursues a programme for 12% growth this year if you do not do it,as I told you , both of you are fired, do you hear me ?.Now both of you should leave my office now.
The president have the mandate from his people and the Gods of the land.THE NEEDS OF MANY IS GREATER THAN THE NEEDS OF A FEW.
within 48 hrs, the president present this programme to his closest adviser as he asked them,HIS CHIEF ECONOMIC ADVISER to review this report in 24 hrs or 12 hrs after mr president have read this summary,prepared by the gov, and the minister.The question our president will ask his chief economic adviser.i have read this report.i like part of this report,i hate this part of report.can it be done this way ? my vision for my country Nigeria.my people are waiting for me.
If the chief economic adviser says yes ? within 2 days mr president will convey a meeting in his cabinet,this is our vision for Nigeria for the next national planning,any body who disagress with me,should present his resignation in the next 24 hrs.