The Central Bank of Nigeria, CBN, has disclosed that the revenue from non-oil exports dropped steeply by 58 percent to $4.39 billion in 2015.
CBN Governor, Godwin Emefiele, disclosed this in Lagos on Wednesday, March 16, stated this while speaking at the Zenth Bank International Trade seminar.
Zenith Bank has expressed its readiness to boost revenue from non oil exports by assisting its clients with financial support needed export.
While commending Zenith as the highest ranking bank in terms of facilitating non oil export trade, Emefiele called on stakeholders to evolve strategies to address the sharp fall in the nation’s non oil export revenue. Domestic economy
Represented by the Deputy Director, Trade and Exchange Department, Mr. Dauda Gotring, said:“ It has been observed that while 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, the credit to the domestic economy has been on the rise.”
“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.”
Commending Zenith Bank for organising the seminar, he said the seminar will help in identifying the various issues hampering the non oil export in the country.