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Recently, the governor of the Central Bank of Nigeria, Emie Philae, revealed that Nigeria's exports of non-oil products fell by nearly 60% in 2015, from $10.
53 billion in 2014 to $4.
39 billion
.
Nigeria's foreign exchange reserves are also under intense pressure, falling from $37.
3 billion in June 2014 to $28 billion
currently.
Emifele blamed the decline in exports on weak support from the banking system for non-oil export credits
.
The data shows that over the past five years, the size of Nigerian credit has generally increased, while export credit to non-petroleum products has shown a downward trend
.
Export credits for non-oil products account for only 0.
6 percent of total credit, which Emifile said severely limited the growth of
exports of non-oil products.
Recently, the governor of the Central Bank of Nigeria, Emie Philae, revealed that Nigeria's exports of non-oil products fell by nearly 60% in 2015, from $10.
53 billion in 2014 to $4.
39 billion
.
Nigeria's foreign exchange reserves are also under intense pressure, falling from $37.
3 billion in June 2014 to $28 billion
currently.
Emifele blamed the decline in exports on weak support from the banking system for non-oil export credits
.
The data shows that over the past five years, the size of Nigerian credit has generally increased, while export credit to non-petroleum products has shown a downward trend
.
Export credits for non-oil products account for only 0.
6 percent of total credit, which Emifile said severely limited the growth of
exports of non-oil products.
