SUMMARY A 2014 GDP US$270 2013 US$510 2014, 61% GDP GDP 90% 44% GDP. Nigeria's economy recorded strong growth of about 7% per year in the decade leading up to 2015, thanks to high world prices of oil and natural gas. However, the sharp decline in oil prices since the third quarter of 2014 has posed major challenges to the economy, which significantly slowed down to 2.7% in 2015 and further went into recession in 2016 with a growth rate of 1.5%. Exports declined by 45%, led by a sharp fall in revenue from oil from 23.4% of GDP in 2011 to 3.7% in 2015. Low export receipts from subsequently induced lower domestic demand that has impacted the non-oil sector. Weaknesses in the business environment unreliable and expensive electricity supply, and governance issues, including in the oil have also played their part. The economic recession and the subsequent devaluation/depreciation of the Nigerian naira to the US dollar until June somehow contained imports dominated by manufactured products. In June 2015, restrictions were introduced on access to foreign exchange from the Central Bank of Nigeria for 41 categories of imports from rice, soap, and private jets to personal travel for education and with a view to containing outflows of international reserves and "resuscitating" domestic industries. The current account shifted from a surplus of US$10.8 billion in 2011 to a deficit of US$15.4 billion in 2015, and international reserves
SUMMARY 2014 GDP US$270 2013 US$510 2014, 61% GDP GDP 90% 44% GDP. Nigeria's economy recorded strong growth of about 7% per year in the decade leading up to 2015, thanks to high world prices of oil and natural gas. However, the sharp decline in oil prices since the third quarter of 2014 has posed major challenges to the economy, which significantly slowed down to 2.7% in 2015 and further went into recession in 2016 with a growth rate of 1.5%. Exports declined by 45%, led by a sharp fall in revenue from oil from 23.4% of GDP in 2011 to 3.7% in 2015. Low export receipts from subsequently induced lower domestic demand that has impacted the non-oil sector. Weaknesses in the business environment unreliable and expensive electricity supply, and governance issues, including in the oil have also played their part. The economic recession and the subsequent devaluation/depreciation of the Nigerian naira to the US dollar until June somehow contained imports dominated by manufactured products. In June 2015, restrictions were introduced on access to foreign exchange from the Central Bank of Nigeria for 41 categories of imports from rice, soap, and private jets to personal travel for education and with a view to containing outflows of international reserves and "resuscitating" domestic industries. The current account shifted from a surplus of US$10.8 billion in 2011 to a deficit of US$15.4 billion in 2015, and international reserves A
P020170517375765503574.docx