Nigerian Economic summit group reveals reason for Nigeria’s N290 million trade deficit
12 April 2017 Business
The Nigerian Economic Summit Group, NESG, has given an insight into why Nigeria experienced trade deficit of two hundred and ninety billion naira in 2016, contrary to its projection of zero point six percent Gross Domestic Product growth rate.
Speaking during the 21st Annual General Meeting of the NESG, chairman of the Group, Kyari Bukar, said that the lower crude oil prices and inability of the country to finance its rising import bills in the face of falling non-oil export led Nigeria’s trade balance to a deficit of two hundred and ninety billion naira while balance of payment deficit climbed to one point eight trillion in the third quarter of 2016.
Bukar also hinted that aside from the foreign exchange crisis, the inability of government to respond swiftly and appropriately to economic challenges worsened the situation.