Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele had noted that with the massive oil theft in the country, foreign exchange earnings from the oil sector is near zero as he is optimistic that the non-oil sector will continue to contribute to the growth of the economy.
“The performance of the non-oil sector will be buoyed by the continued efforts at entrenching indigenous productivity in high-impact real sector activities, especially agriculture, MSMEs, and manufacturing. Domestic aggregate demand is further expected to be bolstered by the anticipated budgetary outlay and the surge of electioneering spending in the next few months” the CBN governor stated.
“On the contrary, we envisage that there would be no material improvement in the oil GDP as the woes that plague the sector persists. However, key downside risks to our projections include intensified monetary tightening, demand disruption effect of the currency redesign, spiraling inflation, worsening foreign exchange illiquidity, increased insecurities, and adverse weather events.
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