NON-oil and agriculture sectors
of the nation’s economy accounted
for 73 percent of the Gross
Domestic Products, GDP, in 2014.
While non-oil services increased
from 26 percent to 51 percent,
agriculture contributed 22 percent,
amounting to 73 percent.
Chairman of the Board of
Directors, Bank of Industry, BoI,
Alhaji Abdulsamad Rabiu, who
disclosed this in Lagos lauded
the impressive turnout of the two
critical sectors. According to him,
the performance of the sectors
came on the heels of the rebased
nation’s economy.
According to him, other rebased
sectors include manufacturing,
CAPITAL Oil and Gas has
announced plans to load about
13 million litres of product,
approximately 400 trucks of
petroleum products, to ease the
scarcity being experienced in the
This was disclosed in a
statement yesterday by the
Managing Director/CEO, Capital
Oil and Gas, Dr. Patrick Ifeanyi
Ubah. He said that its facility
has the capacity to load over 13
million litres of product before
He said that this comes to
approximately 400 trucks of
petroleum products, noting that
with this, our citizens will begin
to smile, return to normal family
and work life.
He called on other petroleum
marketers to follow suit and save
Capital Market
which accounted for 6.7 percent
and telecommunication 8.7 percent
while entertainment accounted for
1.2 percent of the GDP.
The BoI boss also noted that the
weakening contribution of the oil
sector since June 2014 was a major
setback to the overall growth of
the nation’s economy as oil prices
dropped sharply to $52 per barrel
while production remained on an
average of 1.9m barrel per day,
As a result of the drop in oil
production, he said, the Central
Bank of Nigeria, CBN, took a
decisive to devalue the Naira
by 8 percent from N155 to N168
to a dollar, thus pushing the
benchmark interest rate upwards
by 1 percent to 13 percent in order
the nation from the impending
economic and social crisis.
According to him, “We are
constrained at this point and
have decided that two wrongs
cannot make a right. We will not
be part of this sabotage against
our fatherland. Therefore from
this minute, we shall take the
risk of opening our facilities
and commence swift loading
and distribution of products
As we brief you this moment,
our truck park, port reception
facilities and our depot complex
have been ordered opened. We are
ordering and resuming discharge
of products from vessels at our
berths. We have ordered our
trucks to commence loading of
products and move overnight to
every state of the Federation.
“This is a period that requires
patriotism and service to
to preserve the nation’s foreign
Expectedly, the nation’s capital
market was adversely affected by
capital flight as a result of currency
risk and economic recovery in
some developed economies.
Inflation rate dropped from 8.5
percent in August to 7.9 percent
in November 2014, but closed the
year at 8 percent, which was within
the range of 6-9% benchmark set
by the CBN. External reserves,
which stood at $42.85 billion as at
December 2013, declined to $34.35
billion in 2014.
Such decrease in reserve,
he said, was due to increased
funding of foreign exchange
market interventions in order to
stabilize the exchange rate

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