12 January 2015, Abuja – Nigeria’s earnings from overseas will drop hugely this year due to the falling global oil prices.
Olusegun Aganga, the Minister of Industry, Trade and Investments, gave this hint, weekend, when he inspected Secure ID and its subsidiary, Secure Card Manufacturing Limited in Lagos. The Minister noted that the falling oil prices will affect the country’s balance of payments with the rest of the world.
“We are going to have big balance of payments this year due to falling oil price,” he said.
Balance of payments() is an economic terminology that describes the record of all economic transactions between the residents of a country and the rest of the world in a particular period (over a quarter of a year or more commonly over a year). These transactions are made by individuals, firms and government bodies. Thus the balance of payments includes all external visible and non-visible transactions of a country during a given period, usually a year.