The inflow of fresh capital into the economy totaled US$2.67 billion in Q1 2015, representing declines of 40.5 and 31.6 percent in comparison with the level in Q4 2014 and first quarter of 2014, the Central Bank of Nigeria (CBN) has said.

A disaggregation of capital imported to the various economic sectors revealed that the fresh capital was mainly channeled to purchase of quoted equities from the capital market which amounted to US$1.28 billion and accounted for 47.9 per cent of the total in Q1 2015.

The Developments of the External Sector of the Economy for the First Quarter of 2015, released by the CBN yesterday show that capital inflows into the financing, telecommunications, and production and manufacturing sectors accounted for 28.6, 12.8 and 4.4 per cent, respectively, while other sectors accounted for the balance.

According to the report,estimated total external trade at US$26.74 billion, showed a decline of 17.1 and 27.2 per cent, respectively, from their levels recorded in the preceding and corresponding quarters in 2014 due largely to the decline in crude oil receipts occasioned by fall in prices at the international market from an average of US$70.00 per barrel in Q4 2014 to US$54.50 in Q1 2015.

Aggregate merchandise exports declined by 13.7 and 35.4 per cent, respectively, below their levels in Q4 2014 and Q1 2014 to US$14.33 billion.

Crude oil and gas exports component declined from US$18.96 billion and US$20.85 billion in Q4 2014 and Q1 2014 to US$13.30 billion and accounted for 92.9 per cent of aggregate exports in the review period.

Non-oil exports which recorded US$1.02 billion, rose marginally by 2.0 per cent but declined by 8.9 per cent, respectively, when compared with the levels recorded in the preceding and corresponding quarters in 2014.

Aggregate imports (fob) fell by 18.3 and 7.9 per cent respectively, below the levels recorded in the preceding and corresponding quarters in 2014 to US$12.41 billion.

The drop was accounted for by both the oil and nonoil components. Oil sector imports declined by 38.1 and 24.4 per cent while non-oil component declined by 12.9 and 3.8 per cent, respectively when compared with Q4 2014 and Q1 2014. Non-oil imports remained dominant, accounting for 83.7 per cent of total, while oil sector imports accounted for the balance. Total exports exceeded imports (cif) which resulted in a trade surplus of US$0.75 billion as against a deficit of US$1.90 billion recorded in Q4 2014.