(Reuters, Lagos, 16 June 2016) Nigeria’s central bank is setting aside 500 billion naira ($2.5 billion) through a debenture to be issued by Nigerian Export-Import Bank (NEXIM), for loans to non-oil exporters, after a slump in oil revenues led to the worst crisis in Africa’s biggest economy in decades. The OPEC member, whose economy shrank 0.4 percent in the first quarter, has been hit hard by a slump in global oil prices. It relies on sales of crude for around 70 percent of national income and 90 percent of foreign exchange earnings.
