Olusegun Aganga, the minister of Industry, Trade and Investments, has predicted a huge drop in Nigeria’s earnings from overseas this year due to the current drop in global oil prices. Aganga said this on an inspection tour of the Secure ID and its subsidiary, Secure Card Manufacturing Limited in Lagos recently.

Aganga noted that the falling oil prices will affect the country’s balance of payments with the rest of the world, noting that the country would have a massive balance of payments this year due to falling oil price. Balance of payments, BOP is an economic term that describes the record of all economic transactions between the residents of a country including individuals, firms and government bodies and the rest of the world within a particular period, usually over a quarter of a year or more commonly over a year.

Aganga commended the management of Secure ID for moving the country away from import dependence saying this is what every Nigerian should work to attain. He assured that government would support the company to reduce its cost of production.