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  1. $Title{Table 11.: Balance of Payments Summary, 1977-79 (in millions of naira)}
  2.  
  3. _______________________________________________________________________________________________________________________________________________
  4.                                                                      1977                         1978                         1979
  5.                                                            __________________________   __________________________   __________________________
  6.                                                             Oil     Non-Oil     Total    Oil     Non-Oil     Total    Oil     Non-Oil     Total
  7. _______________________________________________________________________________________________________________________________________________
  8. Current Account
  9. Merchandise
  10. Exports (f.o.b.) .......................................    7,454       523     7,977    6,005       628     6,633    9,437       670    10,107
  11. Imports (f.o.b.) .......................................      102     6,321     6,423      110     7,264     7,374      230     6,909     7,139
  12.                                                            ______    ______    ______   ______    ______    ______   ______    ______    ______
  13. Merchandise (net) ......................................    7,352    -5,798     1,554    5,895    -6,636      -741    9,207    -6,239     2,968
  14. Services and income (net) ..............................     -883    -1,199    -2,083     -245    -1,230    -1,475     -216    -1,508    -1,724
  15. Unrequired transfers (net) .............................      --       -119      -119      --       -171      -171       -3      -231      -234
  16.                                                            ____________________________________________________________________________________
  17.   Current Account Total ................................    6,469    -7,116      -648    5,650    -8,037    -2,387    8,988    -7,978     1,010
  18.  
  19. Capital Account
  20. Direct investment ......................................      148        98       246       92        42       134       -4       189       185
  21. Portfolio investment ...................................      --        --        --       --        --        --       --        --        --
  22. Other capital (long-term)
  23.     Official ...........................................      --        -20       -20      --        884       884      --        589       589
  24.     Others .............................................      --          9         9      --         -4        -4      --         34        34
  25.         Total (net) ....................................      --        -11       -11      --        880       880      --        623       623
  26. Other capital (short-term) .............................      --        -84       -84      --         96        96      --          6         6
  27.                                                            ____________________________________________________________________________________
  28.   Capital Account Total ................................      148         3       151      92      1,018     1,110       -4       818       814
  29. Net Errors and Omissions ...............................                          -30                          -19                           46
  30. Overall Balance of Payments ............................                         -527                       -1,294                        1,870
  31. _______________________________________________________________________________________________________________________________________________
  32. Change in reserves (net) ...............................                          527                        1,294                       -1,870
  33. _______________________________________________________________________________________________________________________________________________
  34. Source: Based on information from Central Bank of Nigeria, Annual Report and Statement of Accounts for the Year Ended 31st December, 1979, n.p.,
  35.         n.d., p. 70.
  36.