Nigeria’s oil and gas sector generated only 5.34% of the country’s Gross Domestic Product. Its contribution was lower than in the equivalent time of 2022 and the previous quarter, 6.33% and 6.21%, respectively.
This is according to the most recent GDP data, which the National Bureau of Statistics released on Friday, August 25.
According to the NBS report, Nigeria recorded an average daily oil production of 1.22 million barrels per day in the second quarter of 2023, which is 0.22 m/bpd less than the daily average production of 1.43 m/bpd recorded in the same quarter of 2022 and less than the production in the first quarter of 2023 production volume of 1.51 m/bpd by 0.29mbpd.
According to the research, real growth in the oil sector in Q2 2023 was -13.43% (year over year), which is a decline of 1.66% percentage points compared to the rate seen in the same quarter of 2022 (-11.77%).
Additionally, growth dropped by 9.22% points compared to Q1 2023’s growth of -4.21%.
The oil sector, on the other hand, experienced a growth rate of -14.12% in Q2 2023.
In Q2 2023, Nigeria’s Gross Domestic Product increased in real terms by 2.51% (year over year).
This growth rate is lower than the 3.54% observed in the second quarter of 2022, and the difficult economic circumstances currently being experienced may be the cause.
In Q2 2023, real growth in the oil sector was -13.43% (year over year), down 1.66% percentage points from the rate in the same quarter of 2022 (-11.77%), according to the research.
Furthermore, growth was down 9.22% points from Q1 2023’s growth of -4.21%.
On the other hand, the oil industry had growth of -14.12% in Q2 2023.
Nigeria’s GDP grew by 2.51% (year over year) in real terms in the second quarter of 2023.
The challenging economic conditions currently being faced may be the reason why this growth rate is lower than the 3.54% reported in the second quarter of 2022.
