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Oil sector’s contribution to GDP drops to 8.97%

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By Michael Eboh

ABUJA — The oil and gas sector’s contribution to Nigeria’s Gross Domestic Product, GDP, dropped by 1.48 per cent in the fourth quarter of 2014 to 8.97 per cent from its 10.45 per cent contribution in the third quarter of 2014.

File Photo: Crude Oil
File Photo: Crude Oil

The Nigerian Bureau of Statistics, NBS, in its GDP Report for the fourth quarter of 2014, said the oil sector also grew by 1.18 per cent in the fourth quarter of 2014, 10.54 percent higher than the decline of 9.36 per cent recorded in the fourth quarter of 2013.

According to the NBS, the oil sector experienced production and price challenges in the quarter of review.

It added that despite this, average daily production of crude oil was recorded at 2.18 million barrels per day (mbpd), an increase from 2.16 million barrels per day recorded in the fourth quarter of 2013 and from the 2.15 million barrels per day recorded in the third quarter of 2014.

It said: “Yet, the oil sector contributed approximately 8.97 per cent to real GDP in quarter four of 2014, lower by 1.48 percentage points from the 10.45 per cent contribution in quarter three of 2014, and by 0.42 percentage points from the 9.39 per cent recorded during the fourth quarter of 2013.”

Measured by Real GDP, the NBS disclosed that the Nigerian economy grew by 5.94 per cent (year-on-year) on an aggregate basis in the Fourth quarter of 2014.

“This was lower by 0.83 percentage points from rates recorded in the fourth quarter of 2013, and lower by 0.28 percentage points from the third quarter of 2014. From the third quarter of 2014, the economy grew by 3.84 percent in quarter four.

“The nominal GDP at basic prices for the fourth quarter of 2014 was estimated at N24.206 trillion, up 13.10 per cent from N21.402 trillion estimated for the corresponding quarter of 2013 and 5.55 per cent from N22.933 trillion recorded in the third quarter of 2014,” the NBS stated.

 

 

 

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