The oil sector’s contribution to Nigeria’s Gross Domestic Product remains below 10 per cent in Q1 figures of the nation’s GDP released by the National Bureau of Statistics in Abuja Monday.
According to the NBS, the nation’s GDP grew by 1.95 per cent year-on-year- in real terms in the first quarter of 2018. Although the nation recorded some growth in the oil sector during the period, the contribution formed only 9.61 per cent of the total, with the non- oil sector accounting for the rest.
This is despite an increase in the daily oil production to an average of 2.0 million barrels per day higher than the 1.95 mbpd in the fourth quarter of 2017. The report stated that real growth of the oil sector was 14.77 per cent in first quarter of 2018.
This represented an increase of 30.37 per cent points relative to rate recorded in the corresponding quarter of 2017. Quarter-on-Quarter, the oil sector grew by 13.24 per cent in first quarter, 2018, NBS said.