The decline in oil production between April and June has eroded the gains recorded in the first quarter of the year as the sector’s GDP dropped by 9.22 percent over the previous quarter’s result, the latest data from the National Bureau of Statistics (NBS) has shown.
On a year-on-year basis, the report showed a decrease of 1.66 percent from -11.77 percent in the corresponding quarter of 2022. Also, the real growth of the oil sector still wobbles in the negative region.
“The real growth of the oil sector was –13.43 percent (year-on-year) in Q2 2023, indicating a decrease of 1.66 percent points relative to the rate recorded in the corresponding quarter of 2022 (-11.77 percent).
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“Growth also decreased by 9.22 points when compared to Q1 2023 which was –4.21 percent. On a quarter-on-quarter basis, the oil sector recorded a growth rate of -14.12 percent in Q2 2023,” the report showed.
According to the GDP report, the oil sector contributed 5.34 percent to the total real GDP in Q2 2023, down from the figure recorded in the corresponding period of 2022 and down from the preceding quarter, where it contributed 6.33 percent and 6.21 percent respectively.
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Nigeria’s oil production during the period averaged 1.22 million barrels of oil per day (bpd), accounting for a 19.2 percent decline from 1.51 million bpd in the first quarter.
“The nation in the second quarter of 2023 recorded an average daily oil production of 1.22 million bpd, lower than the daily average production of 1.43 million bpd recorded in the same quarter of 2022 by 0.22 million bpd and lower than the first quarter of 2023 production volume of 1.51 million bpd by 0.29 million bpd,” the NBS said.
