• Tuesday, July 16, 2024
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Nigeria’s oil GDP rises 9% in first quarter of 2023

Nigeria’s oil GDP drops 9% in second quarter of 2023

The boost in oil production in January, February, and March helped to raise the sector’s GDP by 9.2 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 21.83 percent increase from -26.04 percent in the corresponding quarter of 2022.

However, the real growth of the oil sector still wobbles in the negative region.

“The real growth of the oil sector was -4.21 percent (year-on-year) in Q1 2023, indicating an increase of 21.83 percent points relative to the rate recorded in the corresponding quarter of 2022 (-26.04 percent).

“Growth increased by 9.18 percent points when compared to Q4 2022, which was -13.38 percent. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 20.68 percent in Q1 2023,” the report showed.

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According to the GDP report, the oil sector contributed 6.21 percent to the total real GDP in Q1 2023, down from the figure recorded in the corresponding period of 2022 and up from the preceding quarter, where it contributed 6.63 percent and 4.34 percent, respectively.

Nigeria recorded an average daily oil production of 1.51 million barrels per day (mbpd) in the first quarter of 2023, according to the NBS.

This is higher than the daily average production of 1.49 mbpd recorded in the same quarter of 2022 by 0.01 mbpd and higher than the fourth quarter of 2022 production volume of 1.34 mbpd by 0.17 mbpd.

Meanwhile, on a quarter-on-quarter basis, the oil sector recorded a growth rate of 20.68 percent in Q1 2023.

The oil sector contributed 6.21 percent to the total real GDP in Q1 2023, down from the figure recorded in the corresponding period of 2022 and up from the preceding quarter, where it contributed 6.63 percent and 4.34 percent, respectively.