The contribution of the oil sector to Nigeria’s Gross Domestic Product (GDP) is slightly on the rise, after witnessing a downward trend over a four-year period between 2013 and 2017.
However, despite contributing about 90% to Nigeria’s total exports, oil sector’s contribution to the GDP still remains very low compared to that of the non-oil sector.
In the first quarter of 2018, oil contributed 76.3% out of Nigeria’s total exports, but its contribution to the GDP in the same quarter was a mere 9.61% while the non-oil sector contributed 90.39% to GDP.
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Do you think Nigeria should focus more on non-oil sector that contributes more to GDP?