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Chart of the day: Oil contribution to Nigeria’s GDP remains low

Research Team by Research Team
June 11, 2018
in Uncategorized
Nigerian oil cargo
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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.

[wpdatachart id=191]

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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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