Nigeria’s oil sector contributed 4.34% to the gross domestic product (GDP) in the fourth quarter of 2022, down from 5.19% during the comparable period in 2021 and 5.66% in the preceding quarter.
This is according to the GDP report released on Wednesday, February 22, by the National Bureau of Statistics (NBS).
The report noted that the total annual contribution of oil to aggregate GDP in 2022 was 5.67%.
It also showed that the oil sector is the fifth-highest contributor to the country’s GDP during the period under review. The oil sector came behind Crop production, Trade, Telecommunications/Information, and Real Estate in terms of sectors that contributed the most to the GDP during the period under review.
More Insights: The report said that in the fourth quarter of 2022, Nigeria recorded an average daily oil production of 1.34 million barrels per day (m/bpd), which is lower than the daily average production of 1.500 m/bpd recorded in the same quarter of 2021 by 0.16mbpd and higher than the third quarter of 2022 production volume of 1.20 m/bpd by 0.14 m/bpd.
Real growth: The real growth of the oil sector was –13.38% (year-on-year) in Q4 2022 indicating a decrease of 5.33% points relative to the rate recorded in the corresponding quarter of 2021. Growth increased by 9.29% points when compared to Q3 2022 which was – 22.67%.
Meanwhile, on a quarter-on-quarter basis, the oil sector recorded a growth rate of -14.93% in Q4 2022. However, the annual growth rate of oil stood at -19.22% compared to the -8.30% recorded in 2021.
What you should know: The performance of the GDP in the fourth quarter of 2022 was driven mainly by the Services sector, which recorded a growth of 5.69% and contributed 56.27% to the aggregate GDP
