Oil sector contributes N1.78trn to the Gross Domestic Product of 2nd Quater

The Oil and Gas sector contributed N1.782 trillion to Nigeria’s Gross Domestic Product, GDP, in the Second Quarter, Q2 2015, according to the National Bureau of Statistics, NBS. Giving a breakdown of the oil and gas sector’s contribution, the NBS Nigerian GDP Report for Quarter Two 2015, said the Crude Petroleum and Natural Gas sub-sector in the Mining and Quarrying sector accounted for N1.746 trillion of the country’s GDP during the period.

Also, the Oil Refining sub-sector, under the manufacturing sector accounted for N35.24 billion, just as This is compared to the N1.39 trillion and N41.5 billion contributed by the crude petroleum and natural gas sub-sector, and the oil refining sub-sector, respectively, in Q1 2015.

In general, the NBS said Nigeria’s GDP grew by 2.35 per cent, year-on-year, in real terms lower by 1.61 per cent points from growth recorded in the preceding quarter, and also lower by 4.19 per cent points from growth recorded in the corresponding quarter of 2014. But quarter on quarter real GDP increased by 2.57 per cent.

Source: Vanguard