The oil sector’s contribution to Nigeria’s Gross Domestic Product, GDP remains below 10 percent in Q1 figures of the nation’s GDP released by the National Bureau of Statistics in Abuja today.
According to the NBS, the nation’s GDP grew by 1.95 percent year-on-year- in real terms in the first quarter of 2018.
Although the nation recorded some growth in the oil sector during the period, the contribution formed only 9.61 percent of the total, with the non- oil sector accounting for the rest.
This is despite an increase in the daily oil production to an average of 2.0 million barrels per day (mbpd), higher than the 1.95 mbpd in the fourth quarter of 2017.
The report stated that real growth of the oil sector was 14.77 percent (year-on-year) in the first quarter of 2018. This represented an increase of 30.37 percent points relative to rate recorded in the corresponding quarter of 2017. Quarter-on-Quarter, the oil sector grew by 13.24 percent in the first quarter, 2018, NBS said.
This was up from 8.53 percent in the first quarter and 7.35 percent in the fourth quarter recorded in 2017.
In comparison, non-oil sector grew by 0.76 percent in real terms during the quarter under review.
This was higher by 0.04 percent point compared to the rate recorded same quarter of 2017 and 0.70 percent point lower than the fourth quarter of 2017.
The report stated the sector’s growth was driven mainly by agriculture (Crop production), financial institutions and insurance, manufacturing, transportation and storage as well as information and Communication.
In real terms, the Non-Oil sector contributed 90.39 percent to the nation’s GDP, lower than 91.47 percent recorded in the first quarter of 2017 and 92.65 percent recorded in the fourth quarter of 2017.
Overall, the Nigerian Gross Domestic Product (GDP) grew by 1.95% (year-on-year) in real terms in the first quarter of 2018.
The Bureau stated that the figure shows a stronger growth compared with the first quarter of 2017, which recorded a growth of –0.91 percent indicating an increase of 2.87 percent points.
Compared to the preceding quarter, there was a decline of -0.16% points from 2.11%, NBS said.