Nigeria’s oil sector contributed 5.66 per cent to the country’s total real gross domestic product (GDP) in Q3 2022.
This is according to the Nigerian GDP report for Q3/2022, released last week by the National Bureau of Statistics (NBS).
The 5.66 per cent recorded in Q3/2022 is down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 7.49 per cent and 6.33 per cent respectively.
According to the GDP report, Nigeria recorded an average daily oil production of 1.20 million barrels per day (mbpd) in Q3/2022. This is lower than the daily average production of 1.57 mbpd recorded in the same quarter of 2021 by 0.37 mbpd and lower than the Q2/2022 production volume of 1.43 mbpd by 0.24 mbpd.
The declining growth rate in the oil industry
The real growth of the oil industry was –22.67 per cent year-on-year in Q3 2022 indicating a decrease of 11.94 per cent points relative to the rate recorded in the corresponding quarter of 2021.
Growth also decreased by 10.91 per cent points when compared to Q2 2022 which was –11.77 per cent. Quarter-on-quarter, the oil industry recorded a growth rate of -1.80 per cent in Q3 2022.
Looking at the corresponding period in 2021, Nigeria was producing up to 1.5 million barrels per day of crude oil. However, the country was battling crude oil theft as of Q3/2022.
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The Nigerian National Petroleum Company (NNPC) Limited has made it clear that they have launched an offensive against perpetrators and this aided increased production as of October 2022, higher than in previous months of September and August 2022.
According to the GDP report, this sector recorded a year-on-year growth of -3.07 per cent in Q3/2022.
The report says the contribution of electricity, gas, steam and air conditioning supply to nominal GDP in Q3/2022 was 0.72 per cent, lower than the contribution made in the corresponding quarter of 2021 at 0.86 percent and lower than its contribution of 1.39 per cent in Q2/2022.
In real terms, the sub-sector grew by -3.56 per cent in Q3/2022, a decline from the growth rate of 14.36 per cent recorded in the same quarter of 2021. When compared to the immediate past quarter, there was an increase of 7.92 per cent points from -11.48 per cent recorded.
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