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.
Nominalterms
“During the quarter, aggregate GDP stood at N22.859 trillion, in nominal terms, at basic prices. Compared to the Second Quarter 2014 value of N21.735 trillion, nominal GDP was 5.17 per cent higher. Nominal GDP growth was also higher relative to growth recorded in first quarter of 2015 by 0.85 per cent points,” the NBS report said.
The NBS further said that oil production in Q2 2015 stood at 2.05 million barrels per day (mbpd), dropping 5.9 per cent from Q1 levels. It also disclosed that oil production was lower, relative to the corresponding quarter in 2014 by 7.3 per cent when output was recorded at 2.21 mbpd.
It said: “As a result, real growth of the oil sector slowed by 6.79 per cent (year-on-year) in the second quarter of 2015. This represents a decline relative to growth recorded in the second quarter of 2014 (5.14 per cent). “Growth was however relatively better by 1.35 per cent points relative to growth in the first quarter of 2015. Quarter-on-Quarter, growth also slowed by 3.82 per cent.”
The NBS further said that as a share of the economy, the oil sector represented 9.80 per cent of total real GDP, down from the share recorded in the corresponding period of 2014, and Q1 2015 by 0.96 per cent points and 0.65 per cent points respectively.
The NBS said: “The Mining and Quarrying sector comprises four main activities, which include Crude Petroleum and Natural Gas, Coal Mining, Metal ore and Quarrying and other Minerals. On a nominal basis, the sector slowed in the Second quarter of 2015 growing by 33.30 per cent (year on year) during the quarter.
“This was substantially below growth recorded in the corresponding quarter of 2014 where growth was recorded at 13.23 per cent. Growth was however an improvement relative to Q1 of 2015 (- 46.20%). “Growth was driven by developments in Crude Oil and Natural Gas which slowed by -33.68 per cent. The sector contributed 7.75 per cent to overall GDP during Q2 of 2015, lower than the share recorded in Q2 of 2014 (12.22 %), yet higher than its share in Q1 of 2015 (6.74 %).”