A report released by National Bureau of Statistic on performance of oil sector’s contribution to Nigeria’s Gross Domestic Product, has indicated that industry remains below 10 per cent in Q1 figures of the nation’s GDP .
However, the office reported on Monday that the nation’s GDP grew by 1.95 per cent year-on-year- in real terms in the first quarter of 2018, but that the nation recorded some growth in the oil sector during the period, the contribution formed only 9.61 per cent of the total, with the non- oil sector accounting for the rest.
It said that the development had 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.
As gathered from report, real growth of the oil sector was 14.77 per cent (year-on-year) in first quarter of 2018, representing an increase of 30.37 per cent points relative to rate recorded in the corresponding quarter of 2017.
According to the NBC, quarter-on-Quarter, the oil sector grew by 13.24 per cent in first quarter, 2018 and the growth was up from 8.53 per cent in the first quarter and 7.35 per cent in the fourth quarter recorded in 2017.
“In comparison, non-oil sector grew by 0.76 per cent in real terms during the quarter under review.This was higher by 0.04 per cent point compared to the rate recorded same quarter of 2017 and 0.70 per cent point lower than the fourth quarter of 2017”.
The report showed that 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 it, the Non-Oil sector contributed 90.39 per cent to the nation’s GDP, lower than 91.47 per cent recorded in the first quarter of 2017 and 92.65 per cent recorded in the fourth quarter of 2017, while in 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 revealed that a stronger growth compared with the first quarter of 2017, which recorded a growth of –0.91 per cent indicating an increase of 2.87 per cent points, and that compared to the preceding quarter, there was a decline of -0.16% points from 2.11%, NBS said.
It related that quarter on quarter, real GDP growth was -13.40% as oil production estimates for the third and fourth quarters of 2017 have been revised and oil GDP for those quarters have been adjusted accordingly.
According to NBS figures, aggregate GDP for the first quarter stood at N28.4 trillion in nominal terms.
“This performance is higher when compared to the first quarter of 2017 which recorded a nominal GDP aggregate of N26.028 trillion thus, presenting a positive year on year nominal growth rate of 9.36%. This rate of growth is however lower relative to growth recorded in Q1 2017 by -7.70% points at 17.06% but higher than the proceeding quarter by 2.14% points at 7.22%.