Nigeria’s oil sector contributes 8.97 per cent to GDP in fourth quarter

Nigeria’s oil sector contributed approximately 8.97 per cent to real Gross Domestic Product (GDP) in the last quarter of 2014, according to National Bureau of Statistics.

In its Nigerian GDP report for quarter four of 2014, it stated that the Nigeria oil sector experienced production and price challenges in the quarter of review.

According to the report, despite this, average daily production of crude oil was recorded at 2.18 million barrels per day (mbpd), an increase from 2.16 mbpd recorded in the fourth quarter of 2013 and from the 2.15 mbpd recorded in third quarter of the year 2014.

The mining and quarrying sector’s nominal GDP recorded negative growth of 17.16 percent (year-on-year) in the fourth quarter of 2014, 16.53 percentage points higher than the -0.31 percent growth rate recorded in the corresponding quarter of 2013 and 2.48 percentage points lower than growth rate recorded in the third Quarter of 2014.

It disclosed that coal mining and metal ores were the fastest growing activities during the period, growing by 29.88 percent and 26.76 percent respectively.

The report stated that sector growth slowed by 11.93 percent, with Coal mining, and quarrying & other minerals leading growth. The contribution of mining and quarrying to nominal GDP in the Fourth quarter of 2014 was recorded at 8.56 percent.

It stated: “In real terms, the sector grew by 1.36 percent (year- on-year) in the fourth quarter of 2014, 10.42 per cent points higher than rates recorded in the fourth quarter of 2013, and 4.79 percentage points higher than growth rates recorded in the third quarter of 2014.

The contribution of Mining and quarrying to real GDP in the fourth quarter of 2014 was 9.12 percent, lower when compared to 9.53 percent recorded in the fourth quarter of 2013, and the 10.58 percent recorded in the third quarter of 2014.

In the fourth quarter of 2014, the non-oil sector recorded 6.44 per cent growth in real terms, lower when compared to the 8.78 per cent recorded in the corresponding period in 2013, and the 7.51 per cent recorded in the third quarter of 2014.

It noted that when measured by the real gross GDP, the economy grew by 5.94 per cent (year-on- year) on an aggregate basis in the fourth quarter of 2014.

This, it said was lower by 0.83 percentage points from rates recorded in the Fourth quarter of 2013, and lower by 0.28 percentage points from the third quarter of 2014. “From the third quarter of 2014, the economy grew by 3.84 percent in quarter four.

“The nominal GDP at basic prices for the fourth quarter of 2014 was estimated at N24,205,863.34 million, up 13.10 per cent from N21,401,519.78 million estimated for the corresponding quarter of 2013 and 5.55 percent from N22,933,144.01 million recorded in the third quarter of 2014.