Nigeria’s oil industry contributed 5.66% to GDP in the third quarter of 2022

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Nigeria’s petroleum sector contributed 5.66% to the country’s total real gross domestic product (GDP) in the third quarter of 2022.

This is according to the Nigerian GDP report for the third quarter of 2022, released on Thursday, November 24 by the National Bureau of Statistics (NBS).

The 5.66% registered in Q3/2022 is lower than the figures registered in the corresponding period of 2021 and the previous quarter, where it contributed 7.49% and 6.33% respectively.

Crude Oil Production Rates: According to the GDP report, Nigeria recorded an average daily oil production of 1.20 million barrels per day (mbpd) in the third quarter of 2022. This is lower than the average daily production of 1.57 mbpd recorded in the same quarter of 2021 by 0.37 mbpd and lower than the production volume of the second quarter of 2022 of 1.43 mbpd by 0.24 mbpd.

The decreasing growth rate in the oil industry: The real growth of the oil industry was -22.67% year-on-year in Q3 2022, indicating a decrease of 11.94% points in relation to the rate registered in the corresponding quarter of 2021. Growth also decreased by 10 .91% points compared to Q2 2022, which was -11.77%. On a quarterly basis, the oil industry posted a growth rate of -1.80% in the third quarter of 2022.

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Probable cause: 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 fighting crude oil theft as of the third quarter of 2022. The Nigerian National Petroleum Company (NNPC) Limited has made it clear that it has launched a crackdown on the perpetrators and this helped increase the production from October 2022, more than in the previous months of September and August 2022.

Nigerian Energy Subsectors: According to the GDP report, this sector registered a year-on-year growth of -3.07% in Q3/2022.

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The report says that the contribution of electricity, gas, steam and air conditioning supply to nominal GDP in the third quarter of 2022 was 0.72%, lower than the contribution made in the corresponding quarter of 2021 at 0.86%. and lower than its contribution of 1.39% in the second quarter. /2022.

In real terms, the subsector grew by -3.56% in Q3/2022, a decrease from the growth rate of 14.36% registered in the same quarter of 2021. Compared to the immediately previous quarter, there was an increase of 7.92%. points from -11.48% registered.

In case you missed it: Nairametrics reported that its research arm, Nairalytics, found that power supply across the country dropped to 6.52% between September and October 2022.

In July 2022, the electricity supply was 86,222 megawatt hours (MW/h). In August 2022, the electricity supply was 93,184 MW/h. In September 2022, the electricity supply was 94,557 MW/h.

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