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Petroleum contributes N1.94trn to Nigeria’s GDP

24 November 2015, 16:19

Abuja - The oil and gas sector contributed N1.942 trillion to Nigeria’s Gross Domestic Product, GDP, in the third quarter, Q3 of 2015, according to a data by the National Bureau of Statistics, NBS.

Giving a breakdown, the NBS in its GDP Q3 2015 report, said the Crude Petroleum and Natural Gas sub-sector accounted for N1.845 trillion, rising from N1.614 trillion in Q2 2015, and also an improvement when compared to N1.826 trillion recorded in 2014.

On the other hand, the Oil Refining sub-sector, under the Manufacturing sector, accounted for N81.93 billion, compared to N28.545 billion and N92.55 billion recorded Q2 2015 and Q3 2014 respectively.

Also read: Kachikwu directs free distribution of hoarded petroleum products

The contribution of the Crude Petroleum and Natural Gas sub-sector, according to the NBS, represented 10.27 per cent of the country’s total real GDP, and is an improvement on the N1.614 trillion recorded in Q2 2014.

The NBS attributed the improved contribution of the sector to a significant rise in crude oil production in the period under review, compared to oil output in Q2 2015.

- News 24

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