Latest economic report by the National Bureau of Statistics (NBS) has shown that the oil sector contributed 8.19 percent of total real GDP in the 3rd quarter of 2016.

The sector’s 8.19 percent is down from figures recorded in the corresponding period of 2015 and the preceding quarter of 2016 recorded at 10.27 percent (2nd quarter) and 8.26 percent (1st quarter) respectively.

In the First Quarter of 2016, oil production stood at 2.11million barrels per day (mbpd), 0.05mbpd lower from production in Q4 of 2015. Oil production was also lower relative to the corresponding quarter in 2015 by 0.07mbpd when output was recorded at 2.18mbpd.

As a result, real growth of the oil sector slowed by 1.89 percent (year-on-year) in Q1 of 2016. This represents an improvement relative to growth recorded in Q1 2015 when growth slowed by 8.15 percent. Growth also increased by 6.39 percent points relative to growth in Q4 of 2015. Quarter-on-Quarter, growth also improved by 10.27 percent. As a share of the economy, the oil sector contributed 10.29 percent of total real GDP, marginally lower from the share recorded in the corresponding period of 2015, yet higher from the share in Q4 of 2015 by 2.24 percent points.

At the 2nd quarter, Oil production was estimated at 1.69million barrels per day (mbpd), 0.42 million barrels per day lower from production in First Quarter of 2016. Oil production was also lower relative to the corresponding quarter in 2015 by 0.36million barrels per day when output was recorded at 2.05mbpd.

As a result, real growth in the oil sector was negative 17.48 percent (year-on-year) in the Second Quarter of 2016. Growth declined by 10.68 percent points and 15.59 percent points relative to growth in the Second Quarter of 2015 and First Quarter of 2016 respectively. Quarter-on-Quarter, growth also slowed by -19.11 percent. As a share of the economy, the Oil sector contributed 8.26 percent to total real GDP, down from the contribution recorded in the corresponding period of 2015 and the First Quarter of 2016 by 1.54percent points and 2.03 percent points respectively.

During the 3rd quarter, Oil production, according to the NNPC, averaged at 1.63million barrels per day (mbpd), lower from production in second quarter of 2016. Oil production was also lower relative to the corresponding quarter in 2015 by 0.54million barrels per day when output was recorded at 2.17mbpd.

As a result, real growth of the oil sector slowed by – 22.01 percent (year-on-year) in third quarter of 2016. This represents a decline relative to growth recorded in same quarter of 2015 at 1.06 percent. Growth declined by 23.07 percent points and 4.54 percent points relative to growth in third quarter of 2015 and second quarter of 2016 respectively. Quarter-on-Quarter, growth was 8.07 percent, the report said.

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