Petroleum Contributed N1.942t to GDP in Q3 2015

According to a recent National Bureau of Statistics report, the oil and gas sector contributed a sum of N1.942 trillion to the nation’s Gross Domestic Product (GDP) in the third quarter of 2015, as reported by the Vanguard. The breakdown was as follows: Crude Petroleum and Natural Gas sub-sector accounted for N1.845 trillion, an increase from N1.614 trillion in Q2 2015. Secondly, the nation’s oil refining sub-sector, which is placed under the manufacturing sector, reportedly accounted for N81.93 billion, an increase from  N28.545 billion in Q2 2015. The sectors of Crude Petroleum and Natural Gas represented 10.27 per cent of Nigeria’s total real GDP. This was attributed by the NBS to an increase in production output compared to that of Q2 2015.   Source: Vanguard  

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This article was first published on 24th November 2015

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