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The decline in oil manufacturing between April and June has eroded the positive aspects recorded within the first quarter of the yr because the sector’s GDP dropped by 9.22 p.c over the earlier quarter’s consequence, the newest information from the Nationwide Bureau of Statistics (NBS) has proven.
On a year-on-year foundation, the report confirmed a lower of 1.66 p.c from -11.77 p.c within the corresponding quarter of 2022. Additionally, the actual development of the oil sector nonetheless wobbles within the unfavorable area.
“The actual development of the oil sector was –13.43 p.c (year-on-year) in Q2 2023, indicating a lower of 1.66 p.c factors relative to the speed recorded within the corresponding quarter of 2022 (-11.77 p.c).
Learn additionally: Nigeria’s oil manufacturing falls to 1.29mbpd amid rising costs
“Progress additionally decreased by 9.22 factors when in comparison with Q1 2023 which was –4.21 p.c. On a quarter-on-quarter foundation, the oil sector recorded a development fee of -14.12 p.c in Q2 2023,” the report confirmed.
Based on the GDP report, the oil sector contributed 5.34 p.c to the whole actual GDP in Q2 2023, down from the determine recorded within the corresponding interval of 2022 and down from the previous quarter, the place it contributed 6.33 p.c and 6.21 p.c respectively.
Learn additionally: Rising oil output from Nigeria raised OPEC’s June manufacturing
Nigeria’s oil manufacturing throughout the interval averaged 1.22 million barrels of oil per day (bpd), accounting for a 19.2 p.c decline from 1.51 million bpd within the first quarter.
“The nation within the second quarter of 2023 recorded a mean every day oil manufacturing of 1.22 million bpd, decrease than the every day common manufacturing of 1.43 million bpd recorded in the identical quarter of 2022 by 0.22 million bpd and decrease than the primary quarter of 2023 manufacturing quantity of 1.51 million bpd by 0.29 million bpd,” the NBS mentioned.
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