Nigeria’s average oil production has dropped by 14.69 per cent year-on-year, YoY to 1.22 million barrels per day, mb/d in the second quarter of 2023, from 1.43 mb/d recorded in the corresponding period of 2022.
The Nigerian Bureau of Statistics, NBS, stated this in its 2023 second quarter Gross Domestic Product, GDP report, stressing that, “The nation in the second quarter of 2023 recorded an average daily oil production of 1.22 million barrels per day (mbpd), lower than the daily average production of 1.43mbpd recorded in the same quarter of 2022 by 0.22mbpd and lower than the first quarter of 2023 production volume of 1.51 mbpd by 0.29mbpd.
The NBS data also indicated that the real growth of the oil sector was 13.43 per cent (year-on-year) in Q2 2023, indicating a decrease of 1.66 per cent points relative to the rate recorded in the corresponding quarter of 2022 (-11.77 per cent).
Growth also decreased by 9.22 per cent points when compared to Q1 2023 which was -4.21 per cent. On a quarter-on-quarter basis, the oil sector recorded a growth rate of -14.12 per cent in Q2 2023.
“The Oil sector contributed 5.34 per cent to the total real GDP in Q2 2023, down from the figure recorded in the corresponding period of 2022 and down from the preceding quarter, where it contributed 6.33 per cent and 6.21 per cent respectively.”
On mining, the report, stated: “The Mining & Quarrying sector consists of Crude Petroleum and Natural Gas, Coal Mining, Metal ore and Quarrying and other Minerals sub-activities.
This sector grew nominally by -7.11 per cent (year-on-year) in Q2 2023. Metal Ores exhibited the highest growth rate of all the sub-activities at 186.40 per cent, followed by quarrying and other minerals activity at 60.83 per cent.
“However, Crude Petroleum and Natural gas was the main contributor to the sector with a weight of 85.80 per cent in Q2 2023. Comparing Q2 2023’s rate of growth relative to Q2 2022 and Q1 2023 growth rates, there was a decline of 56.86 per cent points and a fall of 3.59 per cent points respectively.
“The Mining & Quarrying sector contributed 6.58 percent to the overall GDP in the second quarter of 2023, lower than the contributions recorded in 2022 second quarter at 8.20 percent and lower than the previous quarter at 6.73 percent. In real terms, the Mining and Quarrying sector grew by -12.16 percent (year-on-year) in the second quarter of 2023.
Compared to the same quarter of 2022 and the first quarter of 2023, it was lower by 1.07 percent points and lower by 8.20 percent points respectively. Quarter- on- quarter, the growth rate recorded was -11.11 percent during the quarter. The contribution of Mining and Quarrying to Real GDP in the quarter under review stood at 5.58 percent, lower than the rate of 6.51 percent recorded in the corresponding quarter of 2022 and lower than the 6.26 percent recorded in the first quarter of 2023.” (VoN)