OIL’S contribution to Nigeria’s Gross Domestic Product (GDP) remains below 10 per cent in Q1 figures released yesterday by the National Bureau of Statistics(NBS) in Abuja.
According to the NBS, the nation’s GDP grew by 1.95 per cent year-on-year- in real terms in the first quarter of 2018.
Although the nation recorded some growth in the oil sector during the period, the contribution formed only 9.61 per cent of the total, with the non- oil sector accounting for the rest.
This is despite an increase in the daily oil production to an average of 2.0 million barrels per day (mbpd), higher than the 1.95 mbpd in the fourth quarter of 2017.
The report stated that real growth of the oil sector was 14.77 per cent (year-on-year) in first quarter of 2018. This represents an increase of 30.37 per cent points relative to the rate recorded in the corresponding quarter of 2017. Quarter-on-Quarter, the oil sector grew by 13.24 per cent in first quarter, 2018, the NBS said.
This is up from 8.53 per cent in the first quarter and 7.35 per cent in the fourth quarter of 2017.
In comparison, non-oil sector grew by 0.76 per cent in real terms.
This is higher by 0.04 per cent point compared to the rate recorded same quarter of 2017 and 0.70 per cent point lower than the fourth quarter of 2017.
The sector’s growth was driven mainly by agriculture (crop production), financial institutions and insurance, manufacturing, transportation and storage as well as information and communication.
In real terms, the non-oil sector contributed 90.39 per cent to the GDP, lower than 91.47 per cent recorded in the first quarter of 2017 and 92.65 per cent recorded in the fourth quarter of 2017.
Overall, GDP grew by 1.95% (year-on-year) in real terms in the first quarter of 2018.
The bureau stated that the figure shows a stronger growth, compared with the first quarter of 2017, which recorded a growth of –0.91 per cent, indicating an increase of 2.87 per cent points.
Compared to the preceding quarter, there was a decline of -0.16% points from 2.11%, NBS said.
Quarter on quarter, real GDP growth was -13.40% as oil production estimates for the third and fourth quarters of 2017 have been revised and oil GDP for those quarters have been adjusted.
According to NBS figures, aggregate GDP for the first quarter stood at N28.4 trillion in nominal terms.
”This performance is higher when compared to the first quarter of 2017 which recorded a nominal GDP aggregate of N26.028 trillion, thus -presenting a positive year- on-year nominal growth rate of 9.36%. This rate of growth is however lower relative to growth recorded in Q1 2017 by -7.70% points at 17.06% but higher than the proceeding quarter by 2.14% points at 7.22%.