Nigeria’s oil sector expands by 14.7% in Q1 2018

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Lagos — The Nigerian oil sector grew by 14.7 percent in the first quarter of this year.

Statistics from the National Bureau of Statistics, NBS, said real growth of the sector was 14.77% year-on-year in the first quarter.

This represents an increase of 30.37% relative to the rate recorded in the corresponding quarter of 2017.

Quarter-on-Quarter, the oil sector grew by 13.24% in the period.

In the first quarter of 2018, the nominal year-on-year growth rate of trade stood at -2.12%.

This indicates a drop of 11.71% points when compared with the first quarter of 2017 and 5.24% points lower than the preceding quarter.

Other services grew by 2.71% year-on-year in the first quarter of 2018, the NBS said.

The growth rate is less than the 14.95% recorded in the same quarter of the previous year and lower than the growth rate of 4.52 % in the fourth quarter of 2017 by 12.24 % points and 1.81% points respectively.

Nominal gross domestic product growth of manufacturing in the first quarter of 2018 was 8.93% year-on-year, – 7.70% points lower than figures recorded in the corresponding period of 2017, 16.63% and -0.27% points lower than the preceding quarter figure of 9.20%.

Quarter-on-quarter growth of the sector is recorded at – 1.04%.

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