Nigeria’s oil production drops 14.69% to 1.22 mb/d — Report

Date:

August 29,2023.

Thank you for reading this post, don't forget to subscribe!

THE Nigerian Bureau of Statistics, NBS, said Nigeria’s average oil production 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 NBS stated this in its 2023 second quarter Gross Domestic Product, GDP report obtained by Energy Vanguard, 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 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.”(www.naija247news.com)

 

Peter Okafor
Peter Okaforhttp://Naija247news.com
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

Share post:

Subscribe

Popular

More like this
Related

Kogi women farmers seek access to N700m credit facility

July 17, 2024. Azonuchechi Chukwu. Women farmers under the auspices of...

Expert Urges Manufacturers on Effective Crisis Management and Conflict Resolution

By Rukayat Moisemhe Lagos, July 17, 2024 (NAN) – Mrs....

Mining Company Advocates Strategic Investment in Nigeria’s Lithium sector

By Martha Agas Abuja, July 17, 2024 (NAN) – Segilola...

Oil Production: NASS pledges support to NNPC Ltd.

By Vivian Emoni Abuja, July 17, 2024 (NAN) The...
× How can I help you?