05 September 2015, Lagos – The nation’s crude oil production was down by 5.9 per cent in the second quarter of the year when an output of 2.05 million barrels per day (mbpd), was recorded against 2.21 mbpd achieved in the previous, the National Bureau of Statics (NBS), has stated.
Besides, as a result of the declining crude oil prices, real growth of the oil sector slowed by 6.79 per cent during the period under review.
This, it noted, represents a decline relative to growth recorded in second quarter of 2014 by 5.14 per cent.
NBS hinted that growth was however relatively higher by 1.35 per cent points, relative to growth in second quarter of 2015.
“Quarter-on-quarter, growth also slowed by 3.82 per cent. As a share of the economy, the oil sector represented 9.80 per cent of total real GDP, down from the shares recorded in the corresponding period of 2014 and the share in first quarter of 2015 by 0.96 per cent points and 0.65 per cent points respectively.
Dwelling on mining and quarry sector, NBS said that the sector slowed in the second quarter of 2015 growing by 33.30 per cent on a nominal basis, during the quarter.
This, it added, was substantially below growth recorded in the corresponding quarter of 2014 where growth was recorded at 13.23 per cent. “Growth was however an improvement relative to first quarter of 2015 by 46.20 per cent. Growth was driven by developments in crude oil and natural gas which slowed by -33.68 per cent.
“The sector contributed 7.75 per cent to overall GDP during second quarter of 2015, lower than the share recorded in second quarter of 2014, yet higher than its share in first quarter of 2015”, it added.
In real terms, NBS stated that mining and quarrying sector slowed by
6.62 per cent in the second quarter of 2015, which indicated growth 11.94 per cent points lower than rates recorded in the second quarter of 2014, yet 1.29 per cent points higher than growth rates estimate for first quarter of 2015.
It noted that the contribution of mining and quarrying to real
GDP in the second quarter of 2015 stands at 9.95 per cent, showing that the sector’s share declined by 0.96 per cent points relative to the corresponding quarter of 2014 and also declined by 0.67 per cent points relative to first quarter of 2015.
*Roseline Okere – Guardian