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    Oil & gas sector adds 4.70% to Nigeria’s GDP in Q4 2023

    Mkpoikana Udoma

    Port Harcourt — The oil and gas sector contributed a paltry 4.70 percent to Nigeria’s Gross Domestic Product, GDP, while the non-oil sector contributed a whopping 93.30 percent in the third quarter of 2023, the National Bureau of Statistics, NBS, has said

    The figure is a decline from the 5.48 per cent contributed by the oil and gas sector, recorded in the second quarter of 2023.

    GDP is a measure of the total value of all goods and services produced in a country over a given period. It is an indicator of a country’s economic health and it is calculated by adding up all the money spent on goods and services by consumers, businesses, and the government, and subtracting all the money spent on imports.

    Meanwhile, the NBS has said that Nigeria’s GDP grew by 3.46 percent (year-on-year) in real terms in the fourth quarter of 2023.

    This growth rate, according to the agency, is lower than the 3.52 percent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 percent.
    Data obtained from NBS website said the performance of the GDP in the fourth quarter of 2023 was driven mainly by the services sector, which recorded a growth of 3.98 percent and contributed 56.55 percent to the aggregate GDP.
    The agriculture sector grew by 2.10 percent from the growth of 2.05 percent recorded in the fourth quarter of 2022. The growth of the industry sector was 3.86 percent, an improvement from -0.94 percent recorded in the fourth quarter of 2022.
    In terms of share of the GDP, industry, and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022.

    On an annual basis, the GDP grew by 2.74 percent in 2023 relative to 3.10 percent in 2022.

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