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