Mining, Quarrying Sector Records 34.98% Drop in Q1 2016

The NBS said the value decline is in connection with the global drop in price of crude in the global market.

According to First Quarter GDP report made available by the NBS in Abuja,on a nominal basis, the Mining and Quarrying sector slowed by 34.98 per cent (year-on-year) during Q1 2016,adding that the sector contributed only 4.14 per cent to the total Gross Domestic Product (GDP) in the first quarter of the year under review.

The bureau further stated that this was 11.22 per cent higher than growth recorded in Q1 2015, but marginally higher than growth recorded in the previous quarter.

“The decline of 34.98 per cent in year-on-year growth is attributable to the falling oil prices. The sector contributed 4.14 per cent to overall GDP in Q1 2016, lower than the contribution recorded in same quarter of 2015 and the preceding quarter by 2.60 per cent points and 1.04 per cent points respectively.:

“In real terms, Mining and Quarrying sector slowed at 2.96 per cent (year-on-year) in Q1 2016, a relative improvement from Q1 2015 by 4.94 per cent points and Q4 2015 by 5.08 per cent,” the report said .