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Oil and Gas Sector Contributes N1.78trillion to GDP in Q2 2015

Oil

 

The National Bureau of Statistics, NBS has revealed that the oil and gas sector contributed N1.782 trillion to Nigeria’s Gross Domestic Product, GDP, in the Second Quarter, Q2 2015.

Giving a breakdown of the oil and gas sector’s contribution, the NBS in the Nigerian GDP Report for Quarter Two 2015, said the Crude Petroleum and Natural Gas sub-sector in the Mining and Quarrying sector accounted for N1.746 trillion of the country’s GDP during the period.

Also, the Oil Refining sub-sector, under the manufacturing sector accounted for N35.24 billion, compared to the N1.39 trillion and N41.5 billion contributed by the crude petroleum and natural gas sub-sector, and the oil refining sub-sector, respectively, in Q1 2015.

In general, the NBS said Nigeria’s GDP grew by 2.35 per cent, year-on-year, in real terms lower by 1.61 per cent points from growth recorded in the preceding quarter, and also lower by 4.19 per cent points from growth recorded in the corresponding quarter of 2014. But quarter on quarter real GDP increased by 2.57 per cent.

 

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