Oil Sector

The bureau of statistics analyzed the Gross Domestic Product of both the crude petroleum and natural gas sector. The bureau’s report says that the sectors GDP dropped from N2.8tn to N2.55tn, which is a 9.57 in less than one year.

Why it matters?
Natural gas and crude oil were the major contributor to the mining and quarrying industry during the period the bureau did this study. The report stated this sector deepened in the second quarter but slightly bettered in the third quarter.

Meanwhile, in the first quarter of 2021, the sector hugely contributed to the mining and
quarrying sector with a share of 99.47 per cent, while totaling the sum of 2.8tn.
For the second quarter of this year, 2021, reports say there was a huge decline,
contributing N560bn to N2.26tn. Therefore, it contributed 91.88 per cent to the sector, which is lower than that in the first quarter.

In the third quarter, it made quite a bounce back with an increase of N290bn or 12.83 per cent. This increase amounted to N2.55tn.

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