Nigeria’s Gross Domestic Product (GDP) increased by 2.25 percent (year over year) in real terms in the third quarter of 2022, according to data released by the National Bureau of Statistics (NBS). “The total nominal GDP for the quarter under review was N52,255,809.62 million.
In the third quarter of 2022, the country’s average daily oil production was 1.20 million barrels per day (mbpd), down from the 1.57 mbpd average daily production volume recorded in the same quarter of 2021 by 0.37 mbpd and from the 1.43 mbpd volume produced in the second quarter of 2022 by 0.24 mbpd.
“In Q3 2022, the actual growth of the oil industry was -22.67% (year over year), which is a decline of 11.94% points in comparison to the rate recorded in the corresponding quarter of 2021.
The oil sector recorded a growth rate of 1.80 per cent in Q3 2022 contributing about 5.66 per cent to the total real GDP in Q3 2022, down from the figures recorded in the corresponding period of 2021 and the preceding quarter, where it contributed 7.49 per cent and 6.33 per cent respectively.