The crude oil production in the second quarter of 2022 recorded an average daily oil production of 1.43 million barrels per day (mbpd), lower than the daily average production of 1.61mbpd recorded in the same quarter of 2021 by 0.18mbpd, Prince Semiu Adeyemi Adeniran, the Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics,has said.
He said the figure is lower than the first quarter of 2022 production volume of 1.49mbpd by 0.06mbpd,adding that the oil GDP grew by -11.77% in Q2 2022 and accounted for 6.33% of total output during the reference quarter.
He attributed the poor performance of the sector to operational challenges such as vandalism of pipelines and oil theft.
The non-oil sector grew by 4.77% in real terms during the reference quarter (Q2 2022),he said.
This sector in the second quarter of 2022 was mainly driven by activities in the Information and communication,transportation, agriculture and manufacturing, all accounting for positive GDP growth. In real terms, the non-oil sector contributed 93.67% to the nation’s GDP in the second quarter of 2022, higher than the share recorded in the second quarter of 2021 which was 92.58%, and higher than the first quarter of 2022 at 93.37%.
On the broad sectoral performance, Agriculture grew by 1.20% during the second quarter of 2022 in real terms, lower than the second quarter of 2021 which recorded 1.30%. The industry, grew by -2.30%, which is a decline over the figure recorded in the second quarter of 2021 when it recorded a growth of -1.23%. The services sector grew by 6.70%, from 9.27% reported in the second quarter of 2021.
He said agriculture, industry, and services contributed 23.24%, 19.40%, and 57.35% respectively to GDP in the reference period, adding that the development shows a higher contribution of Services in the second quarter of 2022 compared to the second quarter of 2021.
