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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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Nigeria: Oil and gas contributes 5.34% To GDP in Q2


By Favour & Akinola Ajibade


Nigeria’s energy sector contributes 5.34 percent to the country’s Gross Domestic Product (GDP) in the second quarter of 2023, a figure, which is below 6.33 and 6.21 contributd in the conresponding year.

In the latest GDP report  released by the National Bureau of Statistics (NBS), Nigeria's average daily oil production was 1.22 million barrels per day (m/bpd).

This is a decrease from the daily average production of 1.43 m/bpd in the same quarter of 2022, by 0.22 m/bpd. Furthermore, it’s lower than the first quarter of 2023 production volume of 1.51 m/bpd, by 0.29 mbpd.

The report goes on to highlight that in Q2/2023, the real growth of Nigeria’s oil sector was -13.43% year-on-year, marking a decline of 1.66% points compared to the rate seen in the corresponding quarter of 2022 (-11.77%).

In comparison to Q1 2023, which was -4.21%, this marks a more substantial decrease of 9.22% points.

Meanwhile, in a quarter-on-quarter analysis, the oil sector experienced a growth rate of -14.12% in Q2 2023.

It’s important to note that Nigeria’s Gross Domestic Product (GDP) exhibited a real growth rate of 2.51% year-on-year in Q2 2023.

This growth rate is lower than the 3.54% recorded in the second quarter of 2022 and could be attributed to the ongoing challenging economic conditions.

The NBS report also elaborates that the Mining and Quarrying sector comprises sub-activities such as Crude Petroleum and Natural Gas, Coal Mining, Metal ore and Quarrying, and other Minerals.

This sector saw nominal growth of -7.11% year-on-year in Q2 2023.

Metal Ores showcased the most substantial growth rate among all sub-activities at 186.40%, followed by quarrying and other minerals activity at 60.83%.

Crude Petroleum and Natural gas remained the principal contributor to the sector, holding a weight of 85.80% in Q2 2023.

Comparing the rate of growth in Q2 2023 to that of Q2 2022 and Q1 2023, there was a decline of 56.86% points and a decrease of 3.59% points, respectively.

The Mining and Quarrying sector’s contribution to the overall GDP in the second quarter of 2023 was 6.58%, which is lower than the contributions recorded in the second quarter of 2022 at 8.20%, as well as the previous quarter at 6.73%.

In real terms, the Mining and Quarrying sector experienced a -12.16% year-on-year growth in the second quarter of 2023. This is lower by 1.07% points compared to the same quarter of 2022 and lower by 8.20% points compared to the first quarter of 2023.

According to the NBS report, the sector demonstrated a real growth rate of 6.10% in Q2 2023, a considerable increase from the growth rate of -11.48% in the same quarter of 2022.

In comparison to the immediate past quarter, there was a decrease of 3.43% points from the recorded 9.53% growth rate.

On a quarter-on-quarter basis, the sector experienced remarkable growth at a rate of 251.72%. The sector’s contribution to real GDP in the second quarter of 2023 was 0.71%, higher than the 0.69% recorded in Q2 2022.

 

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