Business

Crude Oil and Gas sector registers 13 consecutive quarters of negative GDP Growth under APC Government

Data from the National Bureau of Statistics shows that Nigeria’s crude oil and gas mining sector recorded a negative real GDP growth rate of 13.43% in the second quarter of 2023.


This marks the 13th consecutive quarter in which the sector has posted negative real GDP growth, extending a downturn that began in the second quarter of 2020 when the COVID-19 pandemic led to a global economic shutdown that included Nigeria.


The oil refining sub-sector has also been in decline, contracting since the second quarter of 2018. The underperformance of Nigeria’s refineries has compelled the country to rely on imports for refined petroleum.