Nigeria’s oil production of crude oil has increased to an average of 1.51m barrels per day in the first quarter of 2023, the National Bureau of Statistics (NBS) has disclosed.
The report titled Nigeria Gross Domestic Product Report Q1 2023 disclosed that oil production in the country moved above 1.m barrel per day for the first since the third quarter of 2021.
The report also indicated that Nigeria’s Gross Domestic Product grew in Real terms by 2.31 per cent during the period.
While in nominal terms, it showed that the aggregate GDP stood at N51.2trn which is higher than the N45.3trn recorded in the fourth quarter of 2022.
“Overview of GDP in Quarter One 2023 Nigeria’s Gross Domestic Product (GDP) grew by 2.31 per cent (year-on-year) in real terms in the first quarter of 2023. This growth rate declined from 3.11 per cent recorded in the first quarter of 2022, and 3.52 per cent in the fourth quarter of 2022.”
The NBS attributed the reduction in growth to the adverse effects of the cash crunch experienced during the quarter.
It said the performance of the GDP in the first quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 4.35 per cent and contributed 57.29 per cent to the aggregate GDP.
Non-oil sector contributed 93.79 per cent, oil sector 6.21 per cent.