According to the National Bureau Of Statistics, Nigeria’s Gross Domestic Profit (GDP) grew by 1.87% year-on-year in the first quarter of 2020 from the 2.55% recorded in the 4th quarter of 2019.
Information released by the NBS shows that the oil sector contributed 9.50% to the GDP while the non-oil sector contributed 90.50%.
During the first quarter of 2020, an average daily oil production of 2.07 million barrels per day (mbpd) was recorded.
The production level was higher than the 1.99mbpd recorded in the same quarter of 2019 by 0.08mbpd and the fourth quarter of 2019 by 0.06mbpd.
The oil sector recorded a real growth rate of 5.06 per cent (year-on-year) in Q1 2020 indicating an increase of 6.51 per cent points relative to the rate recorded in the corresponding quarter of 2019.
However, growth decreased by –1.30 per cent points when compared to Q4 2019 which was 6.36 per cent.
Quarter-on-quarter, the oil sector recorded a growth rate of 11.30 per cent in Q1 2020.