Nigeria’s crude oil and natural gas sector’s contribution to its Gross Domestic Product fell by 24.16 percent in 2020. Data from the National Bureau of Statistics, NBS said the sector’s contribution dropped from N13.45tn in 2018 to N10.2tn in 2020, signifying a N3.25tn or 24.16 percent decrease. Although the sector was the major contributor to the mining and quarrying sector with a share of 96.39 percent, while contributing N13.45tn to the GDP in 2018, its contribution dropped by N1.05bn percent to N12.40tn in 2019. The sector, however, remained the major contributor to the mining and quarrying sector with a weight of 97.11 percent in 2019. In 2020, the sector’s contribution was put at 93.95 percent-decreased by N2.2tn or 17.74 percent. An OPEC report for the fourth quarter of 2020 said Nigeria’s oil and gas industry growth declined by 19.8 percent in the fourth quarter of 2020 compared with the same period in 2019.
Source: https://sweetcrudereports.com/nigeria-records-24-drop-in-oil-gas-sector-2020-gdp-contribution/