Oil Refining Lead List Of Worst Performing Sectors in the Nigerian Economy after a 0.9% growth drop in Q3

Oil Refining Lead List Of Worst Performing Sectors in the Nigerian Economy after a 0.9% growth drop in Q3

  • There is no doubt that the Nigerian economy is on a part to recovery after being battered severely last year.
  • Despite the growth, many sectors are still struggling and might need more time to recover from the recession of 2020
  • These sectors which are mainly from oil have been hit majorly by Nigeria continue its struggle to produce enough fuel

Oil Refining, Crude Petroleum and Natural Gas, Mining and quarrying and Quarrying and Other Minerals sectors led the list of worst performing sectors in the country for the third quarter of 2021.

This is according to GDP numbers presented by the National Bureau of Statistics (NBS).

Recall, that Legit.ng reported on Thursday, 19 November 2021 that Nigeria’s GDP for the third quarter of 2021 expanded by 4.03% year-on-year in real terms, consolidating on the 5.01% increase recorded in the previous quarter.

Read also

Rail, air transport lead as the National Bureau of Statistics reveals highest performing sectors in Q3, 2021

Oil Refining Lead List Of Worst Performing Sectors in the Nigerian Economy after a 0.9% growth drop in Q3
Screenshot of Nigeria's GDP Credit: NBS
Source: Facebook

Here is how the system performed in the third quarter

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Oil Refining

In the third quarter of 2021, oil refining shrank the greatest, by 47.83 percent. Given the sector's lack of positive growth for more than two years, this is unexpected.

The sector shrank by 46.78 percent in the second quarter of 2021, and by 57.05 percent in the first.

Crude Petroleum and Natural Gas

The crude petroleum and natural gas sector is another still in recession. NBS reports shows that the sector recorded a negative growth 10.73 percent in the third quarter.

The sector had recorded negative growth of 2.21 in first quarter and 12.65 in second quarter.

Oil production in Nigeria
Oil Production level Source: NBS
Source: Facebook

Mining and quarrying

This sector contracted by 12 percent in Q2’21 compared with a contraction of 2.19 percent in Q1’21, and 6.6 percent in Q2 ’20.

Read also

National Bureau of Statistics gives details of Nigeria's GDP growth

Coal Mining

Coal mining is the fourth worst performing sector in the third quarter after recording 4.20 negative growth.

This is a draw back from the 0.66 growth in first quarter and the massive 34.14 percent growth in the second quarter of 2021.

Quarrying and Other Minerals

Quarrying and Other Minerals sector recorded a negative growth of 4.20 percent in Q3’21 compared with a growth of 5.75 percent in Q2’21. The sector however contracted by 59.78 percent in Q1 ’21.

Other sectors with negative growth in Q3, 21

  • Public Administration. (-0.15%)
  • Fishing (-3.97%)

National Bureau of Statistics releases states' debt profile

Meanwhile, Legit.ng previously reported that the NBS had released the total amount owed each state as of the end of the year 2020.

The agency's report showed that Lagos state accounted for 12.15 percent of the debt stock as of the end of 2020 while Jigawa state had the least debt stock in this category with a contribution of 0.74 percent.

In addition, the agency also revealed the states and their current debt profile with Abia at N89.12bn (2.13 percent); Adamawa, N98.9bn (2.36 percent); Akwa Ibom, N230.8bn and Anambra, N59.97bn.

Source: Legit

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