According to the Nigerian Bureau of Statistics (NBS), Nigeria experienced a significant year-on-year decrease in its average Oil Production, dropping by 14.69% to 1.22 million barrels per day (mb/d) in the second quarter of 2023.
This is in contrast to the 1.43 mb/d recorded in the same period of 2022.
The NBS findings were Outlined in its second quarter 2023 Gross Domestic Product (GDP) report.
The report highlighted that Nigeria’s daily Oil Production for Q2 2023 was also lower than the first quarter of 2023 by 0.29 mb/d, standing at 1.51 mb/d.
Comparatively, the decline in Production was 1.07% from the second quarter of 2022 and 8.20% from the first quarter of 2023.
The Mining and quarrying Sector’s contribution to the Real GDP in the reviewed quarter was 5.58%, a drop from 6.51% in the Corresponding quarter of 2022 and 6.26% recorded in the first quarter of 2023.
