CRUDE oil production which accounts for around two-thirds of government revenue and 90 per cent of its foreign exchange reserves, contracted by 13 per cent year-on-year in the fourth quarter of last year, the Nigerian Bureau of Statistics has said.
The bureau in its latest report said Nigeria recorded an average oil output of 1.3 million barrels per day in the fourth quarter, lower than the daily average of 1.5 million bpd registered in the same quarter of 2021.
“Although the agriculture sector grew … its performance was significantly hampered by severe incidences of flood experienced across the country,” the NBS said.
“The Industry sector was … challenged recording -0.94 per cent growth and contributing less to the aggregate GDP relative to the third quarter of 2022 and the fourth quarter of 2021.”
