Nigeria's oil sector shrank by 22.67% year-on-year in the third quarter of 2022, after an 11.77% slump in the previous quarter. It marks the 10th consecutive quarter of declines, reflecting lower oil output as the average daily crude oil production stood at 1.20 million barrels per day, down from 1.43 mbps in Q2 and 1.57 mbps a year ago. Oil production in Nigeria has fallen to historic lows partly due to the unprecedented theft of its crude production from pipelines and fields and lingering instability in the Niger Delta region. source: National Bureau Of Statistics, Nigeria
GDP Growth Oil Sector in Nigeria averaged -4.74 percent from 2011 until 2022, reaching an all time high of 24.21 percent in the first quarter of 2011 and a record low of -26.04 percent in the first quarter of 2022. This page includes a chart with historical data for Nigeria GDP Growth Oil Sector. Nigeria GDP Growth Oil Sector - values, historical data and charts - was last updated on January of 2023.