The contribution of crude petroleum and natural gas sector, which is a subsector under the mining and quarrying sector, to Nigeria’s Gross Domestic Product dropped from N2.82tn in the first quarter of 2021 to N2.55tn in the third quarter, showing a N270bn or 9.57 per cent decrease.
Despite being the main contributor to the mining and quarrying sector for the period under review, the contribution of the crude petroleum and natural gas sector decreased significantly in the second quarter and attempted a rebound in the third quarter. In Q2 2021, there was a massive decline, with its contribution to the GDP dropping by N560bn or 19.86 per cent to N2.26tn.
There was a slight rebound in Q3 2021 to cushion the decline. An increase of N290bn or 12.83 per cent pushed the sector’s contribution to the GDP to N2.55tn.
Vandalism To that tune? What happens to inacurate financial reconciliation, from NNPC to the ministry of finance & CBN? Their accounts have never been in tandem for once. 😭
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