By Yemi Olakitan
In Q3 2022, the mining and quarrying sector’s share of Nigeria’s real GDP fell to 5.90%. Nigeria’s mining industry saw a fall in economic productivity, which resulted in a growth decline of -21.31 percent as of Q3 2022.
This information was provided in the Q3 GDP report that the National Bureau of Statistics released earlier today (NBS).
In the third quarter of 2022, the mining and quarrying sector’s GDP contribution was 5.90%. This is lower than the Q3 2021 and Q2 2022 statistics by 10.75% points and 10.21% points, respectively.
“Quarter on period, the growth rate during the quarter was -0.63%. According to the report, mining and quarrying contributed 5.90% of real GDP in the quarter under review, which was less than the 7.66% rate recorded in the same quarter of 2021 and the 6.51% rate recorded in the second quarter of 2022.
Driven by oil and gas: The Crude Petroleum and Natural Gas, Coal, Metal ore, and Quarrying, as well as other Minerals sub-activities, make up the Mining & Quarrying industry. According to NBS, the industry expanded nominally by 34.26% (year over year) in Q3 2022. And the oil and gas sector led the nominal growth.
The largest growth rate of any of the sub-activities was shown by mining for metal ores (62.52%), which was followed by mining for other minerals (51.47%).
However, with a weight of 87.52% in Q3 2022, crude oil and natural gas contributed the most to the industry. The rate of growth for Q3 2022 was higher by 38.91% points compared to Q3 2021 and down by 15.49% points compared to Q2 2022.
The third quarter of 2022 saw Nigeria’s gross domestic product (GDP) expand by 2.25% year over year, which was the slowest rate of growth since the Covid-19 epidemic.
