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Business News of Saturday, 20 November 2021

Source: legit.ng

Oil refining lead list of worst performing sectors in the Nigerian economy

Dangote Refinery Dangote Refinery

Oil Refining, Crude Petroleum and Natural Gas, Mining and quarrying and Quarrying and Other Minerals sectors led the list of worst performing sectors in the country for the third quarter of 2021.

This is according to GDP numbers presented by the National Bureau of Statistics (NBS).

Recall, that Legit.ng reported on Thursday, 19 November 2021 that Nigeria’s GDP for the third quarter of 2021 expanded by 4.03% year-on-year in real terms, consolidating on the 5.01% increase recorded in the previous quarter.

Here is how the system performed in the third quarter

Oil Refining

In the third quarter of 2021, oil refining shrank the greatest, by 47.83 percent. Given the sector's lack of positive growth for more than two years, this is unexpected.

The sector shrank by 46.78 percent in the second quarter of 2021, and by 57.05 percent in the first.

Crude Petroleum and Natural Gas

The crude petroleum and natural gas sector is another still in recession. NBS reports shows that the sector recorded a negative growth 10.73 percent in the third quarter.

The sector had recorded negative growth of 2.21 in first quarter and 12.65 in second quarter.

Mining and quarrying

This sector contracted by 12 percent in Q2’21 compared with a contraction of 2.19 percent in Q1’21, and 6.6 percent in Q2 ’20.

Coal Mining

Coal mining is the fourth worst performing sector in the third quarter after recording 4.20 negative growth.

This is a draw back from the 0.66 growth in first quarter and the massive 34.14 percent growth in the second quarter of 2021.

Quarrying and Other Minerals

Quarrying and Other Minerals sector recorded a negative growth of 4.20 percent in Q3’21 compared with a growth of 5.75 percent in Q2’21.

The sector however contracted by 59.78 percent in Q1 ’21.

Other sectors with negative growth in Q3, 21 Public Administration. (-0.15%)

Fishing (-3.97%)