As Nigeria continues to navigate the dynamic nature of its economy, the oil and gas sector remains a crucial driver of growth. The Nigerian National Petroleum Company Limited is leading the charge with substantial investments in gas, significantly impacting the sector’s contribution to the Gross Domestic Product. Recent statistics underscore the importance of these initiatives in the context of Nigeria’s economic landscape.
In the second quarter of 2024, Nigeria’s oil sector recorded a GDP growth rate of 3.52 per cent, reflecting a recovery from previous downturns. The growth is not only attributed to crude oil production but increasingly to the expanding natural gas sector. According to the National Bureau of Statistics, the oil and gas sector’s contribution to GDP has seen a remarkable improvement, with gas output playing a vital role.
