Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Nigerian economy shrinks further in Q3 on declining oil output

Commodities | Energy | Oil | Refined Products | Jet Fuel | Coronavirus

Green shoots for jet fuel in sight at the IATA conference

Oil

Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Oil | Crude Oil | Refined Products

OIL FUTURES: Crude recedes from 10-week highs as US-China tensions weigh

Nigerian economy shrinks further in Q3 on declining oil output

Highlights

Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports

Supply and demand trends, government actions, exploration and technology

Daily futures summary

Weekly API statistics, and much more

Lagos — The Nigerian economy shrank further by 2.24% year-on-year in the third quarter on the back of a slump in oil production, the country's economic mainstay, according to government figures Monday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

Nigeria, which was Africa's largest oil producer until a few months ago, slipped into recession after its economy shrank by 2.06% in Q2, as the impact of militant attacks on oil facilities weighed on the country's economy.

Data released on Monday by the National Bureau of Statistics showed that Nigeria's oil production averaged 1.63 million b/d in Q3, lower than the average 1.69 million b/d output in Q2, and 25% lower than the 2.17 million b/d production a year ago.

"As a result, real growth of the oil sector slowed by 22.01% (year-on-year) in the third quarter of 2016. As a share of the economy, the oil sector contributed 8.19% of total real GDP, down from figures recorded in the corresponding period of 2015 and the preceding quarter of 2016 recorded at 10.27% and 8.26% respectively," the government agency said.



Nigerian oil output has fallen sharply this year as renewed militancy in the oil-rich Niger Delta region resurfaced after some years of relative calm.

Production was slashed from 2.2 million b/d earlier in the year after militants continued to bomb facilities, and at one point this year left four Nigerian crude export grades -- Bonny Light, Brass River, Forcados and Qua Iboe -- under force majeure.

The attacks have continued even with the government trying to reach a peace deal with militants and activists in the Niger Delta following Nigerian President Muhammadu Buhari meeting with leaders around three weeks ago.

Local media reported on Monday Buhari appealing to the militants to halt the attacks on oil facilities, and pledging his administration's commitment to improving the economic and social infrastructure in the region.

--Staff, newsdesk@spglobal.com
--Edited by Maurice Geller, maurice.geller@spglobal.com

Read our related blog post: Red tape, not militancy, putting Nigeria's oil future at risk