The contribution to the country’s GDP growth between the third quarter of 2023 and the second quarter of 2024, however, fell short by 16 per cent compared to the N1.87 trillion contributed in the previous period of 2023.
According to the latest GDP report released by the National Bureau of Statistics, the sector recorded an increase but remained an insignificant contributor to the 3.19 per cent growth recorded in the second quarter of 2023, driven by expansion in the services sector.
A breakdown showed that the sector consisting of coal mining, metal ore and quarrying and other minerals sub-activities contributed N364.49bn to GDP in Q3, 2023. The figure increased by N513.94bn to N878.43bn in the fourth quarter of 2023. In Q1, 2024, the sector recorded an increase of 136.6 per cent to N71.63bn from N30.27bn year-on-year. At the same time, its contribution increased to N249.27bn in Q2, 2024.
The NBS said, “This sector grew nominally by -0.37 per cent (year-on-year) in Q2 2024. Metal Ores exhibited the highest growth rate of all the sub-activities at 62.37 per cent, followed by crude petroleum and natural gas activity at 7.64 per cent. Crude petroleum and natural gas were the main contributors to the sector with a weight of 92.70 per cent in Q2 2024.
“Comparing Q2 2024’s rate of growth relative to Q2 2023 and Q1 2024 growth rates, there was an increase of 6.74 per cent points and a decrease of 34.51 per cent points respectively. The Mining & Quarrying sector contributed 5.60 per cent to the overall GDP in the second quarter of 2024, lower than the contributions recorded in 2023 second quarter at 6.58 per cent and lower than the previous quarter at 7.86 per cent.”
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