Mining, Quarrying Sector Contributed N5.37tn To GDP In 2021
According to the National Bureau of Statistics, the mining and quarrying sector recorded a total contribution of N5.37tn to the Gross Domestic Product in 2021.
This was according to the data obtained from the Gross Domestic Product for the year under review.
The N5.37tn was, however, a decline when compared to the N5.82tn recorded in 2020.
In this sector, there are four subsectors, which include crude petroleum and natural gas, coal mining, metal ores, and quarrying and other minerals. The crude petroleum and natural gas subsector has a higher contribution of N5.24tn.
The coal mining subsector contributed N7.71bn, metal ores subsector contributed N8.33bn, while the quarrying and other minerals contributed N111.09bn.
On the sector, the report read, “In real terms, the mining and quarrying sector grew by –6.16 per cent (year-on-year) in the fourth quarter of 2021. Compared to the same quarter of 2020 and third quarter 2021, it was higher by 12.28 percentage points and higher by 4.40 percentage points respectively.
“Quarter on quarter, growth rate recorded was -21.33 per cent, while annual growth stood at -7.79 per cent in 2021. The contribution of mining and quarrying to Real GDP in the quarter under review stood at 5.50 per cent, lower than the rate of 6.09 per cent recorded in the corresponding quarter of 2020 and lower than the 7.66 per cent recorded in the third quarter of 2021 respectively.”