According to the National Bureau of Statistics (NBS), capital importation into Nigeria’s oil and gas sector declined from the over $300 million (N91 billion) recorded during the fourth quarter (Q4) of 2016 to $101.08 million (N31 billion) in the first quarter of 2017, The Guardian reports.

The NBS report, which was released on Wednesday, stated that compared to the previous quarter, the oil and gas sector recorded a decrease of 69.12 per cent in the country.

The agency noted that despite the decreases, the banking, and oil and gas sectors were the third and fourth largest capital importing sectors, accounting for $126 million and $101.08 million respectively.

Less investment in the oil and gas sector would result to low production and job losses. Indeed, hundreds of direct and indirect jobs have been lost to the sector on account of recession.

 

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