Stakeholders decry marginal drop in Oil and Gas contribution to GDP

Major stakeholders in the Oil and Gas sector have decried the decline in the contribution of oil revenue to the nation’s Gross Domestic Product, GDP.

News learnt that the oil sector has steadily dropped behind Agriculture, Trade, Telecommunications/ICT, and Real Estate in terms of the sectors that actively contribute the most to Nigeria’s GDP.

The Stakeholders disclosed the current situation at the 4th edition of the Nigerian Oil & Gas Opportunity Fair, NOGOF, 2023, with the theme “Oil & Gas Industry – Catalyst and Fuel for the Industrialization of Nigeria,” in Yenagoa, Bayelsa State.

In his welcome address, the Executive Secretary, Nigerian Content Development and Monitoring Board, NCDMB, Simbi Wabote, said, “This theme reflects the pivotal role that the oil and gas industry is expected to play in driving the economic growth and