Arab Today, arab today nigeria oil production gdp increases
Last Updated : GMT 12:03:53
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Nigeria oil production, GDP increases

Arab Today, arab today

Arab Today, arab today Nigeria oil production, GDP increases

Abuja - UPI

The Nigerian National Bureau of Statistics said crude oil production increased more than 7 percent from the second quarter to 2.26 million barrels per day. NBS released data for the third quarter of the year. It said crude oil production increased 7.1 percent from the second quarter to average 2.26 million bpd for the third quarter, Nigerian newspaper ThisDay reported Monday. The Organization of Petroleum Exporting Countries said Nigerian crude oil production for October was 1.8 million bpd. NBS said Nigeria's gross domestic product increased to 6.81 percent for the third quarter, up from the 6.18 percent reported for the second quarter. The bureau said third quarter GDP growth was attributed largely to economic sectors not related to oil. A July report from the Extractive Industry Transparency Initiative estimated Nigeria lost $10.9 billion in oil revenue to theft and sabotage from 2009 to 2011. Oil companies working in Nigeria said theft and sabotage were in part to blame for production woes in the countries, though a November report from Amnesty International said the companies were using that as an excuse to cover environmental neglect.

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