Analysts
at FBN Capital Limited have bemoaned the negative correlation between Nigeria’s
oil output and economic development, saying the oil sector has contributed
negatively to the growth of the Nigerian economy.
They
also dismissed hopes for any improvement, saying, “Given the seeming
indifference of the executive and legislature to these constraints, we do not
assume a recovery in the sector ahead of the elections.”
The
analysts in their Economic Report for June 2014, stated that the oil sector
share of the country’s Gross Domestic Product, GDP, contracted by an average of
0.8 per cent year-on-year, in the past eight quarters.
This,
they said, is in contrast to the telecommunications and post, building and construction,
hotels and restaurants, solid minerals, and real estate, which achieved
double-digit growth in third quarter 2013.
The
analysts,
