The Information and Communications Technology (ICT) sector has contributed 19.78% to Nigeria’s real Gross Domestic Product (GDP). This is according to data released by the National Bureau of Statistics, NBS.
The data shows a slight increase from the 19.54% recorded in the same period last year.
According to the NBS, the sector also recorded an increase (17.89%) in contribution on a quarter-on-quarter basis to the real GDP in Q1 2024.
NBS noted that the ICT sector comprises the activities of Telecommunications and Information Services, Publishing, Motion Picture, Sound Recording, Music Production and Broadcasting.
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The ICT sector’s growth rate stood at 4.44% year-on-year, driven primarily by the telecommunications sub-sector, which contributed 16.36% to the GDP in real term. This makes the telecom industry the third-largest contributor to the real GDP in Q2 2024, after crop production (20.35%) and trade industries (16.39%).
The sector’s contribution to Nominal GDP was 14.19% in Q2 2024, slightly lower than the 14.83% recorded in the same quarter of 2023 and higher than the 13.12% contributed in the preceding quarter.
In nominal terms, the sector growth was recorded at 11.86% (year-on-year), a 29.81% points decrease from the rate of 41.67% recorded in the same quarter of 2023, and 2.08% points lower than the rate recorded in the preceding quarter.
The ICT sector’s growth is attributed to the federal government’s initiatives aimed at enhancing the digital economy. The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, highlighted the sector’s significant contributions to the economy between Q3 2023 and Q1 2024.
Under President Bola Ahmed Tinubu’s administration, the ICT sector has experienced growth, driven by initiatives such as the 3 Million Technical Talent (3MTT) and investments in research initiatives like the AI Collective and Fourth Industrial Revolution Technology Application (4IRTA).
