H2 2022 – ICT sector contributes 18.44% to Nigeria’s GDP

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The ICT sector has undoubtedly contributed immensely to the sustainability of the Nigerian economy. The sector contributed 17.92% in the last quarter of 2020, as well as the first quarter of 2021, and has so far continued on an impressive trajectory.

Recently, the sector contributed 18.44% to Nigeria’s real Gross Domestic Product (GDP) in the second quarter of 2022, surpassing the previous year’s contribution. The sector is made up of four activities, which are; Telecommunications and information services, publishing; Film and image, sound recording and music production; and Broadcasting.

Growth in the sector would be largely driven by activities in the telecommunications sub-sector, which contributed 9.49% to the country’s GDP. Its contribution to nominal GDP for the second quarter of 2021 stopped at 12.12%, which is lower than the rate of 12.22% recorded in the same quarter of 2021, but higher than the 10.55% it has contributed in the previous quarter.

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In nominal terms, in the second quarter of 2022, the growth of the sector was recorded at 14.11% year-on-year, an increase of 14.18% compared to the rate of -0.07% recorded in the same quarter of 2021 , and 6.43% less than the rate recorded in the previous quarter.

The quarterly growth rate recorded in the second quarter of 2022 was 14.13%. The ICT sector during the period under review recorded a growth rate of 6.55% in real terms, from one year to the next. Compared to the rate recorded during the corresponding period of 2021, there was an increase of 0.99% points.

Nigerian Minister of Communications and Digital Economy, Prof. Isa Pantami during a speech at the International Telecommunication Union World Telecommunication Development Conference (ITU-WTDC) in Kigali, Rwanda, more earlier this year revealed that The Nigerian ICT industry has witnessed incredible growth, driving socio-economic development not only in the country but also across Africa.

In his words;

Nigeria has used ICT as an engine of socio-economic development not only for itself, but also for the benefit of the sub-region and the continent, given its role as a founding member and strategic sponsor of the Assembly West African Telecommunications Regulators (WATRA) .

“As a country, we have moved from second generation (2G) to 3G, 4G and now 5G is about to join us after holding a world-renowned transparent auction and awarding two 5G licenses. Furthermore, the country has implemented vigorous financial inclusion initiatives backed by a robust digital infrastructure.

“Nigeria’s many achievements in the area of ​​ICT development have been possible through the successful initiation and implementation of policies that promote the use of ICTs across all sectors to enhance a digital economy.”

The impressive contributions of Information and Communication Technology (ICT) to Nigeria’s GDP are gradually transforming the country from a traditional economy into one of Africa’s leading digital economies.

Due to the exponential growth of the sector, it has made Nigeria one of the largest ICT markets in Africa in terms of share of telecom subscribers and internet users. The ICT sector has undoubtedly remained a key driver of non-oil growth and a significant contributor to Nigeria’s GDP.

The sector has also been a catalyst for the digitalization and development of other key sectors such as agriculture, education, manufacturing and healthcare.

The federal government has continued to play an active role in prioritizing the expansion of the ICT sector in the country through specific policies, infrastructure development and investment promotion, which has effectively contributed to the sector’s contribution to Nigeria’s GDP from less than 1% in 2001 to 18.4. % in 2022.

As the digital scene is upon us, given the role ICT plays in facilitating business, transforming the education sector, and more, the sector will undoubtedly continue to remain a priority in the years to come. .

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