ICT contribution to GDP rises to 18.44%

The contribution of Information and Communication Technology to Gross Domestic Product, GDP telecom sector rose to 18.44% in the second quarter of 2022.

The National Bureau of Statistics (NBS) stated this in the ‘Nigeria’s Gross Domestic Product Report’ for Q2 2022, released recently.

According to the NBS, the Digital Economy sector continued its contribution trajectory in the quarter under review by playing a key part in the growth on Nigeria’s economy.

The Report by the NBS indicated that the ICT sector contributed 18.44% to the total real GDP in Q2 2022 as against 16% it recorded in the previous quarter.

This is the highest contribution of ICT to the GDP and is truland marks the third time that the sector has achieved an unprecedented contribution to Nigeria’s GDP during the tenure of the Honourable Minister- in Q1 2020, Q2 2021 and now Q2 2022.

The oil sector contributed 6.33% to the total real GDP in Q2 2022, which was lower that the contribution in Q2 ‘2021 and Q1 ‘2022, where it contributed 7.42% and 6.63% respectively.

The non-oil sector’s contribution grew by 4.77% in real terms, resulting in a 93.67% contribution to the nation’s GDP in the Q2 ‘2022, higher than Q2 ‘2021 and Q2 ‘2022, where it contributed 92.58% and 93.37% respectively.

The Minister, while commenting on the report attributed the growing contribution of the ICT sector to the GDP to the commitment of the administration of President Muhammadu Buhari, to the development of the digital economy.

“The diligent implementation of the National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria, stakeholder engagement and creation of an enabling environment have all played an important role in this achievement.

“The support of President Muhammadu Buhari, has contributed immensely to the impressive developments in the sector.

“The unprecedented contribution of ICT to Nigeria’s GDP can also be attributed to the dynamic and results-oriented leadership of the sector.

“The GDP Report has shown how critical the ICT sector is to the growth of our country’s digital economy and, by extension, the general economy.

The Minister congratulated all stakeholders in the digital economy ecosystem for their contribution and renewed his call to all sectors to take advantage of the Federal Government’s new focus on the digital economy to enable and improve their processes through the use of ICTs.

This, he said would enhance the output of all the sectors of the economy and boost Nigeria’s GDP.