The Nigerian Information and Communications Technology (ICT) sector contributed 15.97% to the country’s real Gross Domestic Product (GDP) in the third quarter of 2023. The latest figures, released by the National Bureau of Statistics (NBS), showcase a notable increase compared to the 15.35% recorded in the same period last year.
The ICT sector encompasses diverse activities, including Telecommunications and Information Services, Publishing, Motion Picture, Sound Recording, and Music Production, as well as Broadcasting. According to the NBS, the sector demonstrated a robust growth rate of 6.69% in real terms year-on-year for Q3 2023. This growth is attributed to the dynamic activities within the telecommunications sub-sector, which alone contributed 13.50% to the GDP in real terms.
The telecommunications industry, dominated by major players like MTN, Globacom, Airtel, 9mobile, and Internet Service Providers (ISPs), is not only driving its own growth but is also acting as a catalyst for economic activities across various sectors.
On the nominal GDP front, the ICT sector made a substantial contribution, accounting for 11.57% of the total Nominal GDP in the third quarter of 2023. This figure marks a notable increase from the 9.58% recorded in the same quarter of the previous year. However, it is slightly lower than the 14.83% contribution in the preceding quarter.
Read Also:
- ON PETER OBI’s APPEAL TO DATA: BETWEEN FACTS AND FICTION
- Innoson Mother’s Burial: Your Contribution to the Economy of Our Dear Country is a Legacy of Your Mum – Patience Jonathan To Innoson
- LATEST: FG Begins Payment Of Outstanding Pension Contributions
Examining the quarter-on-quarter performance, the sector exhibited a growth of -10.30% in real terms. Despite this dip, the overall contribution of 15.97% to the total real GDP in Q3 2023 reflects both resilience and significance, outperforming the same quarter of the previous year (15.35%) while slightly trailing the preceding quarter (19.54%).
The growth and contribution of the ICT sector underscore its pivotal role in Nigeria’s economic development. As technology continues to advance and digital transformation becomes increasingly crucial, the ICT sector’s positive trajectory is expected to persist, shaping the nation’s economic landscape for the foreseeable future.