Telecom

Nigeria: ICT contributes 18.44% to Q2-2022 real GDP, thanks to the telecom segment

Nigeria: ICT contributes 18.44% to Q2-2022 real GDP, thanks to the telecom segment
Monday, 29 August 2022 15:25

With the recent acceleration of digital transformation, the contribution of digital sectors to national economies is growing in Africa. In Nigeria, the various policies and initiatives deployed have accelerated the development of the ICT sector to complement declining oil revenues.

The information and communication technology (ICT) sector contributed 18.44 percent to Nigeria's real gross domestic product (GDP) in the second quarter of 2022. This percentage is higher than the 17.92 and 16.20 percent it recorded respectively during the same period in 2020 and 2021. 

According to the National Bureau of Statistics (NBS), which reported the figure in its  "Nigerian Gross Domestic Product Report Q2 2022" released on Friday, August 26, the nominal value of the sector’s contribution went from 12.22 % in Q2-2021 to 10.55% in the first quarter of 2022 and then to 12.12% in the second quarter this year. 

During the first two quarters of 2022, the ICT sector’s nominal contribution to GDP was NGN7.94 billion (US$18.8 million); 76.29 percent of that contribution came from the telecommunications segment (which added 9.49% to the national GDP). 

According to the NBS, in Q2-2022, the digital economy once again played a key role in the growth of the Nigerian economy despite numerous challenges, including the introduction of new taxes, the deactivation of unregistered SIM cards, rising operating costs, etc. 

For Isa Pantami, Minister of Communications and Digital Economy, the growing contribution of the ICT sector to the GDP is the result of the federal government’s commitment to developing 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," he said. 

Isaac K. Kassouwi

On the same topic
Ivory Coast increased the number of courts connected to its e-justice platform to 28. Authorities aim to standardize service speed and security across...
Nigeria's central bank and telecoms regulator signed an agreement giving financial institutions real-time visibility into mobile number...
Sierra Leone to relaunch Sierratel via MVNO deal with Africell Government says move avoids privatization, reduces infrastructure...
Sonatel Q1 revenue rises 6.9% to 504.2 billion CFA francs EBITDA up 9.8%, net profit increases 4.5% Growth driven by data demand, Orange Money,...
Most Read
01

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
02

Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...

Mahindra & Mahindra Eyes Major Shift to Full Vehicle Assembly in South Africa
03

AFC disbursed €43 million for Côte d’Ivoire solar project Financing supports 66 MW pla...

AFC Backs First Green Project Finance Bond for 66MW Côte d’Ivoire Solar Plant
04

Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...

Cameroon Presses Telecom Operators on Service Quality as Complaints Rise
05

MTN Ghana launches crackdown on mobile money agent fraud Audits trigger warnings, suspensions...

MTN Ghana tightens controls on mobile money agents over fraud concerns
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.