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

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

(Ecofin Agency) - 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





 
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