Telecom leads as ICT’s contribution to Nigeria’s real GDP hits 19.78%

In the 2nd 4th Gross Domestic Product (GDP) information released yesterday by the National Bureau of Statistics (NBS), activities successful Information and Communications Technology (ICT) contributed 19.78 per cent to Nigeria’s existent GDP.

This showed a marginal summation successful publication erstwhile compared to the 19.54 per cent recorded successful the aforesaid play past year.

NBS noted that connected a quarter-on-quarter basis, the ICT assemblage besides recorded an summation successful publication erstwhile compared with the preceding quarter. The NBS information showed that ICT contributed 17.89 per cent to the existent GDP successful Q1 2024.

According to NBS, the ICT assemblage comprises the 4 activities of Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording, and Music Production; and Broadcasting.

The ICT assemblage successful the 4th nether reappraisal recorded a maturation complaint of 4.44 per cent year-on-year. This was driven mostly by activities successful the telecommunications sub-sector, which contributed 16.36 per cent to the GDP successful the existent term. According to NBS, the telecoms manufacture was the third-largest contributor to the existent GDP successful Q2 2024, coming down lone harvest accumulation and commercialized industries, which contributed 20.35 per cent and 16.39 per cent respectively.

The telecoms industry, which is dominated by mobile web operators including MTN, Globacom, Airtel, 9mobile, and Internet Service Providers (ISPs) is besides driving a batch of activities successful each different assemblage of the economy.

The closest sub-sector to telecoms successful the ICT assemblage successful presumption of publication was Broadcasting, which added 2.54 per cent

In presumption of Nominal GDP, the NBS information further revealed that the ICT assemblage contributed 14.19 per cent to the full successful the 2nd 4th of 2024, little than the complaint of 14.83 per cent recorded successful the aforesaid 4th of 2023 and higher than the 13.12 per cent it contributed successful the preceding quarter.

In nominal terms, the assemblage maturation was recorded astatine 11.86 per cent (year-on-year), a 29.81 per cent points alteration from the complaint of 41.67 per cent recorded successful the aforesaid 4th of 2023, and 2.08 per cent points little than the complaint recorded successful the preceding quarter.