The Information and Communications Technology (ICT) contributed 19.54 per cent to Nigeria’s real Gross Domestic Product (GDP) in the second quarter of 2023 with the telecommunications sub-sector contributing 16.06 per cent.
In the latest quarter two statistics released by the National Bureau of Statistics (NBS), this shows an increase in contribution compared to the 18.44 per cent recorded in the same period last year.
According to the statistics, quarter on quarter, the sector also recorded a growth in real GDP contribution when compared to the 17.47 per cent it added in the first quarter of 2023.
According to NBS, the ICT sector comprises the four activities of Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording, and Music Production; and Broadcasting.
While the ICT sector recorded a growth rate of 11.64 per cent in real terms year on year in the quarter under review, the growth was driven largely by activities in the telecommunications sub-sector, which contributed 16.06 per cent to the GDP in the real term.
The telecom industry, which is dominated by mobile network operators including MTN, Globalcom, Airtel, 9mobile, and Internet Service Providers (ISPs) is also driving a lot of activities in every other sector of the economy.
The closest sub-sector to telecoms in the ICT sector in terms of contribution was broadcasting, which added 2.59 per cent.
The ICT sector contributed 14.83 per cent to the total Nominal GDP in the second quarter of 2023, 12.12 per cent recorded in the same quarter of 2022, and higher than the 13.23 per cent it contributed to the preceding quarter.
In nominal terms, the sector recorded 41.67 per cent growth in the quarter under review, a 27.56 per cent increase from the rate of 14.11 per cent recorded in the same quarter of 2022, and 0.17 per cent points lower than the rate recorded in the preceding quarter.
According to the NBS data, Nigeria’s Gross Domestic Product (GDP) grew by 2.51 per cent year-on-year in real terms in the second quarter of 2023, which is 0.2 per cent points higher than 2.31 per cent recorded in the previous quarter but 1.03 per cent lower compared to 3.54 per cent recorded in the corresponding period of 2022.
The performance of the GDP in the second quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 4.42 per cent and contributed 58.42 per cent to the aggregate GDP.
The agriculture sector grew by 1.50 per cent, an improvement from the growth of 1.2 per cent recorded in the second quarter of 2022.