ICT Contributes 18.44% To Nigeria’s GDP In Q2 2022- NBS
The Information and Communications Technology (ICT) sector contributed 18.44% to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2022.
The National Bureau of Statistics (NBS) stated this in the ‘Nigeria’s Gross Domestic Product Report’ for Q2 2022, released on the 26th of August, 2022.
This is the highest contribution of ICT to the GDP and is unprecedented. This also marks the third time that the sector has achieved an unprecedented contribution to Nigeria’s GDP during the tenure of the Minister of Communication and Digital Economy- in Q1 2020, Q2 2021 and now Q2 2022.
The Digital Economy sector under Professor Isa Pantami has continued its trend of playing a key part in the growth on Nigeria’s economy.
The Minister noted that the growing contribution of the ICT sector to the GDP was as a result of the commitment of the administration of President Muhammadu Buhari to the development of 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”, said Pantami.
He said that the support of President Muhammadu Buhari has contributed immensely to the impressive developments in the sector.
” The unprecedented contribution of ICT to Nigeria’s GDP can also be attributed to the dynamic and results-oriented leadership of the sector. The GDP Report has shown how critical the ICT sector is to the growth of our country’s digital economy and, by extension, the general economy”, said Pantami.
The Minister then congratulated all stakeholders in the digital economy ecosystem for this cheering news.
He also renewed his call to all sectors to take advantage of the Federal Government’s new focus on the digital economy to enable and improve their processes through the use of ICTs. This would enhance the output of all the sectors of the economy and boost Nigeria’s GDP.
Meanwhile, in the NBS report, the oil sector contributed 6.33% to the total real GDP in Q2 2022, which was lower than the contribution in Q2 ‘2021 and Q1 ‘2022, where it contributed 7.42% and 6.63% respectively.
Also, the non-oil sector’s contribution grew by 4.77% in real terms, resulting in a 93.67% contribution to the nation’s GDP in the Q2 ‘2022, higher than Q2 ‘2021 and Q2 ‘2022, where it contributed 92.58% and 93.37% respectively.