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August 27, 2022

ICT sector’s contribution to GDP hits 18.44%

By Upfrontdigital News 0 309 Views

By Favour Unukaso

THE Minister of Communications and Digital Economy, Prof. Isa Pantami, is excited to hear of the remarkable contribution of the Information and Communications Technology (ICT) sector to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2022 (Q2 2022).

The National Bureau of Statistics (NBS) stated this in the ‘Nigeria’s Gross Domestic Product Report’ for Q2 2022, released on August 26, 2022.

The Digital Economy sector under Prof. Pantami has continued its trend of playing a key part in the growth on Nigeria’s economy.  The report by the NBS indicated that the ICT sector contributed 18.44 per cent to the total real GDP in Q2 2022. This is the highest contribution of ICT to the GDP and is truly unprecedented and marks the third time that the sector has achieved an unprecedented contribution to Nigeria’s GDP during the tenure of the minister- in Q1 2020, Q2 2021 and now Q2 2022.

The oil sector contributed 6.33 per cent 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 per cent and 6.63 per cent respectively.  The non-oil sector’s contribution grew by 4.77 per cent in real terms, resulting in a 93.67 per cent contribution to the nation’s GDP in the Q2 ‘2022, higher than Q2 ‘2021 and Q2 ‘2022, where it contributed 92.58 per cent and 93.37 per cent respectively.

Pantami noted that the growing contribution of the ICT sector to the GDP is 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.

According to him, the support of President 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.

The minister congratulates all stakeholders in the digital economy ecosystem for this cheering news.  He also renews 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.

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