The country’s Information and Communication Technology (ICT) sector has contributed 17.83% to the total real GDP in Q2 2020.
The National Bureau of Statistics (NBS) released ‘Nigeria’s Gross Domestic Product Report’ for Q2 2020 today, the 24th of August, 2020.
According to the NBS, “Nigeria’s GDP decreased by –6.10% (year-on-year) in real terms in the second quarter of 2020, largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the Covid-19 pandemic.”
The non-oil sector contributed 91.07% to the nation’s GDP in Q2 2020 as opposed to the 8.93% contributed to total real GDP by the oil sector.
It is worthy of note that the ICT sector contributed 17.83% to the total real GDP in Q2 2020, 20.54% higher than its contribution a year earlier and in the preceding quarter, in which it accounted for 14.07%. This contribution is unprecedented.
The Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim (Pantami) in his reaction detailed in a statement by his Technical Assistant (Information Technology) Dr Femi Adeluyi noted that the growing contribution of the ICT sector to the GDP is a direct result of the focused and committed effort of the administration of President Muhammadu Buhari.
