Q2: ICT records 17.92% contribution to GDP

The National Bureau of Statistics (NBS) indicated this in the ‘Nigeria’s Gross Domestic Product Report’ for Q2 2021 released on Thursday, the 26th of August, 2021, Minister of Communications and Digital Economy Dr Isa Ali Ibrahim (Pantami) has said.

“It is noteworthy that the ICT sector contributed 17.92% to the total real GDP in Q2 2021, 20.54% higher than its contribution a year earlier and in the preceding quarter, in which it accounted for 14.91%. This is the highest contribution of ICT to the GDP and is truly unprecedented.”

According to the NBS, “Nigeria’s GDP grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.

The negative growth was triggered by COVID-19, not only in Nigeria but also globally. Even within that period, the ICT sector in Nigeria continued to experience positive growth. The oil sector contributed 7.42% to total real GDP in Q2 2021, down from figures recorded in the preceding quarter, where it contributed 9.25%. The non-oil sector grew by 6.74% and contributed 92.58% to the GDP,” the Minister said in a statement signed by his Technical Assistant (Information Technology) Dr Femi Adeluyi on Thursday.

The Minister added 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.