Saturday, September 18, 2021

ICT Remains Fastest Growing Sector Of Nigeria’s Economy


The Minister of Communications and Digital Economy, Dr. Isa Pantami,

The Information and Communications Technology (ICT) sector has retained its role as the sector with the highest growth rate of all the main sectors of the Nigerian economy.

This is based on the first quarter of 2021 (Q1 2021) Report on Nigeria’s Gross Domestic Product (GDP) released yesterday, May 23, 2021, by the National Bureau of Statistics (NBS).

According to the NBS, “Nigeria’s Gross Domestic Product (GDP) grew by 0.51 per cent (year-on-year) in real terms in the first quarter of 2021, marking two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020”. The report noted that in terms of contribution to aggregate GDP, the oil sector accounted for 9.25 per cent of aggregate real GDP in Q1 2021, while the non-oil sector accounted for 90.75 per cent of aggregate GDP in the first quarter of 2021.
The bureau also noted that the “growth in the non-oil sector was driven mainly by the information and communication (telecommunication) sector while other drivers include agriculture (crop production); manufacturing (food, beverage and tobacco); real estate; construction and human health & social services.”

It is worthy of note that the ICT sector grew by 6.47 per cent in Q1 2021, making it the fastest growing significant sector of the Nigerian economy.
It is also interesting to note that post and courier services grew by 2.53 per cent in Q1 2021. These services are under the supervision of the Ministry of Communications and Digital Economy, but currently listed under the transportation sector in the GDP Report.

Reacting to this development, the Minister of Communications and Digital Economy, Dr. Isa Pantami, expressed delight that the ICT sector retained its role as the sector with the highest growth rate of all the main sectors of the Nigerian economy in Q1 2021.

He attributed the consistent positive performance of the ICT sector to the focused and committed support of the administration of President Muhammadu Buhari for the digital economy sector.

“The Federal Government has provided an enabling environment for the ICT sector to thrive, through the development and implementation of relevant policies. These include the National Digital Economy Policy for a Digital Nigeria, Nigerian National Broadband Plan and the Revised National Digital Identity Policy for SIM Card Registration, amongst others,” he added.
A statement by the minister’s technical assistant on information technology (IT), Dr. Femi Adeluyi, said the GDP Report had shown that the ICT sector continues to serve as a catalyst for the growth and diversification of our economy, adding the minister had congratulated the chief executive officers of the parastatals under the ministry and stakeholders on the consistent performance of the sector and encouraged them to continue supporting the policies of the federal government.

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