Nigeria’s information communication technology (ICT) sector contributed an improved18.44 per cent to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2022 (Q2 2022), the ‘Nigeria’s Gross Domestic Product Report’ for Q2 2022, released on August 26, 2022, by the National Bureau of Statistics (NBS) has revealed.
The digital economy sector under the Minister of Communications and Digital Economy, Prof. Isa Pantami has continued its trend of playing a key part in the growth of Nigeria’s economy. The NBS report 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 Pantami’s tenure – 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 its 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.
Reacting to this development, Pantami expressed excitement over ICT’s contribution to the sector.
He 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 the creation of an enabling environment have all played an important role in this achievement.
“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.”
A statement by the technical assistant (research and development) to the minister, Dr. Femi Adeluyi, said Pantami congratulated all stakeholders in the digital economy ecosystem for the feat.
The minister renewed the call for 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 ICT. This would enhance the output of all the sectors of the economy and boost Nigeria’s GDP.
