ICT sector Contribution to Nigeria’s GDP Hits 14.07% in Q1 2020

Dr. Isa Pantami

The Minister of Communication and Digital Economy, Dr Isa Ali Pantami Shows great delight following the new achievement by the ICT sector

A recent report by the National Bureau of Statistics (NBS) reveals that the ICT sector alone contributed 14.07% of the Nigeria Gross Domestic Products, only in the first quarter (Q1) alone.

Overall, the non-oil sector contributed a total of 90.50% to the country’s GDP, which consequently means that the ICT sector alone brought in more revenue than the oil sector which only accounted for 9.50% of the entire GDP.

Although the oil sector happens to be one of the heavily hit sector by the ongoing pandemic due to the outbreak of COVID-19, the ICT sector has seen a rapid and significant change over the last quarters.

The report also revealed that the country’s GDP grew by 1.87% year-on-year during Q1, thanks to the ICT sector which saw a 13.32% YOY boost in the previous quarter. This was major thanks to the positive impact of the pandemic on the sector as there was an upsurge in The operational strength of all its entities, consequently boosting the revenue from the sector.

In an attempt to buttress on the recent achievement, the Minister’s Technical Assistant on Information Technology, Dr. Femi Adeluyi noted that the growth that was experienced in the sector was majorly propelled by the commitment of the current administration of the President Muhammadu Buhari who has shown a great interest in the sector.

According to Adeluyi, “The strategic policy directions of the Federal Government include the inclusion of Digital Economy in the mandate of the Ministry, the unveiling and implementation of the National Digital Economy Policy and Strategy and the National Broadband Plan, amongst others.

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“The COVID-19 pandemic has shown how critical the ICT sector is to the growth of our country’s digital economy and, by extension, the general economy.

“The Honourable Minister calls on 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”, Dr. Adeluyi added.

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