Connect with us

Business

ICT contributed 15.97% to Nigeria’s real GDP in Q3 2023

Published

on

ICT Sector e1686754786556

Activities in Information and Communications Technology (ICT) contributed 15.97% to Nigeria’s real Gross Domestic Product (GDP) in Q3 2023.

The National Bureau of Statistics (NBS) disclosed this in the Q3 GDP statistics released on Friday. This shows an increase in contribution when compared to the 15.35% recorded in the same period last year.

However, when compared with the figure recorded in the preceding quarter (Q2 2023) the sector contributed less in Q3.

The NBS data showed that ICT contributed 19.54% to the real GDP in Q2, which made the Q3 figure a decline.

According to NBS, the ICT sector comprises the four activities of Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording, and Music Production; and Broadcasting.

The ICT sector in the third quarter of 2023 recorded a growth rate of 6.69% in real terms, year-on-year. This was driven largely by activities in the telecommunications sub-sector, which contributed 13.50% to the GDP in the real term.

The telecom industry, which is dominated by mobile network operators including MTN, Globacom, Airtel, 9mobile, and Internet Service Providers (ISPs) is also driving a lot of activities in every other sector of the economy.

The closest sub-sector to telecoms in the ICT sector in terms of contribution was Broadcasting, which added 1.39%

According to the NBS data, the ICT sector contributed 11.57% to the total Nominal GDP in the 2023 third quarter, higher than the rate of 9.58% recorded in the same quarter of 2022 and lower than the 14.83% it contributed in the preceding quarter.

The sector in the third quarter of 2023 recorded a growth rate of 6.69% in real terms, year-on-year.

NBS added that from the rate recorded in the corresponding period of 2022, there was a decrease of 3.84% points.

The NBS report showed that Nigeria’s economy grew by 2.54%, slightly up from the 2.51% recorded in the second quarter of 2023.

When compared with the corresponding quarter of 2022, the current growth rate surpasses the 2.25% recorded in the third quarter of 2022.

Nigeria’s GDP performance in the third quarter of 2023 was mainly propelled by the services sector which grew by 3.99% and contributed 52.70% to the total GDP.

Also, the agricultural sector witnessed a growth of 1.30% compared to the 1.34 recorded in the corresponding quarter of 2022.

The industry sector displayed a growth of 0.46%, marking an improvement from the -8.00% recorded in the same quarter of the previous year.

Trending