Telecoms Drives ICT Sector as Contribution to GDP Hits 16%

The Information and Communications Technology (ICT) sector has contributed 15.97 per cent to Nigeria’s real Gross Domestic Product (GDP) in the third quarter of 2023, according to the latest report by the National Bureau of Statistics (NBS). This represents an increase from the 15.35 per cent recorded in the same period last year.

The report, which was released at the weekend, showed that the growth of the ICT sector was mainly driven by the telecommunications industry, which accounted for 13.5 per cent of the real GDP in Q3. The telecommunications sub-sector was followed by broadcasting, which added 1.39 per cent.

However, the report also revealed that the ICT sector’s contribution to the real GDP was lower than the 19.54 per cent recorded in the second quarter of 2023, indicating a decline in the sector’s performance.

The NBS report further stated that the ICT sector contributed 11.57 per cent to the total Nominal GDP in Q3, higher than the 9.58 per cent recorded in the same quarter of 2022, but lower than the 14.83 per cent recorded in the previous quarter.

The report also noted that the ICT sector recorded a year-on-year growth rate of 6.69 per cent in real terms in Q3, which was a decrease of 3.84 per cent points from the rate recorded in the corresponding period of 2022.

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