By Ibiyemi Mathew
Recent statistics by the Nigerian Bureau of Statistics(NBS) today has revealed that the Information and Communication sector has contributed 17.83% to Nigeria’s Gross domestic product(GDP) in the second quarter of 2020.
The statistics revealed that the Information and Communication sector grew by 15.09% in Q2 2020 from 9.99% in Q1 2020 and 9.01% in Q2 2019.
Furthermore, the Telecommunications & Information Services under Information and Communication
sector grew by 18.10% in Q2 2020 from 9.71% in Q1 2020 and 11.34% in Q2 2019
The Information and Communication sector in nominal terms, in the second quarter of 2020, the sector recorded growth at –1.15% (year-on-year), or –41.70% points decrease from the 40.54% recorded in the same quarter of 2019, and –10.09% points lower than rate recorded in the preceding quarter.
The Quarter on Quarter growth rate recorded in the second quarter of 2020 was 30.12%. The Information and Communications sector contributed 14.06% to total nominal GDP in Q2 2020, lower than the rate of 13.83% recorded in the same quarter of 2019 but higher than the 10.31% it contributed in the preceding quarter.
In the second quarter of 2020, the sector recorded a growth rate of 15.09% in real terms, year on year.
Compared to the rate recorded in the corresponding period of 2019, this was an increase of 6.09% points. Quarter on Quarter, the sector exhibited a growth of 20.32% in real terms.
Out of total real GDP, the sector contributed 17.83% in 2020 second quarter, higher than in the same quarter of the previous year in which
it represented 14.55% and the preceding quarter, in which it represented 14.07%.