ICT sector records unprecedented 18.44% growth in Q2

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…As Minister attributes growth to enabling government policies

By Ibiyemi Mathew

The Nigerian ICT sector has recorded an unprecedented growth of 18.44 per cent in the second quarter of 2022.

The National Bureau of Statistics (NBS) stated this in the ‘Nigeria’s Gross Domestic Product Report’ for Q2 2022, released on the 26th of August, 2022. The report by the NBS 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 it marks the third time that the sector has achieved an unprecedented contribution to Nigeria’s GDP during the tenure of Professor Isa Ali Ibrahim Pantami as Honourable Minister- 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 that the 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.

In a press statement issued by Dr Femi Adeluyi, Technical Assistant (Research and Development) to the Honourable Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami stated that he is very excited to hear of the remarkable contribution of the Information and Communications Technology (ICT) sector to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2022 (Q2 2022).

According to Pantami, 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 creation of an enabling environment have all played an important role in this achievement.”

Speaking further, Pantami noted that 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.”

The Minister also seized the opportunity to congratulate all stakeholders in the digital economy ecosystem and also renew the call to 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.

He stated that this would enhance the output of all the sectors of the economy and boost Nigeria’s GDP.