The information and communication technology sector is taking up more and more space in the Nigerian economy. In the third quarter of 2022, the sector contributed 15.35% to Nigeria’s GDP.

Information and Communication Technology (ICT) sector activities contributed 16.22% to Nigeria’s real GDP in the fourth quarter of 2022. This is higher than its 15.21% contribution in the same quarter of 2021 and 15.35% in the third quarter of 2022. This is according to the latest report from the National Bureau of Statistics (NBS) published on Wednesday, February 22.

In nominal value, ICT contributed 10.42% to total nominal GDP in the fourth quarter of 2022, higher than the 9.88% recorded in the same quarter of 2021 and the 9.58% of the previous quarter .

For the year as a whole, the total contribution of ICT to the country’s GDP stood at 16.51%, more than the 15.51% recorded in 2021. This growth comes at the end of a financial year 2022 complicated, marked in particular by a considerable increase in operating costs; the soaring price of diesel; shortage of electrical energy; the weakening of the naira; lack of foreign currency; multiple taxation…

The telecommunications sector continues to drive the growth of the Nigerian ICT sector. The sub-sector contributed 13.55% to GDP in real terms against 12.85% in the previous quarter. According to the Nigerian Communications Commission (NCC), telecom operators saw their subscriber base increase by 13.89% during the year to reach 222.3 million.

Recall that Nigeria’s GDP experienced year-on-year growth of 3.52% in the fourth quarter against 2.25% in the previous quarter. This performance was mainly driven by the services sector, which recorded growth of 5.69% and contributed 56.27% to aggregate GDP.

Source: Agence Ecofin