ICT contributed 19.78% to Nigeria’s Q2 2024 GDP – NBS

• Published On: 27 August 2024 at 11:31

According to data released Monday by the National Bureau of Statistics, Nigeria's Information and Communications Technology sector contributed 19.78% of the country's real GDP in the second quarter of 2024.

This represents a slight increase from the 19.54% contribution recorded during the same period last year, demonstrating the sector's growing importance to the economy.

The ICT sector also grew quarter after quarter, increasing its contribution from 17.89% in Q1 2024.

The sector's consistent upward trend highlights its growing role in driving economic growth in Nigeria.

The NBS defines the ICT sector as four activities: telecommunications and information services; publishing; motion picture, sound recording, and music production; and broadcasting.

In the second quarter of 2024, Nigeria's Information and Communications Technology (ICT) sector grew by 4.44% year on year, with the telecommunications sub-sector driving the increase.

The telecom industry contributed 16.36% of GDP in real terms, making it the country's third-largest contributor, trailing only crop production (20.35%) and trade (16.39%).

The telecom industry, dominated by major mobile network operators such as MTN, Globacom, Airtel, and 9mobile, as well as various Internet Service Providers (ISPs), has emerged as a critical engine of economic activity across all sectors.

Its strong performance demonstrates the sector's critical role in maintaining Nigeria's economic growth.

The NBS data also revealed that the ICT sector contributed 14.19% of total Nominal GDP in the second quarter of 2024, which was lower than the rate of 14.83% recorded in the same quarter of 2023 but higher than the 13.12% it contributed in the previous quarter.

In nominal terms, sector growth was 11.86% (year on year), a 29.81% point decrease from the 41.67% rate recorded in the same quarter of 2023, and 2.08% point lower than the rate recorded in the previous quarter.