Nigeria’s Information and Communications Technology sector contributed 19.78% to the country’s real Gross Domestic Product in the second quarter of 2024, according to data released by the National Bureau of Statistics on Monday.
This marks a slight increase from the 19.54% contribution recorded in the same period last year, highlighting the sector’s growing importance to the economy.
Quarter-on-quarter, the ICT sector also showed growth, with its contribution rising from 17.89% in Q1 2024.
The consistent upward trend underscores the sector’s expanding role in driving economic growth in Nigeria.
According to NBS, the ICT sector comprises the four activities of Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording, and Music Production; and Broadcasting.
Nigeria’s Information and Communications Technology (ICT) sector posted a 4.44% year-on-year growth rate in the second quarter of 2024, driven primarily by the telecommunications sub-sector.
The telecom industry contributed 16.36% to the GDP in real terms, making it the third-largest contributor to the country’s real GDP, following crop production (20.35%) and trade (16.39%).
Dominated by major mobile network operators such as MTN, Globacom, Airtel, and 9mobile, along with various Internet Service Providers (ISPs), the telecom industry has become a critical engine for economic activity across all sectors.
Its robust performance underscores the sector’s vital role in sustaining Nigeria’s economic growth.
The NBS data further revealed that the ICT sector contributed 14.19% to the total Nominal GDP in the second quarter of 2024, lower than the rate of 14.83% recorded in the same quarter of 2023 and higher than the 13.12% it contributed in the preceding quarter.
In nominal terms, the sector growth was recorded at 11.86% (year-on-year), a 29.81% points decrease from the rate of 41.67% recorded in the same quarter of 2023, and 2.08% points lower than the rate recorded in the preceding quarter.
