Nigeria’s GDP rose 19.54% in Q2 2023 – Report

Bisola David
Bisola David
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In the second quarter of 2023, ICT-related activities accounted for 19.54% of Nigeria’s real Gross Domestic Product.

This information was included in the Q2 GDP data by the National Bureau of Statistics. When compared to the 18.44% observed during the same period previous year, this indicates an increase in contribution.

The sector’s real GDP contribution increased from one quarter to the next as compared to the 17.47% it contributed in Q1 2023.

The four industries of publishing, motion picture, sound recording, music production, telecommunications and information services, and broadcasting are all included in the ICT sector, according to NBS.

While the ICT sector saw growth of 11.64% in real terms year over year in the quarter under review, the expansion was primarily fueled by telecommunications sub-sector activity, which in real terms contributed 16.06% to the GDP.

The telecom sector, which is dominated by mobile network providers like MTN, Globalcom, Airtel, and 9mobile as well as Internet Service Providers, is also responsible for a significant portion of economic activity in all other sectors.

Broadcasting contributed 2.59%, the ICT sector’s closest subsector to telecoms in terms of contribution.

In the second quarter of 2023, the ICT industry made up 14.83% of the total Nominal GDP, up from the 12.12% recorded in the same quarter of 2022 and higher than the 13.23% it made up in the quarter before.

The industry experienced nominal growth of 41.67% in the quarter under review, which is a 27.56% increase over the rate of 14.11% seen in the same quarter of 2022 and 0.17% points less than the rate seen in the quarter before.

According to NBS data, Nigeria’s Gross Domestic Product increased by 2.51% year over year in real terms in the second quarter of 2023. This is a 0.2% point increase over the 2.31% recorded in the previous quarter, but a 1.03% point decrease over the 3.54% recorded in the same period of 2022.

The services sector, which had a growth of 4.42% and made up 58.42% of the total GDP in the second quarter of 2023, was primarily responsible for the GDP’s performance.

In comparison to the rise of 1.2% seen in the second quarter of 2022, the agriculture sector rose by 1.50%.

The industry sector’s increase was -1.94% as opposed to the -2.3% observed in the second quarter of 2022. Agriculture and the industrial sectors made up a smaller portion of the total GDP in the second quarter of 2023 compared to the second quarter of 2022.

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