Nigeria’s Information and Communication Technology sector contributed 17.00% to the country’s real Gross Domestic Product in Q4 2024, according to the National Bureau of Statistics.
This marks an increase from 16.66% in Q4 2023 and 16.35% in the previous quarter of 2024.
The NBS report shows that Nigeria’s ICT sector contributed 17.68% to real GDP in 2024, up from 17.34% in 2023.
Despite its expansion, the ICT sector experienced a slowdown in both nominal and real terms.
In Q4 2024, nominal growth stood at 11.57% year-on-year, a sharp decline from the 39.57% recorded in Q4 2023.
This reflects a 28.00 percentage point decline. Quarter-on-quarter, the sector’s nominal growth rate was 14.55%, contributing 11.75% to nominal GDP in Q4 2024.
This is lower than the 12.52% recorded in Q4 2023 but higher than the 11.30% in Q3 2024.
For the full year, the ICT sector contributed 12.48% to nominal GDP in 2024, down from 12.95% in 2023.
In real terms, the sector grew by 5.90% year-on-year in Q4 2024, a slight decline of 0.42 percentage points from the 6.32% recorded in Q4 2023.
According to the NBS, the ICT sector includes Telecommunications and Information Services, Publishing, Motion Picture, Sound Recording and Music Production, and Broadcasting.
A breakdown of the sector’s contribution shows that telecommunications remain the main driver of ICT growth, contributing 14.40% to GDP in Q4 2024.
The telecom industry, led by mobile network operators such as MTN, Globacom, Airtel, and 9mobile, along with Internet Service Providers, continues to drive activities across various sectors of the economy.
