Digital Economy Booms as ICT Contributes 18.44% to Nigeria’s GDP

Digital Economy Booms as ICT Contributes 18.44% to Nigeria’s GDP

Nigeria’s digital economy booms as the National Bureau of Statistics (NBS) said Information and Communication Technology (ICT), sector had contributed 18.44 per cent to Gross Domestic Product (GDP) record in the second quarter of 2022.

In a statement, Dr Femi Adeluyi, Technical Assistant Research and Development to the Minister of Communications and Digital Economy said that the digital economy sector under Prof. Isa Pantami has continued its trend of playing a key part in economic growth.

The Minister of Communications and Digital Economy, Pantami, was very excited to hear of the remarkable contribution of the ICT sector to Nigeria’s GDP in the quarter under review.

According to him, the oil sector contributed 6.33 per cent to the total real GDP in the second quarter of 2022, which was lower than the contribution in Q2 ‘2021 and Q1 ‘2022, where it contributed 7.42% and 6.63%, respectively.

“The non-oil sector’s contribution grew by 4.77 per cent in real terms, resulting in a 93.67 per cent contribution to the nation’s GDP in the second quarter of the fiscal year 2022. READ: FG to Deploy 5G Network, Seeks Increase ICT Contribution to GDP

“This was higher than the comparable period in the second quarter of 2021 where it contributed 92.58 per cent, “he said. Pantami said that the growing contribution of the sector to the GDP was a result of the commitment of the current administration to the development of the digital economy.

He said that the unprecedented contribution of ICT to Nigeria’s GDP can also be attributed to the dynamic and results-oriented leadership of the sector. He, however, said that the Report had shown how critical the ICT sector was to the growth of the country’s digital economy and, by extension, the general economy.

“The diligent implementation of the National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria, stakeholder engagement and creation of an enabling environment have all played an important role in this achievement.

“The support of President Muhammadu Buhari has contributed immensely to the impressive developments in the sector. The unprecedented contribution of ICT to Nigeria’s GDP can also be attributed to the dynamic and results-oriented leadership of the sector,” he said.

Pantami congratulated stakeholders in the digital economy ecosystem for this cheering news. He called on all sectors to take advantage of the Federal Government’s new focus on the digital economy to enable and improve their processes through the use of ICTs.

He added: “This would enhance the output of all the sectors of the economy and boost Nigeria’s GDP. # Digital Economy Booms as ICT Contributes 18.44% to Nigeria’s GDP