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ICT sector contributes 18.44% to the GDP- Pantami

 

Bukola Afeni

The Honourable Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami),  said a report by the NBS indicated that the ICT sector contributed 18.44% to the total real GDP in Q2 2022. While stating that this is the highest contribution of ICT to the GDP and is truly unprecedented and marks the third time that the sector has achieved an unprecedented contribution to Nigeria’s GDP during the tenure of the Honourable Minister- in Q1 2020, Q2 2021 and now Q2 2022.

The Minister disclosed this in a statement signed by the Technical Assistant (Research and Development to the Honourable Minister of Communications and Digital Economy.

According to him, the Digital Economy sector under Professor Pantami has continued its trend of playing a key part in the growth of Nigeria’s economy.

“We are very excited to hear of the remarkable contribution of the Information and Communications Technology (ICT) sector to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2022 (Q2 2022). The National Bureau of Statistics (NBS) stated this in the ‘Nigeria’s Gross Domestic Product Report’ for Q2 2022, released on the 26th of August, 2022.

“The oil sector contributed 6.33% to the total real GDP in Q2 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% in real terms, resulting in a 93.67% contribution to the nation’s GDP in the Q2 ‘2022, higher than Q2 ‘2021 and Q2 ‘2022, where it contributed 92.58% and 93.37% respectively”, he added.

The Honorable Minister noted” that the growing contribution of the ICT sector to the GDP is as a result of the commitment of the administration of President Muhammadu Buhari, GCFR to the development of the digital 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, GCFR, 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”.

The GDP Report has shown how critical the ICT sector is to the growth of our country’s digital economy and, by extension, the general economy.

The Honourable Minister congratulates all stakeholders in the digital economy ecosystem for this cheering news.

 

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