Nigeria: ICT sector contributes 18.44% to Nigeria’s real GDP in Q2 2022

Information and Communications Technology (ICT) contributed 18.44% to Nigeria’s real Gross Domestic Product (GDP) in the second quarter of 2022. This is higher than its contribution in the same quarter of the previous year in which it represented 17.92% and higher than the preceding quarter in which it represented 16.20%.

The National Bureau of Statistics (NBS) disclosed this in the Q2 GDP statistics released on Friday (Aug 26, 2022).

According to NBS, the ICT sector is composed of four activities – Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording and Music Production; and Broadcasting. The sector’s growth was driven largely by activities in the telecommunications sub-sector, which contributed 9.49% to the GDP.

Key highlights for the ICT sector

• The sector’s contribution to nominal GDP for Q2 stood at 12.12%. This is lower than the rate of 12.22% recorded in the same quarter of 2021 but higher than the 10.55% it contributed in the preceding quarter.
• In nominal terms, in the second quarter of 2022, the sector growth was recorded at 14.11% year-on-year, 14.18% points increase from the rate of -0.07% recorded in the same quarter of 2021, and 6.43% points lower than the rate recorded in the preceding quarter.
• The Quarter-on- Quarter growth rate recorded in the second quarter of 2022 was 14.13%.
• The ICT sector in the period under review recorded a growth rate of 6.55% in real terms, year-on-year. From the rate recorded in the corresponding period of 2021, there was an increase of 0.99% points.

What you should know

• Nigeria’s gross domestic product (GDP) grew by 3.54% year-on-year in real terms in the second quarter of 2022, an improvement compared to the 3.11% growth recorded in the previous quarter.
• A cursory look at the data showed that the industrial sector contributed 19.4%, while services accounted for 57.35% of the GDP.
• Nigeria’s non-oil sector contributed 93.67% to the nation’s GDP in the second quarter of 2022, higher than the share recorded in the second quarter of 2021 which was 92.58% and also higher than the first quarter of 2022 recorded as 93.37%.