Nigeria’s economy buoys by ICT’s 16.22% contributions to GDP in last quarter

Nigeria’s economy was boosted by contributions of the Information and Communications Technology (ICT) sector in the last quarter of 2022. Latest data from National Bureau of Statistics (NBS) revealed that activities from the ICT sector contributed 16.22 per cent to Nigeria’s real Gross Domestic Product (GDP) in Q4, 2022.

According to NBS, the sector is composed of four sub-sectors, including telecommunications and information services; publishing; motion picture; sound recording and music production and broadcasting.

The Q4 2022 performance leaped by 0.87 per cent, when compared to 15.35 per cent recorded in Q3, 2022 and 1.01 per cent, when compared to the same period in 2021.

According to NBS, for 2022, ICT total contribution to the country’s GDP was 16.51 per cent, as against 15.51 per cent in 2021. Largely, the ICT sector contributed 10.42 per cent to the nominal GDP in Q4, 2022, which was higher than the rate of 9.98 per cent recorded in the same quarter of 2021 and higher than the 9.58 per cent it contributed in the preceding quarter.

In nominal terms, the sector recorded 21.41 per cent growth in Q4 2022, which was 15.70 per cent points increase from the rate of 5.70 per cent seen same period 2021 and 1.09 per cent points higher than the rate of the year before the last.