‘18.44% ICT Contribution to GDP in Q2, Highest Ever’

Emma Okonji

The Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami, has said the 18.44 per cent contribution of the Information and Communications Technology (ICT) sector to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2022 (Q2 2022), is the highest ever in the history of the Nigerian economy.

The National Bureau of Statistics (NBS) released the report of the recent statistics on ‘Nigeria’s Gross Domestic Product Report’ for Q2 2022, at the weekend, which showed that the Digital Economy sector under Pantami continued its trend of playing a key part in the growth on Nigeria’s economy. 

The Report by the NBS indicated that the ICT sector contributed 18.44 per cent to the total real GDP in Q2 2022. 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 Minister in Q1 2020, Q2 2021 and now Q2 2022.

According to the report, the oil sector contributed 6.33 per cent 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 per cent and 6.63 per cent 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 Q2 ‘2022, higher than Q2 ‘2021 and Q2 ‘2022, where it contributed 92.58 per cent and 93.37 per cent respectively.

The Minister notes 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, 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, “Pantami said.