ICT Boosts Nigeria’s Q2 2023 Real GDP with 19.54% Contribution
The Information and Communications Technology (ICT) sector played a significant role in Nigeria’s real Gross Domestic Product (GDP) during Q2 2023, contributing 19.54%.
This data, released by the National Bureau of Statistics (NBS) as part of the Q2 GDP report, signifies a notable rise compared to the 18.44% contribution in the same period the previous year.The NBS’s report also highlights a sequential increase in the ICT sector’s GDP contribution.
It recorded a growth from 17.47% in Q1 2023 to the current 19.54% in Q2.The ICT sector encompasses four primary activities: Telecommunications and Information Services, Publishing, Motion Picture, Sound Recording, and Music Production, as well as Broadcasting.
The growth of the ICT sector was primarily driven by a substantial 11.64% year-on-year increase in real terms. This growth was largely attributed to the telecommunications sub-sector, which alone contributed 16.06% to the real GDP.
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Broadcasting emerged as the second-highest contributing sub-sector within ICT, adding 2.59% to the GDP.In terms of nominal figures, the ICT sector accounted for 14.83% of the total Nominal GDP in Q2 2023, displaying significant growth from the 12.12% contribution during the same period in 2022.
This performance was also higher than the preceding quarter’s contribution of 13.23%.Nigeria’s GDP exhibited a 2.51% year-on-year growth in real terms for Q2 2023.
This indicates a modest increase from the previous quarter’s 2.31% and a decrease compared to the 3.54% recorded in the same period in 2022.The Services sector stood out as a major driver of Q2 2023 GDP growth, recording an impressive 4.42% increase and contributing 58.42% to the overall GDP.
The agriculture sector experienced growth of 1.50%, an improvement from the 1.2% growth seen in Q2 2022.In contrast, the industry sector’s growth was at -1.94%, an improvement over the -2.3% recorded in Q2 2022.
Both agriculture and the industry sector contributed less to the overall GDP in Q2 2023 compared to the same period in 2022.
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