Nigeria’s ICT Sector Boosts GDP, Records Growth in Q4 2023
In the fourth quarter of 2023, Nigeria’s Information and Communications Technology (ICT) sector played a pivotal role in the nation’s economic landscape, contributing 16.66% to the real Gross Domestic Product (GDP), as revealed by the National Bureau of Statistics (NBS) in its Q4 GDP statistics released on Friday.
This marks a notable increase from the 16.22% recorded in the same period the previous year.Quarter on quarter, the ICT sector showcased continued growth, with a contribution of 15.97% in Q3 2023, demonstrating a positive trajectory. The NBS data highlights that the ICT sector encompasses Telecommunications and Information Services, Publishing, Motion Picture, Sound Recording, Music Production, and Broadcasting.
The fourth quarter of 2023 witnessed a robust 6.33% year-on-year growth in real terms for the ICT sector.
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Telecommunications, a key driver, contributed 14% to the GDP in real terms. The telecom industry, dominated by major operators like MTN, Globacom, Airtel, 9mobile, and Internet Service Providers (ISPs), continued to influence various sectors of the economy.Broadcasting emerged as the closest sub-sector to telecoms in terms of contribution, adding 1.68% to the ICT sector’s overall performance.
NBS data further reveals that the ICT sector played a significant role in the nominal GDP, contributing 12.52% in the fourth quarter of 2023, surpassing the rates of the same quarter in 2022 and the preceding quarter.The growth in nominal terms for the ICT sector stood at an impressive 39.57% year-on-year, indicating a substantial increase from the previous year and maintaining positive momentum in the economic landscape.
Despite a slight dip in the overall GDP growth rate to 3.46% year-on-year in real terms for Q4 2023, the Services sector emerged as the primary driver, recording a growth of 3.98% and contributing 56.55% to the aggregate GDP.
Agriculture also saw a positive uptick, growing by 2.10% compared to the same period in 2022.In the broader context, both the industry and services sectors played a more substantial role in the aggregate GDP in the fourth quarter of 2023 compared to the previous year.
On an annual basis, Nigeria’s GDP growth for 2023 was recorded at 2.74%, demonstrating resilience in the face of economic fluctuations compared to the 3.10% recorded in 2022.
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