The latest data from the National Bureau of Statistics (NBS) indicates a significant contribution from the Information and Communications Technology (ICT) sector to Nigeria’s real Gross Domestic Product (GDP) in Q4 of 2023.
According to the recent NBS report, the ICT sector accounted for 16.66% of Nigeria’s real GDP in Q4, marking an increase from the 16.22% recorded in the previous year. This growth underscores the sector’s resilience and expanding influence within the economy.
The report highlights a robust annual growth rate of 6.33% in real terms for the ICT sector, driven largely by the telecommunications sub-sector, which constituted over 14% of the GDP in actual terms. This sub-sector emerged as a significant driver of overall sectoral growth.
Comprising activities such as telecommunications and information services, publishing, motion picture, sound recording, music production, and broadcasting, the ICT sector demonstrates its pivotal role in Nigeria’s economic landscape.
In nominal terms, the contribution of the ICT sector to the total nominal GDP in Q4 of 2023 surged to 12.52%, surpassing the rates recorded in both the same quarter of 2022 and the previous quarter. The sector witnessed a notable 39.57% year-on-year growth, indicating its increasing significance within the national economy.
The report further reveals encouraging trends in active subscriptions for voice telecommunications and internet services. Voice telecommunications subscriptions climbed to 224.7 million in Q4 of 2023, marking a 0.96% increase compared to the same period in 2022. Similarly, active internet subscriptions grew by 5.81% year-on-year, reaching 163.8 million in Q4 of 2023.
Lagos state emerged as the leader in active voice subscriptions, boasting 26.7 million subscribers in Q4 2023, followed by Ogun with 13 million and Kano with 12.3 million subscribers, according to state-by-state analysis provided in the report.
Overall, the NBS report underscores the ICT sector’s pivotal role in driving economic growth and development in Nigeria, reflecting its resilience and potential for further expansion and innovation in the coming years.
