98
The Information and Communications Technology (ICT) sector contributed 15.97% to Nigeria’s real Gross Domestic Product (GDP) in Q3 2023, as reported by the National Bureau of Statistics (NBS). This marks an increase compared to the 15.35% recorded in the same period last year.
Comparison with Q2 2023:
- However, there is a decline when compared with the preceding quarter (Q2 2023) when the ICT sector contributed 19.54% to the real GDP.
Breakdown of ICT Sector Contributions:
- The ICT sector comprises activities in Telecommunications and Information Services, Publishing, Motion Picture, Sound Recording, Music Production, and Broadcasting.
Growth Drivers:
- In Q3 2023, the ICT sector recorded a growth rate of 6.69% in real terms, year-on-year. The growth was largely driven by activities in the telecommunications sub-sector, contributing 13.50% to the GDP in real terms.
Telecom Industry Impact:
- The telecom industry, dominated by mobile network operators like MTN, Globacom, Airtel, 9mobile, and Internet Service Providers (ISPs), plays a significant role in driving activities across various sectors of the economy.
Contributions by Sub-Sectors:
- The telecommunications sub-sector led the ICT sector’s contribution, followed by Broadcasting, which added 1.39%.
Nominal Contribution:
- In terms of nominal GDP, the ICT sector contributed 11.57% in Q3 2023, higher than the 9.58% recorded in the same quarter of 2022 but lower than the 14.83% in the preceding quarter.
Overall Economic Performance:
- The general economic performance of Nigeria showed a growth rate of 2.54% in Q3 2023, a slight increase from the 2.51% recorded in Q2 2023.
- The services sector played a significant role, growing by 3.99% and contributing 52.70% to the total GDP.
- The agricultural sector witnessed a growth of 1.30%, and the industry sector displayed a growth of 0.46%, improving from the -8.00% recorded in the same quarter of the previous year.
