Gross Domestic Product (GDP) in Nigeria grew by 3.11% year-on-year in real terms in the first quarter of 2022, showing sustained growth for the sixth consecutive quarter since the recession witnessed in 2020 when negative growth rates were recorded in quarters two and three of 2020.
In August, the National Bureau of Statistics (NBS) released its report which stated that the ICT sector had contributed 18.44% to the GDP in Q2 2022, clearly demonstrating the sector’s significant and consistent contributions to Nigeria’s economy.
According to the report, the non-oil sector contributed 93.67% to the nation’s GDP in the period in review. The figure is said to be higher than 92.58% in Q2 2021 and 93.37% in Q1 2022. The non-oil sector’s contribution grew by 4.77% from the previous rate.
The tech and digital economy industry in Nigeria are reshaping the country and is providing employment opportunities, while many tech enthusiasts have made breakthroughs through their potential in the industry. The future of Nigeria lies mostly in the non-oil sectors and tech is one of the leading ones.
From a broader point of view, the Information and Communication sector is an integral part of Nigeria’s non-oil sector The non-oil sector comprises economic activities in Information and Communication, Agriculture, Mining and Quarrying, Manufacturing, and Education. among others.
Mallam Isa Ali Ibrahim Pantami, the honorable minister of communications and digital economy is full of joy to learn that Nigeria’s ICT sector has continued to contribute more to the country’s Gross Domestic Product (GDP) in the second quarter of 2022. The industry accounted for 15% of Nigeria’s GDP in 2020, despite the COVID-19 pandemic. This continued a trend that had been seen during the following three years, during which time the industry has grown by 18.4%.
