Activities in the Information and Communications Technology (ICT) sector contributed 16.22% to Nigeria’s real Gross Domestic Product (GDP) in Q4 2022.
This is according to the Q4 GDP statistics report that was released yesterday by the National Bureau of Statistics (NBS).
This shows an increase in contribution when compared to the 15.21% recorded in the same period last year. Quarter on quarter, the sector also recorded a growth in real GDP contribution when compared to the 15.35% it added in Q3, 2022.
For the whole year, ICT’s total contribution to the country’s GDP stood at 16.51%, higher than the 15.51% reported in 2021.
According to NBS, the ICT sector is composed of the four activities of Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording, and Music Production; and Broadcasting.
Telcom leads: While the ICT sector recorded a growth rate of 10.53% in real terms year on year in the quarter under review, the growth was driven largely by activities in the telecommunications sub-sector, which contributed 13.55% to the GDP in the real term.
The closest sub-sector to telecoms in the ICT sector in terms of contribution was Broadcasting, which added 1.69%
Other key highlights for the ICT sector: The ICT sector contributed 10.42% to the total Nominal GDP in the 2022 fourth quarter, higher than the rate of 9.88% recorded in the same quarter of 2021 and higher than the 9.58% it contributed in the preceding quarter.
In nominal terms, the sector recorded 21.41% growth in the quarter under review, a 15.70% points increase from the rate of 5.70% recorded in the same quarter of 2021, and 1.09% points higher than the rate recorded in the preceding quarter.
The general performance of the economy: According to NBS, Nigeria’s GDP grew by 3.52% (year-on-year) in real terms in the fourth quarter of 2022, following a growth of 2.25% in the third quarter of 2022 and 3.98% in the fourth quarter of 2021.
The performance of the GDP in the fourth quarter of 2022 was driven mainly by the Services sector, which recorded a growth of 5.69% and contributed 56.27% to the aggregate GDP.
Aggregate GDP for the 4th quarter stood at N56.7 trillion in nominal terms.
Overall, the annual GDP growth rate in 2022 stood at 3.10%, from the 3.40% reported in 2021.
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