Late former President Muhammadu Buhari, who passed away on Sunday, July 13, 2025, two years after completing his second term in office, left behind a mixed economic legacy.
But one sector that steadily thrived under his administration was Information and Communications Technology (ICT), which emerged as a consistent driver of Nigeria’s GDP over his eight-year rule.
From a modest contribution of 9.80% to real GDP in Q3 2015, the ICT sector grew to account for an impressive 19.54% by Q2 2023, just weeks after Buhari handed over power.
This growth was powered by Nigeria’s expanding telecommunications industry, the rise of digital platforms, and strong government backing for a digital economy.
Let’s take a closer look at how the sector evolved under his watch.
Modest growth amid recession pressures (2015–2017)
Buhari assumed office in May 2015, during a period of mounting economic uncertainty. The ICT sector grew 5.27% in real terms in Q3 2015, contributing 9.80% to GDP.
By the end of 2015, the sector had picked up slightly with an 11.26% contribution to GDP, largely driven by telecoms and broadcasting.
However, 2016 and 2017 were difficult years. While the sector posted nominal growth of 17.43% in Q4 2016, real growth slowed to just 1.95% for the year, down from 6.22% in 2015. In 2017, the ICT sector even contracted, with real growth at -1.04%, marking the sector’s only full-year decline under Buhari.
Despite the slump, ICT’s share of the economy remained stable, contributing 11.35% to GDP in 2017, suggesting it was more resilient than most sectors during Nigeria’s first recession in a quarter-century.
A digital comeback (2018–2020)
The tide turned in 2018 as the sector bounced back with real GDP growth of 9.65%, and its contribution to GDP rose to 12.22%, supported by the expanding mobile and internet user base.
In 2019, the sector slowed slightly to 8.50% growth in Q4, but its GDP contribution hit 13.04% for the full year—an all-time high at the time. Buhari’s re-election that year set the stage for bigger moves in the digital economy.
Then came 2020 and with it, the pandemic. While most sectors suffered sharp contractions, ICT surged with 13.18% annual growth, contributing 15.05% to real GDP. Lockdowns forced businesses and services online, boosting the demand for data, digital tools, and fintech services.
Staying the course (2021–2023)
In 2021, growth moderated to 6.55%, yet ICT’s GDP contribution rose to 15.51%. Even as other sectors struggled with post-COVID recovery, the ICT space continued to benefit from digital adoption across finance, health, education, and entertainment.
- The sector gained further momentum in 2022, posting real growth of 9.76% and contributing a record 16.51% to real GDP.
- By then, Nigeria had become one of Africa’s largest digital economies, driven by mobile money, broadband rollout, and tech startups scaling across the continent.
- Buhari’s final year in office saw the sector reach its peak. In Q1 2023, ICT contributed 17.47% to real GDP, and by Q2, the figure had climbed to 19.54%, the highest quarterly share on record.
- Annualized, the data suggested the sector was on course to contribute nearly a fifth of Nigeria’s entire economy.
The policy environment
President Buhari’s administration may be remembered for many things, from its acclaimed fight against corruption to its handling of economic turbulence, but one standout achievement was creating the policy environment for ICT to flourish.
During his tenure, the government launched the National Digital Economy Policy and Strategy (NDEPS), rolled out broadband penetration targets, established tech hubs and startup policies, and supported the emergence of unicorns like Flutterwave, Andela, and Opay.
According to the former Minister of Communications and Digital Economy, Professor Isa Pantami, who served under Buhari, the diligent implementation of the NDEPS for a Digital Nigeria, stakeholder engagement and, creation of an enabling environment all played an important role in the growth of ICT GDP under the administration.
However, the period was marred by declining foreign direct investments in the telecommunication industry, a development stakeholders attributed to several unaddressed issues.
- For the first time under Buhari’s administration, the sector recorded an increase in FDIs in 2019, as it attracted $944 million against $114.43 million recorded in 2018.
- The decline, however, continued in 2020 as the industry attracted $417.48 million in the year, a 56% decline compared with 2019.
- In 2021, foreign investments in the telecom industry also plunged further to $107.6 million, according to NBS data. This showed a 74% decline when compared with the figure recorded in 2020, which was even the year of COVID-19.
- Investments in the sector peaked in 2022 as telecom companies attracted $456.83 million, but it plunged by 239% in 2023 as only $134.75 million investments were recorded.
According to the Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Engr. Gbenga Adebayo, issues of high cost of Right of Way charges, multiple taxation, and foreign exchange volatility were some of the factors discouraging foreign investors at the time.
Meanwhile, all the issues are still unaddressed even after two years into President Bola Tinubu’s administration.
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