The Lagos Chamber of Commerce and Industry (LCCI) explained the declining rate of growth in the Information and Communication sector in the recent GDP report, compared to 2020 citing that concentration on the use of ICT during the lockdown periods of 2020 was responsible for the double-digit growth rate in 2020. The Chamber also forecasted an upward growth review of the economy in the coming weeks.
This was disclosed by Dr Chinyere Almona, Director-General, LCCI, on Thursday to newsmen reacting to the 5.01% GDP growth in the second quarter of 2021 reported by the National Bureau of Statistics (NBS).
“This shows an increase in non-oil sector activities through growth in trade, information and communication technology (ICT), transportation, electricity, agriculture and manufacturing,” she said.
She said that the FG must watch and respond appropriately to the major threats to this growth performance including the third wave of Coronavirus (COVID-19) infections, a rising spate of insecurity, among others.
She also added the growth in I.T was reduced compared to 2020 due to major factors from 2020 including the lockdown periods that forced many to work from home and increase I.T based consumption.
“The Information and Communication Sector grew by 5.50 per cent in Q2 2021 from 6.31 per cent in Q1 2021 and 16.52 per cent in Q2 2020.
“The concentration on the use of ICT during the lockdown periods of 2020 recorded a double-digit growth rate.
“Since this year we have recorded single-digit because the use concentration may have slightly reduced especially as comparatively fewer people work from home against what was obtained in 2020,” she said.
What you should know
Nairametrics reported that Nigeria’s Gross Domestic Product (GDP) grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.
This is according to the recently published GDP report, released by the National Bureau of Statistics (NBS).
The non-oil sector grew by 6.74% in real terms while the oil sector declined by 12.65% year-on-year.
