Activities in Nigeria’s Information and Communications Technology (ICT) sector contributed 15.35% to the country’s real Gross Domestic Product (GDP) in the third quarter of 2022.
This is according to the latest GDP report released by the National Bureau of Statistics (NBS) on Thursday.
This shows an increase in the price when compared to the 14.20% registered in the same period of the previous year. However, on a quarterly basis, the sector posted a decline in the contribution to real GDP compared to the 18.44% it added in the second quarter of 2022.
According to the NBS, the ICT sector is made up of the four activities of Telecommunications and Information Services; Publication; Film production, sound and music recording; and Broadcasting.
Potential Telecom Customers: Although the ICT sector registered a growth rate of 10.53% in real year-on-year terms in the quarter under review, growth was largely driven by activities in the telecommunications subsector, which contributed 12.85 % of GDP in real terms.
The closest subsector to telecommunications in the ICT sector in terms of contribution was Broadcasting, which added 1.38%
Other key highlights: The ICT sector contributed 9.58% to total Nominal GDP in the third quarter of 2022, a rate higher than the 9.22% registered in the same quarter of 2021 and lower than the 12.12% it contributed in the previous quarter.
- In nominal terms, in the third quarter of 2022 the sector recorded year-on-year growth of 20.32%, 15 percentage points higher than the rate of 11.17% registered in the same quarter of 2021, and 6.20 points higher percentages to that registered in the previous quarter.
General performance: According to NBS, Nigeria’s GDP grew by 2.25% year-on-year in real terms in Q3 2022. This growth rate slowed from 4.03% in Q3 2021. The Office attributed the slowdown in growth to base effects of the recession and challenging economic conditions that have impeded productive activities.
The growth rate of the third quarter of 2022 decreased by 1.78% points from the growth rate of 4.03% registered in the third quarter of 2021 and decreased by 1.29% points in relation to the 3.54% in the second quarter of 2022. However, on a quarter-over-quarter basis, real GDP grew by 9.68% in the third quarter of 2022, reflecting greater economic activity in the third quarter of 2022 than the previous quarter.