ICT’s Contribution to Nigerian Economy Reaches 13.85% in Q2 2019
The contribution of Information and Communications Technology to Nigeria’s Gross Domestic Product (GDP), has risen from 11.22 percent in the second quarter of 2018 to 13.85 percent in the second quarter of 2019.
According to a report released by the National Bureau of Statistics (NBS), the ICT nominal contribution to GDP, surpassed that of Oil and Gas in the second quarter of 2019.
The figures show that the Nigeria’s GDP grew by 1.94 percent (year-on-year) in real terms in the second quarter of 2019 compared to the second quarter of 2018, which recorded a growth of 1.50 percent. The non-oil sector contributed 91.18 percent to the nation’s GDP in the second quarter of 2019 as opposed to the 8.82 percent contributed to total real GDPs by the oil sector.
Meanwhile, the Honorable Minister of Communications, Dr Isa Ali Ibrahim Pantami, has hailed the ICT’s contribution GDP in the second quarter, attributing it to the concerted efforts of the administration of President Muhammadu Buhari, GCFR, especially the manner in which the implementation of the administration’s Economic Recovery and Growth Plan (ERGP) is being pursued.
These efforts, he said, led to a sustained focus on growing the non-oil sector of the economy, especially ICT and the results witnessed are testimonies of the impact of these efforts.
The Honourable Minister, in a statement issued and signed by Mrs. Philomena O. Oshodin (Mrs), Deputy Director/Head, Information/Press & PR Unit at the Ministry of Communication, reiterated the Communications Ministry’s commitment to the economic diversification efforts of the present administration and called on all stakeholders to support Mr President’s laudable initiatives aimed at taking Nigeria to the next level.