The National Bureau of Statistics (NBS) reports that Nigeria’s Information and Communication Technology (ICT) sector contributes 17.00% to the country’s real Gross Domestic Product (GDP) in the fourth quarter of 2024. This marks an increase from 16.66% recorded in the same period of 2023 and 16.35% in the third quarter of 2024.
According to the NBS data, the ICT sector’s total contribution to real GDP in 2024 stands at 17.68%, slightly higher than 17.34% recorded in 2023. However, the sector experiences slower growth in both nominal and real terms compared to the previous year.
ICT Sector’s Nominal Growth Declines
In nominal terms, the ICT sector grows by 11.57% year-on-year in Q4 2024, a sharp decline from 39.57% recorded in Q4 2023, representing a 28.00 percentage point drop. On a quarterly basis, the sector records a 14.55% nominal growth rate, contributing 11.75% to nominal GDP in Q4 2024. This is lower than 12.52% in Q4 2023 but higher than 11.30% recorded in Q3 2024.
For the full year, the ICT sector’s contribution to nominal GDP stands at 12.48% in 2024, slightly below 12.95% recorded in 2023.
In real terms, the ICT sector records a 5.90% year-on-year growth in Q4 2024, reflecting a slight decline of 0.42 percentage points from the 6.32% recorded in Q4 2023. However, quarter-on-quarter, the sector demonstrates stronger performance with a 16.81% growth rate.
For the entire year, the sector’s real GDP growth rate stands at 5.42%, lower than 7.91% recorded in 2023.
Telecommunications Drives ICT Growth
The ICT sector comprises Telecommunications and Information Services, Publishing, Motion Picture and Sound Recording, and Broadcasting.
Among these, the telecommunications industry remains the key driver of growth, contributing 14.40% to real GDP in Q4 2024. It ranks as the third-largest contributor to Nigeria’s real GDP for the quarter, following Crop Production (23.42%) and Trade (15.1%).
Telecom operators, including MTN, Globacom, Airtel, 9mobile, and Internet Service Providers (ISPs), continue to play a vital role in economic activities across multiple sectors.
The Nigerian Communications Commission (NCC) states that it is working with the Ministry of Communications, Innovation, and Digital Economy to increase the telecom sector’s contribution to 25% through policy interventions.
The Executive Vice Chairman of the NCC, Dr. Aminu Maida, notes that while the telecom sector currently contributes around 14% to GDP, resolving existing industry challenges could significantly enhance its impact on the economy.
 reports that Nigeria’s Information and Communication Technology (ICT) sector contributes 17.00% to the country’s real Gross Domestic Product (GDP) in the fourth quarter of 2024. This marks an increase from 16.66% recorded in the same period of 2023 and 16.35% in the third quarter of 2024.){kind=link}