Home Sectors BUSINESS & ECONOMY ICT Sector Contributes 16% To Nigeria’s GDP In Q1

ICT Sector Contributes 16% To Nigeria’s GDP In Q1

Nigeria
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The Information and Communications Technology (ICT) sector made a 16.20 per cent contribution to Nigeria’s gross domestic product (GDP) in the first quarter of 2022.

According to a new report by the National Bureau of Statistics (NBS), the Information & Communication sector in the first quarter of 2022 recorded a growth rate of 12.07 per cent in real terms, year-on-year.

From the rate recorded in the corresponding period of 2021, there was an increase of 5.60 per cent. Quarter-on-Quarter, the sector exhibited a growth of -9.09 per cent in real terms, revealing that the information and communication sector outperformed the agricultural and manufacturing sectors.

The agricultural sector in the first quarter of 2022 achieved a 3.16 per cent growth (year-on-year) in real terms. This is an increase of 0.88 per cent from the corresponding period of 2021 and a decrease of 0.42 per cent from the preceding quarter, which recorded a growth rate of 3.58 per cent. It grew on a quarter-on-quarter basis at -28.90%.

The non-oil sector comprises economic activities in Information and Communication, Agriculture, Mining & Quarrying, Manufacturing and Education etc.

NBS data revealed that the non-oil sector – in real terms – posted a 93.37 per cent contribution to the nation’s GDP in the first quarter of 2022. This represents a 2.62 points increase to the share recorded in the first quarter of 2021 – 90.75 per cent. According to the report, the non-oil sector grew by 6.08 per cent in real terms during the reference quarter (Q1 2022).

This rate was higher by 5.28 per cent points compared to the rate recorded in the same quarter of 2021 and 1.34 per cent points higher than the fourth quarter of 2021.

The ICT sector posted a significant contribution – 16.20 per cent – to the impact made by the non-oil sector in the Nigerian GDP Report Q1 2022.

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