ICT contributed 16.66% to Nigeria’s real GDP in Q4 2023
Activities in Information and Communications Technology (ICT) contributed 16.66% to Nigeria’s real Gross Domestic Product (GDP) in Q4 2023.
The National Bureau of Statistics (NBS) disclosed this in the Q4 GDP statistics released on Friday. This shows an increase in contribution when compared to the 16.22% recorded in the same period last year.
Quarter on quarter, the sector also recorded an increase in contribution when compared with the figure recorded in Q3 2023. The NBS data showed that ICT contributed 15.97% to the real GDP in the preceding quarter.
According to NBS, the ICT sector comprises the four activities of Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording, and Music Production; and Broadcasting.
Boosted by telecom
The ICT sector in the fourth quarter of 2023 recorded a growth rate of 6.33% in real terms, year-on-year. This was driven largely by activities in the telecommunications sub-sector, which contributed 14%% to the GDP in the real term.
The telecom industry, which is dominated by mobile network operators including MTN, Globacom, Airtel, 9mobile, and Internet Service Providers (ISPs) is also driving a lot of activities in every other sector of the economy.
The closest sub-sector to telecoms in the ICT sector in terms of contribution was Broadcasting, which added 1.68%
According to the NBS data, the ICT sector contributed 12.52%to the total Nominal GDP in the 2023 fourth quarter, higher than the rate of 10.42% recorded in thesame quarter of 2022 and higher than the 11.57% it contributed in the preceding quarter.
The sector’s growth in nominal term was recorded at 39.57% year-on-year, 18.16% points increase from the rate of 21.41% recorded in the same quarter of 2022, and 0.70% points lower than the rate recorded in the preceding quarter.
General performance of the economy
According to NBS, Nigeria’s GDP grew by 3.46% year-on-year in real terms in the fourth quarter of 2023. This growth rate is lower than the 3.52% recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54%.
The performance of the GDP in the fourth quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.98% and contributed 56.55% to the aggregate GDP. The agriculture sector grew by 2.10%, from the growth of 2.05% recorded in the fourth quarter of 2022.
In terms of share of the GDP, industry, and the services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022. On an annual basis, GDP grew by 2.74% in 2023 relative to 3.10% in 2022.
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