ICT’s Contribution to GDP Nose Drives in Q1 2022

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CEM REPORT | The National Bureau of Statistics have revealed that the Information and Communication Sector, Gross Domestic Product (GDP) has further declined by -9.09% in real terms.

In its recent report the bureau noted that in the first quarter of 2022 the sector recorded a nominal growth rate of -1.87% quarter-on-quarter.

The Information and Communication sector which is segmebted into four industries; Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording and Music Production; and Broadcasting is regarded as one of the most viable non-oil producing sector in the country.

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The sector although recorded a growth rate of 5.60% when compared to the same period in 2021. Quarter-on-Quarter, the sector exhibited a growth of -9.09% in real terms.

Total real GDP of the sector stood at 16.20%, which is higher than the 14.91% recorded the previous year and higher than the Q4 of 2021 which was 15.21%.

In nominal terms, the sector’s quarter-on-quarter growth stood at -1.87% in the first quarter of 2022, while it contributed 10.55% to the total Nominal GDP in Q1 of 2022.

However this is higher than the 9.91% growth rate recorded in the same quarter of 2021 and higher than the 9.88% it contributed in the preceding quarter.

Year-on-Year, there is a growth of 20.54%, representing 12.68% points increase from the rate of 7.86% recorded in the same quarter of the preceding year, and 14.84% points higher than the rate recorded in Q4 of 2021.

Recall CEM reported that the telecommunications operators have lamented increased cost of production and several taxes and levies slammed on it by government’s agencies.

Recently, the Federal Government passed a bill for telecos to remit 1k/s as health care fund for vulnerable Nigerians.

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