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ICT Contribution to GDP Increases by 15.51%

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CEM REPORT, ICT | The Information and Communications Technology (ICT) sector contributed 16.22% to Nigeria’s real Gross Domestic Product (GDP) in Q4 2022.

This is an increase from 15.35% recorded in Q3, 2022 and 15.21% recorded in Q4 2021.

For the whole year, ICT’s total contribution to the country’s GDP stood at 16.51%, higher than the 15.51% reported in 2021.

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This is according to the National Bureau of Statistics GDP report for Q4’22.

While the ICT sector recorded a growth rate of 10.53% in real terms year on year in the quarter under review, the growth was driven largely by activities in the telecommunications sub-sector, which contributed 13.55% to the GDP in the real term.

The contribution of the telecom sub-sector is followed by Broadcasting, which added 1.69 .

Furthermore, the ICT sector contributed 10.42% to the total Nominal GDP in the 2022 fourth quarter, higher than the rate of 9.88% recorded in the same quarter of 2021 and higher than the 9.58% it contributed in the preceding quarter.

In nominal terms, the sector recorded 21.41% growth in the quarter under review, a 15.70% points increase from the rate of 5.70% recorded in the same quarter of 2021, and 1.09% points higher than the rate recorded in the preceding quarter.

The performance of the GDP in the fourth quarter of 2022 was driven mainly by the Services sector, which recorded a growth of 5.69% and contributed 56.27% to the aggregate GDP.

Aggregate GDP for the 4th quarter stood at N56.7 trillion in nominal terms.

Overall, the annual GDP growth rate in 2022 stood at 3.10%, from the 3.40% reported in 2021.

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