ICT contributes unprecedented 14.07% to Nigeria’s GDP in Q1

The Minister of Communications and Digital Economy, Isa Pantami, said the Information and Communications Technology (ICT) has made an incredible contribution of 14.07 per cent to the Gross Domestic Product ( GDP) economy.

This was confirmed by Mr Pantami in a statement signed Sunday in Abuja by Femi Adeluyi, Technical Assistant, Information Technology to the Minister.

Mr Pantami said he was pleased to hear of ICT ‘s contribution to Nigeria ‘s GDP growth in the first quarter (Q1) of 2020.

The National Bureau of Statistics (NBS) released Nigeria’s GDP report for the first quarter of 2020 on May 25.

”The Report observed that the country’s GDP grew by 1.87 per cent year-on-year in real terms in Q1 2020.

Related Topic  Presidency revealed that NACA DG resigned voluntarily, not sacked

”The non-oil sector contributed 90.50 per cent to the nation’s GDP in Q1 2020 as opposed to the 9.50 per cent contributed to total real GDP by the oil sector.

”It is noteworthy that the ICT sector contributed 14.07 per cent to the total real GDP in Q1 2020, higher than its contribution a year earlier, which was 13.32 per cent and in the preceding quarter, in which it accounted for 13.12 per cent.

”This contribution is unprecedented,” Mr Pantami said.

Mr Pantami said the ICT sector ‘s increasing contribution to the GDP was a direct result of the federal government ‘s concentrated and dedicated effort.

Related Topic  Reps probe NSITF over alleged mismanagement of N2.3 billion

He said the strategic direction of the federal government included including Digital Economy in the ministry’s mandate, the launching and implementation of the National Digital Economy Policy and Strategy, as well as the National Broadband Program, among others.

The minister stated that the COVID-19 pandemic had shown how important the ICT sector was to the development of the digital economy of the country and, by extension, the general economy.

He called on all sectors to take advantage of the government’s new emphasis on the digital economy by using ICT to allow and develop their processes.

“This would enhance the output of all the sectors of the economy and boost Nigeria’s GDP,” he said.

Leave a Comment Here