Digital Economy: Minister excited about 18.44 percent highest ICT contribution to Nigeria’s GDP

*Prof. Isa Ali Ibrahim Pantami, Minister for Communications and Digital Economy, is excited over the unprecedented contribution of Information and Communications Technology industry to Nigeria’s GDP, attributing the development to the dynamic and results-oriented leadership of the sector of the economy

Gbenga Kayode | ConsumerConnect

Sequel to release of the country’s latest Gross Domestic Product (GDP) Report, Prof. Isa Ali Ibrahim Pantami, Honourable Minister for Communications and Digital Economy, is very excited about the remarkable contribution of the Information and Communications Technology (ICT) sector of the economy to Nigeria’s Gross Domestic Product (GDP) in the second quarter (Q2) of 2022.

The National Bureau of Statistics (NBS) stated this in the ‘Nigeria’s Gross Domestic Product Report’ for Q2 2022, released August 26, 2022.

Dr. Femi Adeluyi, Technical Assistant (Research and Development) to the Minister, in a statement issued August 27, in Abuja, FCT, said the Digital Economy sector under Prof. Pantami had continued its trend of playing a key part in the growth on Nigeria’s economy.

Adeluyi stated the NBS Report indicated that the ICT sector contributed 18.44% to the total real GDP in Q2 2022.

“This is the highest contribution of ICT to the GDP and is truly unprecedented and marks the third time that the sector has achieved an unprecedented contribution to Nigeria’s GDP during the tenure of the Honourable Minister- in Q1 2020, Q2 2021 and now Q2 2022.

“The oil sector contributed 6.33% to the total real GDP in Q2 2022, which was lower that the contribution in Q2 ‘2021 and Q1 ‘2022, where it contributed 7.42% and 6.63% respectively,” noted the Minister’s aide.

The statement also indicated the non-oil sector’s contribution grew by 4.77% in real terms, resulting in a 93.67% contribution to the country’s GDP in the Q2 ‘2022, higher than Q2 ‘2021 and Q2 ‘2022, where it contributed 92.58% and 93.37% respectively.

Dr. Adeluyi stated Pantami noted that the growing contribution of the ICT sector to the GDP is as a result of the commitment of the President Muhammadu Buhari (GCFR) administration to the development of the digital economy.

“The diligent implementation of the National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria, stakeholder engagement and creation of an enabling environment have all played an important role in this achievement.

“The support of President Muhammadu Buhari, GCFR, has contributed immensely to the impressive developments in the sector,” said Pantami.

According to the Minister, the unprecedented contribution of ICT to Nigeria’s GDP can also be attributed to the dynamic and results-oriented leadership of the sector.

The GDP Report has shown how critical the ICT sector is to the growth of our country’s digital economy and, by extension, the general economy.

Prof. Pantami congratulates all stakeholders in the Nigeria Digital Economy ecosystem on this cheering news.

He also renews his call to all sectors to take advantage of the Federal Government’s new focus on the digital economy to enable and improve their processes through the use of ICTs.

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