The National Bureau of Statistics (NBS) Q1 2021 report showed that the ICT sector grew by 6.47 per cent, making it the fastest growing significant sector of the Nigerian economy.
During the period Nigeria’s GDP grew by 0.51 per cent (year-on-year) in real terms, representing two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.
According to the report, “In terms of contribution to aggregate GDP, the oil sector accounted for 9.25per cent of aggregate real GDP in Q1 2021, while the non-oil sector accounted for 90.75 per cent.”
Growth in the non-oil sector was driven mainly by the Information and Communication, Telecommunication sector, while other drivers include agriculture, manufacturing of food, beverage and real estate. Others are construction, human health and social services.
It is worthy of note that the growth in the Nigeria’s GDP over the last two quarters, given the sustained positive contributions of the ICT sector is an indication that it continues to serve as a catalyst for the growth and diversification of the economy.
Recall that the Minister of Communications and Digital Economy, Dr Isa Pantami recently commended the efforts of President Muhammadu Buhari for providing an enabling environment for the ICT sector to thrive, through the development and implementation of relevant policies.
“These include the National Digital Economy Policy for a Digital Nigeria, Nigerian National Broadband Plan and the Revised National Digital Identity Policy for SIM Card Registration, amongst others” he said.
He also praised the leadership of the Nigerian Communications Commission and other parastatals under the Ministry and stakeholders on the consistent performance of the sector and encouraged them to continue supporting the policies of the Federal Government.
The ICT had in 2020 contributed 17.83 per cent to the nation’s economy.