ICT

Pantami commends Buhari, links support for Digital Economy to 6.47% contribution to GDP in Q1 2021

The Minister of Communications and Digital Economy, Dr Isa Pantami has commended the committed support from the administration of President Muhammadu Buhari for the Digital Economy sector.

Pantami in a statement issued by Dr Femi Adeluyi, IT Technical Assistant to the Minister in Abuja expressed delight at the 6.47 per cent contribution by the ICT sector to the nation’s Gross Domestic Product (GDP) in the first Quarter of 2021.

According to Pantami, the National Bureau of Statistics (NBS) Q1 report said Nigeria’s GDP grew by 0.51 per cent (year-on-year) in real terms in the first quarter of 2021,

This, he said, marked two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.

“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 and it is worthy of note that the ICT sector grew by 6.47 per cent in Q1 2021, making it the fastest growing significant sector of the Nigerian economy,” it said.

Other areas that grew the economy were Post and Courier Services which grew by 2.53 per cent, while it was noted that the services were under the supervision of the Ministry of Communications and Digital Economy, however listed under the transportation sector in the GDP report.

The minister said, “The Federal Government has provided 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.

“The GDP Report has shown that the ICT sector continues to serve as a catalyst for the growth and diversification of our economy.”

He, however, congratulated the Chief Executive Officers of the 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.