ICT contributed 15.35% to Nigeria’s real GDP in Q3 2022

In the third quarter of 2022, the Nigerian information and communications technology (ICT) sector’s actual Gross Domestic Product (GDP) increased by 15.35%.

This is supported by the most recent GDP data, which was made public on Thursday by the National Bureau of Statistics (NBS).

When compared to the 14.20% observed during the same period the previous year, this demonstrates an increase in contribution. In contrast to the 18.44% it contributed to real GDP in Q2, 2022, the sector saw a fall in real GDP contribution on a quarterly basis.

The four industries of publishing, motion picture, sound recording, and music production, telecommunications and information services, and broadcasting make up the ICT sector, according to the NBS.

The ICT industry grew by 10.53% in real terms year over year in the quarter under review, while the telecommunications sub-operations sectors were substantially responsible for this expansion, adding 12.85% in real terms to the GDP. In terms of contribution, broadcasting was the ICT sector sub-sector that came closest to telecoms, adding 1.38%.

READ MORE: Quidax Exchange lays off 25% of its staff

The third quarter of 2022 had an ICT sector contribution of 9.58%, which was better than the rate of 9.22% recorded in the same quarter of 2021 but lower than the 12.12% it contributed the quarter before.

The industry experienced nominal growth of 20.32% year over year in the third quarter of 2022, up from 11.17% in the same quarter of 2021 and 6.20% points more than the rate seen in the quarter before.

Nigeria’s GDP increased by 2.25% year over year in real terms in the third quarter of 2022, according to NBS. In the third quarter of 2021, this growth rate was 4.03%. The recession’s underlying impacts as well as the difficult economic circumstances that have limited productive activity were blamed by the Bureau for the decline in growth.

The growth rate for Q3 2022 was 1.29% points lower than Q2 2022’s growth rate of 3.54% and was down 1.78% points from Q3 2021’s growth rate of 4.03%. Real GDP did, however, grow at a rate of 9.68% quarter over quarter in Q3 2022, which was greater than the quarter before and indicated increased economic activity.