Telecom leads as ICT contributes 15.97% to Nigeria’s GDP in Q3, 2023





Telecom subsectors of the ICT sector led others as activities in Information and Communications Technology (ICT) contributed 15.97 Percent to Nigeria’s real Gross Domestic Product (GDP) in the third quarter of 2023.

This is contained in the third quarter GDP statistics released by the National Bureau of Statistics (NBS), showing an increase in contribution when compared to the 15.35 per cent recorded in the same period last year.

The NBS report showed that Nigeria’s economy grew by 2.54 per cent, slightly up from the 2.51 per cent recorded in the second quarter of 2023.



However, when compared with the figure recorded in the preceding quarter, the sector contributed less in the third quarter declining from 19.54 recorded in the second quarter to 15.35 in the third quarter.



According to NBS, the ICT sector comprises the four activities of Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording, and Music Production; and Broadcasting.



The ICT sector in the third quarter of 2023 recorded a growth rate of 6.69 per cent in real terms, year-on-year. This was driven largely by activities in the telecommunications sub-sector, which contributed 13.50 per cent to the GDP in the real term.



The telecom industry, which is dominated by mobile network operators including MTN, Globacom, Airtel, 9mobile, and Internet Service Providers (ISPs) is also driving a lot of activities in every other sector of the economy.



The closest sub-sector to telecoms in the ICT sector in terms of contribution was broadcasting, which added 1.39 per cent.



According to the NBS data, the ICT sector contributed 11.57 per cent to the total Nominal GDP in the 2023 third quarter, higher than the rate of 9.58 per cent recorded in the same quarter of 2022 and lower than the 14.83 per cent it contributed in the preceding quarter.

The sector in the third quarter of 2023 recorded a growth rate of 6.69 per cent in real terms, year-on-year.