The Information and Communications Technology (ICT) sector contributed 19.78% to Nigeria’s real Gross Domestic Product (GDP) in the second quarter of 2024, according to the National Bureau of Statistics (NBS). This marks a slight increase from the 19.54% contribution recorded in the same period last year.
On a quarter-on-quarter basis, the sector also showed growth, rising from a 17.89% contribution in Q1 2024. The NBS report segments the ICT sector into four activities: telecommunications and information services; publishing; motion picture, sound recording, and music production; and broadcasting.
In nominal terms, the sector grew by 11.86% year-on-year in Q2 2024, a decrease from the 41.67% growth rate observed in Q2 2023, and 2.08% lower than the preceding quarter. The quarter-on-quarter growth rate was 11.91%. The ICT sector’s contribution to the total nominal GDP was 14.19% in Q2 2024, down from 14.83% in the same quarter of the previous year but up from 13.12% in the preceding quarter.
In real terms, the sector recorded a year-on-year growth rate of 4.44%, down by 4.16 percentage points from the previous year. However, it exhibited a quarter-on-quarter growth of 10.60% in real terms.
The telecommunications industry, including major mobile network operators such as MTN, Globacom, Airtel, and 9mobile, along with Internet Service Providers (ISPs), continues to drive significant economic activity across various sectors.
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