Pantami excited as ICT Sector records unprecedented 17.98%, its highest contribution to Nigeria’s GDP

Pantami Excited as ICT Sector records unprecedented 17.98%, its highest contribution to Nigeria’s GDP

The Information and Communication technology (ICT) sector has recorded a whopping 17.98% to Nigeria’s Gross domestic Product (GDP) in the second quarter of 2021, highest of its contribution to Nigeria’s GDP in history.

A statement released to the media on Thursday by Dr Femi Adeluyi, the Technical Assistant (Information Technology) to the Honourable Minister of Communications and Digital Economy, quoted the National Bureau of Statistics’s (NBS) ‘Nigeria’s Gross Domestic Product Report’ for Q2 2021 released on 26 August 2021, that “Nigeria’s GDP grew by 5.01%(year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.”.

According to the statement, a very delighted Honourable Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami, notes that the growing contribution of the ICT sector to the GDP is as a result of the commitment of the administration of President Muhammadu Buhari, GCFR to the development of the digital economy.

The full statement by Dr Adeluyi reads:

“The Honourable Minister of Communications and Digital Economy, Isa Ali Ibrahim Pantami, PhD is highly delighted to hear of the growth of the contribution of the Information and Communications Technology (ICT) sector to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2021 (Q2 2021). The National Bureau of Statistics (NBS) indicated this in the ‘Nigeria’s Gross Domestic Product Report’ for Q2 2021 released today, the 26th of August, 2021.

“It is noteworthy that the ICT sector contributed 17.92% to the total real GDP in Q2 2021, 20.54% higher than its contribution a year earlier and in the preceding quarter, in which it accounted for 14.91%. This is the highest contribution of ICT to the GDP and is truly unprecedented.

“According to the NBS, “Nigeria’s GDP grew by 5.01%(year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.” The negative growth was triggered by COVID-19, not only in Nigeria but also globally. Even within that period, the ICT sector in Nigeria continued to experience positive growth. The oil sector contributed 7.42% to total real GDP in Q2 2021, down from figures recorded in the preceding quarter, where it contributed 9.25%. The non-oil sector grew by 6.74% and contributed 92.58% to the GDP.

“The Honorable Minister notes that the growing contribution of the ICT sector to the GDP is as a result of the commitment of the administration of President Muhammadu Buhari, GCFR to the development of the digital economy. The 16 National Policies developed by the Ministry, the 1,667 projects and programmes, the large scale digital skills and general capacity building efforts, stakeholder engagement and creation of an enabling environment have all played an important role in this achievement.

“The support of President Muhammadu Buhari, GCFR, has contributed immensely to the impressive developments in the sector. The unprecedented contribution of ICT to Nigeria’s GDP can also be attributed to the dynamic and results-oriented leadership of the sector, which has been acknowledged and appreciated by a wide spectrum of the stakeholders in the sector, both locally and internationally. For example, Mr Houlin Zhao, the Secretary General of the International Telecommunications Union (ITU) commended the Minister for Nigeria’s “accelerated digital transformation”. Similarly, the Chairman of the United States-Nigeria Council (USNC) also commended him for the “commitment to diversifying Nigeria’s great economy through digital technology and innovation.”

“The GDP Report has shown how critical the ICT sector is to the growth of our country’s digital economy and, by extension, the general economy. The Honourable Minister renews his call to all sectors to take advantage of the Federal Government’s new focus on the digital economy to enable and improve their processes through the use of ICTs. This would enhance the output of all the sectors of the economy and boost Nigeria’s GDP”.

Dr Femi Adeluyi
Technical Assistant (Information Technology) to the
Honourable Minister of Communications and Digital Economy
26th August 2021