Technology currently contributes more to Nigeria's GDP than oil – Tech in Africa
The information and communications technology (ICT) sector contributed 18.44% to Nigeria’s GDP in the second quarter of 2022, as stated in the most current data on the country’s Gross Domestic Product (GDP) compiled by the National Bureau of Statistics. The industry expanded at a pace of 6.55% from the first quarter of 2022.
The contribution of the oil sector, which used to dominate the bottom line of the country’s GDP, decreased to 6.33% in the second quarter of 2022. This position is lower than its 7.42% in the second quarter of 2021 and its 6.63% in the first quarter of 2022.
The non-oil sector of the economy was dominant, with trade coming in second to ICT in terms of its contribution to the economy at 16.81%. This is an increase from the 16.6% contribution it made in 2021, when the world was just beginning to recover from the pandemic, and the 16.13% contribution it made in the first quarter of 2022.
The telecommunications industry, financial institutions, transportation, agriculture, and manufacturing were the primary engines of growth in the non-oil sector (food, beverage, and tobacco).
According to the report, the non-oil sector made up 93.67% of the country’s GDP during the review period. According to reports, the number will be higher than 92.58% in Q2 2021 and 93.37% in Q1 2022. The contribution from the non-oil sector went up by 4.77 percent from the previous rate.
In addition, the analysis demonstrated that after the COVID-19 epidemic and government rules on SIM-NIN integration, there was a pick-up in economic activity in the areas of telecommunications and commercial services.
Issa Pantami, the minister of communications and the digital economy, said after praising the leadership of the information and communications technology (ICT) sector:
“The fact that ICT is leading the pack is a development that is in line with the federal government’s commitment to developing the digital economy through the implementation of the National Digital Economy Policy and Strategy” (NDEPS).
Compared to the growth rate of 3.11% that was registered in the previous quarter, Nigeria’s GDP increased by 3.54% during the second quarter of 2022.
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