According to recent data released by the National Bureau of Statistics (NBS), the Information and Communications Technology (ICT) sector contributed 16.66% to Nigeria’s real Gross Domestic Product (GDP) in the fourth quarter of 2023. This marks an increase from the 16.22% contribution recorded in the same period the previous year.
The ICT sector, which includes activities such as Telecommunications and Information Services, Publishing, Motion Picture, Sound Recording, Music Production, and Broadcasting, saw a growth rate of 6.33% year-on-year in real terms. This growth was primarily driven by activities in the telecommunications sub-sector, which contributed 14% to the GDP in real terms.
Broadcasting was the next significant contributor within the ICT sector, adding 1.68% to the GDP.
In nominal terms, the ICT sector contributed 12.52% to the total Nominal GDP in the fourth quarter of 2023, showing an increase from the previous year. The sector’s growth in nominal terms was recorded at 39.57% year-on-year.
Overall, Nigeria’s GDP grew by 3.46% year-on-year in real terms in the fourth quarter of 2023, with the Services sector leading the growth at 3.98%. The agriculture sector also saw growth, contributing to the country’s aggregate GDP.
