Contribution of Nigeria’s ICT sector to GDP declines

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Contribution of Nigeria's ICT sector to GDP declines



The Nigeria Bureau of Statistics (NBS), has said the information and communication sector contributed 9.57 per cent to the overall Gross Domestic Products (GDP) in the country’s third quarter in 2020.
The bureau said this figure is lower than the second quarter of 2020, which stood at 14.06 per cent. It is, however, higher than the contribution in the corresponding quarter of 2019 which was 8.54 per cent.
This was disclosed in an NBS report published on Saturday.
The report noted that the information and communication sector is composed of the four activities of telecommunications and information services; publishing; motion picture; sound recording and music production; and broadcasting.
It stated that the sector grew by 15.91 per cent in nominal terms (year-on-year); this represents a 4.72 per cent points increase from the rate of 11.19 per cent recorded in the same quarter of 2019.

Also, it was 17.06 per cent points higher than rate recorded in the preceding quarter. The quarter on quarter growth rate was 21.78 per cent.
The information and communications sector contributed 9.57 per cent to total nominal GDP in Q3 2020. This is higher than the 8.54 per cent recorded in the same quarter of 2019 but lower than the 14.06 per cent it contributed in the preceding quarter.
This reports highlights that in real terms, the information and communications sector recorded a growth rate of 14.56 per cent, year on year, which represents an increase of 4.68 per cent points compared to the previous year.
“Of total real GDP, the sector accounted for 13.47 per cent as at Q3 2020, compared to 17.83 per cent contribution in the preceding quarter.”
Telecommunications and information services under the information and communication sector grew by 17.36 per cent in Q3 2020 from 18.10 per cent in Q2 2020 and 12.16 per cent in Q3 2019.
Publishing, under the information and communication sector, contracted by -5.77 per cent in Q3 2020 from -18.35 per cent in Q2 2020 and 2.93 per cent in Q3 2019.
Motion pictures, sound recording and music production, under the information and communication sector, grew by 1.61 per cent in Q3 2020 from -4.6 per cent in Q2 2020 and 1.03 per cent in Q3 2019.Broadcasting grew by 3.23 per cent in Q3 2020 from 8.78 per cent in Q2 2020 and 0.98 per cent in Q3 2019.



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