ICT Accounted For 16.22% Of Nigeria’s Real GDP in Q4 2022

The ICT sector contributed 16.22% to Nigeria’s real GDP in the fourth quarter of 2022, and this is according to the National Bureau of Statistics Q4 2022 report. The figure indicates an increase from Q4 2021, where it accounted for 15.21%, and from Q3 2022, where it accounted for 15.35%.

In 2022, the ICT sector’s total contribution to real GDP stood at 16.51%, which is higher than the 15.51% reported in 2021.

According to the NBS, the Information and Communication sector comprises four activities, namely: Telecommunications and Information Services, Publishing, Motion Picture, Sound Recording and Music Production, and Broadcasting. The sector recorded a growth of 21.41% year-on-year in nominal terms, a significant increase of 15.70% points from the 5.70% growth recorded in Q4 2021, and 1.09% points higher than the rate recorded in Q3 2022. Overall, the sector grew in nominal terms by 19.00% in 2022.

Also Read: Nigeria’s Mobile Internet Speed Ranks 89th In The World In January 2023

In Q4 2022, the ICT sector made a larger contribution to the total Nominal GDP, accounting for 10.42% compared to 9.88% in the fourth quarter of 2021 and 9.58% in Q3 2022. The sector’s contribution to the nominal GDP in 2022 was 10.61%, which is higher than the 10.24% reported in 2021.

The ICT sector’s growth was primarily propelled by the telecommunications sub-sector, which contributed 13.55% to the real GDP. Broadcasting followed with a contribution of 1.69% to the real GDP. The motion pictures, sound recording, and music production sub-sectors altogether recorded a growth of 19.7% year-on-year in Q4 2022 and contributed 0.7% to Nigeria’s GDP in the reference period.

The motion pictures, sound recording, and music production sub-sectors recorded a year-on-year growth rate of 20% in 2022. The subsectors also contributed 0.78% to the national GDP in 2022.

Also Read: Nigeria Records 3.52% GDP Growth in Q4 2022

The services sector was the greatest contributor to Nigeria’s GDP in Q4 2022 with a contribution of 56.27% and a growth rate of 5.69%. The services sector includes information and communication, arts, entertainment, and recreation, trade, education, human health, and social services, real estate, accommodation, and food services, financial and insurance, public administration, electricity, water supply, sewage, waste management, and, professional, technical and scientific services.

The Nigerian economy’s GDP grew by 3.52% in Q4 2022, resulting in a GDP growth rate of 3.1% for the year 2022. Nigeria’s GDP growth rate in 2022 was in line with the World Bank’s projected GDP growth rate of 3.1%.

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