Minister of Communications and Digital Economy, Dr. Bosun Tijani in a recent social media update has underscored the significant impact of the ICT sector on Nigeria’s GDP. He emphasized the sector’s remarkable growth and resilience, attributing these achievements to the leadership of President Bola Ahmed Tinubu.
Dr. Tijani shared insights from a newly released white paper based on data from the National Bureau of Statistics, NBS, highlighting key economic trends and the impact of various initiatives implemented during his tenure.
Notably, the Minister reported a significant increase in the nominal GDP value of the ICT sector, which rose from N7.1 trillion in Q3 2023 to N8.4 trillion in Q4 2023, before experiencing a “patterned fall” to N7.9 trillion in Q1 2024. He noted that this Q1 decline has historically occurred in 7 of the last 8 years.
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Furthermore, the Telecoms & Information Services sub-sector saw its nominal GDP value reach N6.2 trillion in Q1 2024, marking a 10.81 percent increase from Q3 2023 and an improvement over Q1 2023’s N5.6 trillion.
Dr. Tijani acknowledged a declining growth rate over the last seven quarters, with the sharpest drop occurring between Q1 2023 and Q2 2023.
However, he emphasized that this decline in growth rate does not equate to a decline in the sector’s overall health. The white paper outlines the ministry’s strategic interventions aimed at reversing this trend and fostering sustainable growth.
The Minister’s detailed exposition aims to provide a clear understanding of the ICT sector’s trajectory and the government’s ongoing efforts to strengthen its contribution to Nigeria’s economy.
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