The Telecoms & Information Services sub-sector saw its nominal Gross Domestic Product value hit N6.2 trillion in Q1 2024.
This represents 10.81 percent increase from Q3 2023 and an improvement over Q1 2023’s N5.6 trillion, the Minister of Communications and Digital Economy, Dr Bosun Tijani disclosed in a recent social media post.
Dr. Tijani also disclosed 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.
He however noted that the sector experienced 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.
Dr. Tijani shared insights from a newly released whitepaper based on data from the National Bureau of Statistics (NBS), highlighting key economic trends and the impact of various initiatives implemented during his tenure.
The minister in an in-depth analysis of the ICT sector’s contribution to Nigeria’s GDP stressed the sector’s growth and resilience under President Bola Ahmed Tinubu’s administration.
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 whitepaper outlines the ministry’s strategic interventions aimed at reversing this trend and fostering sustainable growth.
The Minister also stated plan 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.
