ICT contributes to Nigerian GDP boost despite economic cutback

2020-08-26 17:48:54
ICT contributes to Nigerian GDP boost despite economic cutback

The information and communications technology (ICT) sector made a contribution of 17.83 per cent to Gross Domestic Product (GDP) in Nigeria in the second quarter of 2020, performing much better than the previous quarter and the same quarter of last year, a report by the National Bureau of Statistics (NBS), said on Monday.

The report said there was a decline in overall GDP as a result of diminishing economic activities.

GDP is the monetary value of goods and services made in the country.

“Out of total real GDP, the sector contributed 17.83 percent in the 2020 second quarter, higher than in the same quarter of the previous year in which it represented 14.55per cent and the preceding quarter, in which it represented 14.07 per cent,” the report said.

“In nominal terms, in the second quarter of 2020, the sector recorded growth at -1.15 per cent (year-on-year), or -41.70 percent points decrease from the 40.54 per cent recorded in the same quarter of 2019, and -10.09 percent points lower than rate recorded in the preceding quarter,” it added.

This quarter’s growth recorded a decline of 10.09 percent points.

If inflation is included, the nominal terms contributed 30.12 per cent in the second quarter of 2020.

The sector grew by 14.06 per cent year on year in nominal terms in Q2 2020. The contribution is lower than 13.83 per cent and 10.31 percent recorded in Q2 2019 and Q1 2020.

The quarter on quarter growth rate recorded in the second quarter of 2020 was 30.12 percent.

In real terms, the ICT sector contributed 15.09 per cent in the second quarter of 2020. The report said when compared to the same quarter on 2019, it grew by 6.09 percent.

From the previous quarter, the sector exhibited a growth of 20.32 per cent in real terms.

Four sub activities make up the information and communication sector, namely; telecommunications and information services; publishing; motion picture, sound recording and music production; and broadcasting.

According to the data, telecommunications and information services in the information and communication sector grew by 18.10 per cent in Q2 2020 from 9.71 percent in Q1 2020 and 11.34 percent in Q2 2019.

Similarly, motion pictures, sound recording and music production contracted by 4.60 per cent in Q2 2020 from 0.33 per cent in Q1 2020 and 2.37 per cent in Q2 2019.

Broadcasting grew by 8.78 percent in Q2 2020 from 1.81 percent in Q1 2020 and 3.20 percent in Q2 2019.

Comments(0)
Success!
Error! Error occured!