The minister of Communications and Digital Economy, Dr Isa Pantami, has disclosed that ICT contributed 14.07 per cent to the nation’s Gross Domestic Product (GDP) in the first quarter of 2020 (Q1 2020).
Recall that the National Bureau of Statistics (NBS) released Nigeria’s Gross Domestic Product Report for Q1 2020 on the 25th of May, 2020.
The report observed that the country’s GDP grew by 1.87 per cent
(year-on-year) in real terms in Q1 2020.
Also, the non-oil sector contributed 90.50 per cent to the nation’s GDP in Q1 2020 as opposed to the 9.50 per cent contributed to total real GDP by the oil sector, while the ICT sector contributed 14.07 per cent to the total real GDP in Q1 2020, higher than its contribution a year earlier (13.32 per cent) and in the preceding quarter, in which it accounted for 13.12 percent. This contribution is unprecedented.
Pantami, in a statement made available to LEADERSHIP yesterday, however, noted that the growing contribution of the ICT sector to the GDP, is a direct result of the focused and committed effort of
the administration of President Muhammadu Buhari.
The minister said the strategic policy directions of the federal
government include the inclusion of Digital Economy in the mandate of the ministry, the unveiling and implementation of the National Digital Economy Policy and Strategy and the National Broadband Plan, amongst others.
According to him, ‘’I am delighted to hear of the growth of ICT’s contribution to Nigeria’s GDP in the first quarter of 2020 (Q1 2020).
‘’The COVID-19 pandemic has shown how critical the ICT sector is to the growth of our country’s digital economy and by extension, the general economy.”
Consequently, the minister called on all sectors to take advantage of the federal government’s new focus on the digital economy, to enable and improve their processes through the use of ICT.
‘’This would enhance the output of all the sectors of the economy and boost Nigeria’s GDP,’” he added.