By Nkechi Isaac, Abuja
A report released by the National Bureau of Statistics (NBS) has placed Information and Communications Technology (ICT) as the fastest growing sector of the Nigerian economy.
The Quarter four (Q4), 2020, Report on Nigeria’s Gross Domestic Product (GDP) released on February 18, 2021, by the bureau said the ICT sector recorded the highest growth rate of all the sectors of the Nigerian economy in both the fourth quarter of 2020 and the entire year 2020.
“Nigeria’s Gross Domestic Product (GDP) grew by 0.11 per cent (year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters. This indicates that we have strongly exited recession. In real terms, the non-oil sector contributed 94.13 per cent to the nation’s GDP in Q4 2020 as opposed to the 5.87 per cent contributed to total real GDP by the oil sector.
“It is noteworthy that the ICT sector grew by 14.70 per cent in Q4 2020, making it the fastest growing sector of the Nigerian economy in the last quarter and the only sector to have grown by double digits. The ICT sector grew at a rate more than 4 times the Agriculture sector, which was the next fastest growing sector of Q4 2020, with a growth rate of 3.42 per cent.
“The ICT sector also maintained its rapid growth rate in the overall year 2020 assessment, growing at 12.90 per cent, or over 3 times the Water Supply, Sewerage, Waste Management and Remediation sector, which was next fastest growing sector of 2020 with a growth rate of 3.81 per cent.
Again, the ICT sector was the only sector with a double-digit growth rate.