Pantami Excited As ICT Contribution To GDP Hits 18.44%

The Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, has been excited to hear that the Information and Communications Technology (ICT) sector has contributed 18.44% to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2022.

Dr Femi Adeluyi, Technical Assistant (Research and Development) to the Minister, said this in a statement on Saturday, stressing that the National Bureau of Statistics (NBS) announced this in the ‘Nigeria’s Gross Domestic Product Report’ for Q2 2022, released on Friday.

According to the statement, the Digital Economy sector under Professor Pantami has continued its trend of playing a key part in the growth of Nigeria’s economy. The 18.44% contribution of the ICT to the total real GDP in Q2 2022 is the highest contribution of ICT to the GDP and is truly unprecedented.

It marked the third time that the sector has achieved an unprecedented contribution to Nigeria’s GDP during the tenure of the Minister- in Q1 2020, Q2 2021 and now Q2 2022.

The oil sector contributed 6.33% to the total real GDP in Q2 2022, which was lower than the contribution in Q2 2021 and Q1 2022, where it contributed 7.42% and 6.63% respectively. The non-oil sector’s contribution grew by 4.77% in real terms, resulting in a 93.67% contribution to the nation’s GDP in Q2 2022, higher than Q2 2021 and Q1 2022, where it contributed 92.58% and 93.37% respectively.

The Minister noted that the growing contribution of the ICT sector to the GDP is as a result of the commitment of the administration of President Muhammadu Buhari, to the development of the digital economy.

“The diligent implementation of the National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria, stakeholders engagement and creation of an enabling environment, have all played an important role in this achievement.

“The support of President Muhammadu Buhari, has contributed immensely to the impressive developments in the sector. The unprecedented contribution of ICT to Nigeria’s GDP can also be attributed to the dynamic and results-oriented leadership of the sector. The GDP Report has shown how critical the ICT sector is to the growth of our country’s digital economy and, by extension, the general economy,” the Minister said.

Pantami congratulated all stakeholders in the digital economy ecosystem for this cheering news.

He also renewed his call to 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 ICTs.

This, he said, would enhance the output of all the sectors of the economy and boost Nigeria’s GDP.