Actions in Data and Communications Know-how (ICT) contributed 16.35% to Nigeria’s actual Gross Home Product (GDP) in Q3 2024, a decline from the 19.78% it added within the earlier quarter.
The Nationwide Bureau of Statistics (NBS) disclosed this within the Q3 2024 GDP statistics launched on Monday.
The contribution was, nevertheless, increased than the 15.97% contributed by the sector in the identical interval of final 12 months.
In line with NBS, the ICT sector contains the 4 actions of Telecommunications and Data Providers; Publishing; Movement Image, Sound Recording, and Music Manufacturing; and Broadcasting.
Extra Insights
The sector within the third quarter of 2024 recorded a development price of 5.92% in actual phrases, year-on-year. This was pushed largely by actions within the telecommunications sub-sector, which contributed 13.94% to the GDP in the actual time period.
- In line with NBS, the telecom trade was the third-largest contributor to the actual GDP in Q3 2024, coming behind solely crop manufacturing and commerce industries, which contributed 26.51% and 14.78% respectively.
- The telecom trade, which is dominated by cell community operators together with MTN, Globacom, Airtel, 9mobile, and Web Service Suppliers (ISPs) can also be driving lots of actions in each different sector of the financial system.
- The closest sub-sector to telecoms within the ICT sector when it comes to contribution was Broadcasting, which added 1.37%
Nominal GDP
The NBS information additional revealed that the ICT sector contributed 11.30% to the entire Nominal GDP within the third quarter of 2024, decrease than the speed of 11.57% recorded in the identical quarter of 2023 and decrease than the 14.19% it contributed within the previous quarter.
In nominal phrases, within the third quarter of 2024, the sector development was recorded at 14.51% (year-on-year), a 25.75% factors lower from the speed of 40.27% recorded in the identical quarter of 2023, and a couple of.65% factors increased than the speed recorded within the previous quarter.
Total GDP development
In the meantime, Nigeria’s GDP grew by 3.46% year-on-year in actual phrases in the course of the third quarter of 2024, marking a notable enhance from the two.54% development recorded within the corresponding interval of 2023 and an enchancment from the three.19% development noticed within the second quarter of 2024.
The expansion in Q3 2024 was primarily pushed by the Providers sector, which expanded by 5.19% and accounted for 53.58% of the mixture GDP. This underscores the sector’s rising significance in Nigeria’s financial panorama.
The Providers sector performed a dominant function in driving the financial system, contributing a bigger share of the mixture GDP in comparison with the identical quarter in 2023. Its 5.19% development highlights its resilience and capability to spur general financial efficiency.
- The Agriculture sector recorded a modest development of 1.14%, barely under the 1.30% development reported in Q3 2023.
- The Trade sector posted a development price of two.18%, displaying vital enchancment from the 0.46% recorded in Q3 2023.
The mixture GDP at fundamental costs stood at N71.13 trillion in nominal phrases in Q3 2024, reflecting a 17.26% year-on-year nominal development from the N60.66 trillion recorded in Q3 2023.
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