The Minister of Communications, Dr Isa Ali Ibrahim Pantami, has expressed joy over significant contribution of ICT to Gross Domestic Product, GDP in the second quarter.
According to the National Bureau of Statistics (NBS), the contribution of the Information and Communication Technology (ICT) to Nigeria’s Gross Domestic Product (GDP) surpassed that of Oil and Gas in the second quarter of 2019.
Particularly, the ICT sector contributed 13.85 per cent to total nominal GDP in the second quarter of 2019 which is much higher than the 11.22 per cent contributed in the same period in 2018.
The Minister observed that the significant contribution of the ICT sector to the GDP was as a result of the concerted efforts of the administration of President Muhammadu Buhari, and especially attributed the success to the implementation of the administration’s Economic Recovery and Growth Plan (ERGP).
These efforts, he said, led to a sustained focus on growing the non-oil sector of the economy, especially ICT and the results witnessed are testimonies of impact of these efforts.
The Minister reiterated the Communication Ministry’s commitment to the economic diversification efforts of the present administration and called on all stakeholders to support Mr President’s laudable initiatives aimed at taking Nigeria to the next level.
The report, released on Tuesday 2nd September, 2019, observed that the country’s GDP grew by 1.94 per cent year-on-year in real terms in the second quarter of 2019 compared to the second quarter of 2018, which recorded a growth of 1.50 per cent, Furthermore, the non-oil sector contributed 91.18 per cent to the nation’s GDP in the second quarter of 2019 as opposed to the 8.82 per cent contributed to total real GP by the oil sector.