Nigeria’s Ministry of Communications and Digital Economy under Bosun Tijani has announced a drastic surge in the performance of the Information and Communication Technology (ICT) sector despite historical setbacks in the digital economy of country.
According to the National Bureau of Statistics (NBS), in the first three-quarters of President Bola Tinubu’s term, the nominal GDP value of the ICT sector grew from N7.1 trillion in Q3 2023 to N8.4 trillion in Q4 2023, before experiencing a “patterned fall” to N7.9 trillion in Q1 2024. Historically, this Q1 decline has occurred in seven of the last eight years.
The nominal GDP value in the telecoms & information services sub-sector reached N6.2 trillion in Q1 2024, marking a 10.81% increase from the start of Pantami’s term in Q3 and a rise compared to Q1 2023’s N5.6 trillion.
Over the past seven quarters, there has been a decline in the growth rate since Q3 2022, with the sharpest decline occurring between Q1 and Q2 2023.
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It would be recalled that former Minister Isa Pantami emphasized the importance of discussing the sector’s progress with a fact-based approach. To provide context, a comprehensive whitepaper has been released, based on data from the NBS.
