The Nigerian communication commissions (NCC) has stated that the Nigerian economy benefits critically from the economic activities of the information and communication sector, reiterating that 12.45% was contributed to Nigeria’s Gross Domestic Product (GDP) from the telecommunications sector.
The Chief Executive Officer (CEO) of the commission, Prof Umar Garba Danbatta disclosed this during Fountains University Convocation lecture at Osogbo, titled, “Empowering the Nigeria Youth through Information and Communications Technology (ICT)”.
Professor Umar Garba revealed that the ICT sector in the Nigerian economy has incessantly contributed at least 10% to the country’s GDP in 10 years
His words, “Nigeria is Africa’s largest ICT market with 82per cent of the continent’s telecoms subscribers and 29per cent of internet usage.
“As of fourth quarter of 2020, the telecoms sector alone contributed 12.45% to Gross Domestic Product (GDP) of Nigeria.”
He further explained how the African region, particularly the Sub-Saharan region is estimated to add a subscriber enrolment platform of 167 millions with Nigeria accounting for 55%
“NCC has put in-place various ICT youth empowerment initiatives to aid in creating a digitally skilled workforce that will fit into the Digital Economy Project of Nigeria.
“We are committed to fostering partnership and collaboration with the Technology Hubs and Start-ups, to accelerate innovations and the creation of a digitally skilled workforce for industrial growth and sustainable development of the nation,” he said.
According to Punch, In Q1, the country’s real GDP was N16.83tn, with the ICT sector recording a growth rate of 6.47 per cent in real terms, year on year, and contributing 14.91 per cent to real GDP.
The real GDP dropped to N16.69tn in Q2, with the ICT sector recording a growth rate of 5.55 per cent in real terms and contributing 17.92 per cent to real GDP.
In Q3, the ICT recorded a growth rate of 9.66 per cent in real terms, year on year, and contributed 14.20 per cent to the real GDP (N18.54tn).
The sector’s contribution N2.63tn to nominal GDP in Q3, compared to N2.99tn in Q2 and N2.51tn in Q1. It contributed a total of N12.91tn in the nine-month period.