The Honourable Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami, FNCS, FBCS, FIIM, is very delighted to hear that the Information and Communications Technology (ICT) sector recorded the highest growth rate of all the sectors of the Nigerian economy in both the fourth quarter of 2020 (Q4 2020) and the entire year 2020. This was based on the Q4 2020 Report on Nigeria’s Gross Domestic Product (GDP) released today, the 18th of February 2020, by the National Bureau of Statistics (NBS) released
According to the NBS, " Nigeria’s Gross Domestic Product (GDP) grew by 0.11%(year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters." In real terms, the non-oil sector contributed 94.13% to the nation’s GDP in Q4 2020 as opposed to the 5.87% contributed to total real GDP by the oil sector.
It is noteworthy that the ICT sector grew by 14.70% in Q4 2020, making it the fastest growing sector of the Nigerian economy and the only sector to have grown by double digits. The ICT sector grew at a rate more than 4 times the next fastest growing sector of Q4 2020, which grew at 3.42%.
The ICT sector also maintained its rapid growth rate in the year 2020 assessment, growing at 12.90%, or over 3 times the next best sector, which grew at 3.81%. Again, the ICT sector was the only sector with a double digit growth rate. Furthermore, the telecommunications sector recorded a growth rate of 15.90% and this was its highest growth rate in the last 10 years. This performance is unprecedented.
The Honorable Minister notes that the giant strides recorded in the ICT sector are a direct result of the focused and committed effort of the administration of President Muhammadu Buhari, GCFR. The strategic policy directions of the Federal Government include the National Digital Economy Policy for a Digital Nigeria and the Nigerian National Broadband Plan, amongst others.
The GDP Report has shown that the ICT sector is a catalyst for the diversification and growth of our economy. The Honourable Minister calls on 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. He also congratulates all stakeholders of the ICT sector and calls on them to continue supporting the policies of the Federal Government. This would enhance the output of all the sectors of the economy and boost Nigeria’s GDP.
Dr Femi Adeluyi
Technical Assistant (Information Technology) to the
Honourable Minister of Communications and Digital Economy
19th February 2020