The Information and Communication Technology (ICT) sector ranked third among Nigeria’s top 10 contributors to real GDP in the third quarter of 2024, accounting for 13.94% of the nation’s GDP, according to data from the National Bureau of Statistics (NBS).
This is an important driver of economic activity, particularly within the non-oil sector, which grew by 3.37% in real terms during Q3 2024, according to the NBS Q3 2024 GDP report released on Monday.
The non-oil sector, which includes telecommunications, agriculture, trade, and other key industries, was the main contributor to this growth, as it accounted for 94.43% of the GDP. This is slightly lower than the 94.52% share recorded in Q3 2023, but it is higher than the Q2 2024 figure of 94.30%.
Looking at individual subsectors, telecommunications and information services made the largest contribution, totaling ₦6.53 trillion in the third quarter of 2024, the NBS reports. This sub sector which includes established players like MTN Nigeria, Airtel, Globacom, among others, recorded a nominal growth rate of 14.51% year-on-year, although it experienced a slight decline in percentage contribution to GDP, falling from 11.57% in Q3 2023 to 11.30% in Q3 2024.
Publishing, while a smaller part of the ICT industry, maintained a share of 0.02%, with a value of N13.08 billion. The motion pictures, sound recording, and music production sub-sector also saw growth, contributing N639.96 billion to the economy, up from ₦442.39 billion in the previous quarter. This sub-sector made up 0.90% of the total GDP in Q3 2024, a rise from 0.73% in Q2 2024. Broadcasting contributed ₦858.1 billion to the economy, a drop from the previous quarter’s ₦1.33 trillion. It made up 1.21% of the GDP in Q3 2024, compared to 2.19% in Q2.
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