The Nigerian Information and Communication Technology (ICT) sector grew by 11.86% in the second quarter of 2024, according to the latest report by the National Bureau of Statistics (NBS).
The ICT sector’ growth rate is 29.81% lower compared to the same quarter in 2023, according to the NBS report that provides the performances across sectors of the Nigerian economy and their contributions to GDP.
Quarterly Performance
The NBS data reveals a notable decline in the growth rate of the ICT sector, which saw a significant 41.67% increase in Q2 2023. The quarter-on-quarter growth rate for the sector in Q2 2024 was 11.91%. The sector’s contribution to the total nominal GDP was 14.19%, down from 14.83% in Q2 2023 but up from 13.12% in Q1 2024.
The Information and Communication sector is composed of the four activities of Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording and Music Production; and Broadcasting, according to NBS.
In nominal terms, NBS says, in the second quarter of 2024, the sector growth was recorded at 11.86% (year-on- year), 29.81% points decrease from the rate of 41.67% recorded in the same quarter of 2023, and 2.08% points lower than the rate recorded in the preceding quarter.
Non-Oil Sector Insights
In contrast, NBS states that the non-oil sector experienced a real terms growth of 2.80% in Q2 2024. This is a decrease from the 3.58% growth recorded in the same quarter of 2023 but remains consistent with the 2.80% growth in Q1 2024. The non-oil sector contributed 94.30% to the nation’s GDP in Q2 2024, a slight decrease from 94.66% in Q2 2023 but an increase from 93.62% in Q1 2024.
Additionally, NBS underscores that the ICT sector in “the second quarter of 2024 recorded a growth rate of 4.44% in real terms, year-on-year. From the rate recorded in the corresponding period of 2023, there was a decrease of 4.16% points. On a quarter-on-quarter, the sector exhibited a growth of 10.60% in real terms. Of total real GDP, the sector contributed 19.78% in the second quarter of 2024, higher than in the same quarter of the previous year in which it represented 19.54% and higher than the preceding quarter in which it represented 17.89%.”
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