ICT’s Impact on Nigeria’s GDP Hits 19.78% in Q2 2024.
The ICT sector’s contribution to Nigeria’s real GDP rose to 19.78% in Q2 2024, up from 19.54% in the same period last year, according to the National Bureau of Statistics (NBS). This represents a quarter-on-quarter increase from 17.89% recorded in Q1 2024.
In nominal terms, the sector’s growth was 11.86% year-on-year, a decrease from the 41.67% rate in Q2 2023. However, it saw a quarter-on-quarter growth rate of 11.91%. The sector contributed 14.19% to the total nominal GDP in Q2 2024, compared to 14.83% in Q2 2023 and 13.12% in Q1 2024.
The ICT sector’s real GDP growth for Q2 2024 was 4.44% year-on-year and 10.60% quarter-on-quarter. The sector’s significant role in the economy is driven largely by telecommunications, including major mobile network operators and Internet Service Providers (ISPs), which support activities across various sectors.
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