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ICT’s GDP Contribution Plummet By 9% – NBS Reports

 

ICT’s GDP Contribution Plummet By 9% - NBS Reports
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The National Bureau of Statistics has revealed in its latest report that the contribution of the Information and Communication sector to Gross Domestic Product plummeted in the first quarter of 2022.

The sector’s contribution according to the report fell by nine per cent from N3.1tn in the fourth quarter of 2021 to N2.81tn in the first quarter of 2022.

In the data made available to the public, NBS noted that 15.21 per cent and 16.20 per cent contributions were made to the GDP in Q4 2021 and Q1 2022 respectively, Naija News reports.

In Q4 2021, the total real GDP was N20.33tn and N17.35tn in Q1 2022. According to the statistics body, the sector is composed of the activities of telecommunications and information services; publishing; motion picture, sound recording, and music production; and broadcasting.

Of the total GDP contribution of the sector, the ICT as contained in the report contributed 79.88 per cent (N2.25tn) of the total contribution of the sector in Q1 2022 and 82.89 per cent (N2.56tn) of the total contribution of the sector in Q4 2021.

The NBS said of the sector’s contribution to real GDP in Q1 2022, “Quarter-on-Quarter, the sector exhibited a growth of -9.09 per cent in real terms. Of total real GDP, the sector contributed 16.20 per cent in 2022 first quarter, higher than in the same quarter of the previous year in which it represented 14.91 per cent and higher than the preceding quarter in which it represented 15.21 per cent.”

Giving details on the Q4 2021, NBS said, “Of total real GDP, the sector contributed 15.21 per cent in 2021 fourth quarter, higher than in the same quarter of the previous year in which it represented 15.06 per cent and higher than the preceding quarter in which it represented 14.20 per cent.”

For the period under review, the telcos sector contributed 10.55 per cent to the total nominal GDP in Q1 2022 and 9.88 per cent in Q4 2021.

Total nominal GDP was N49.28tn in Q4 2021 and N45.32tn in Q1 2022. The sector’s contribution to nominal GDP decreased by 1.80 per cent from N4.87tn in Q4 2021 to N4.78tn in Q1 2022.

Naija News understands that the reported gross output for the ICT subsector is gotten from revenue from telephone, telex, facsimile, telegraph, and other income from satellite and internet services.