Communications Minister hails ICT’s contribution to GDP
The Minister of Communications, Dr Isa Pantami, has hailed ICT’s contribution GDP in the second quarter this year as released by the National Bureau of Statistics (NBS).
In the report released by NBS, the contribution of the Information and Communication Technology (ICT) to Nigeria’s Gross Domestic Product (GDP) surpassed that of Oil and Gas in the second quarter of 2019.
The report, released on Tuesday 2nd September 2019, observed that the country’s GDP grew by 1.94% (year-on-year) in real terms in the second quarter of 2019 compared to the second quarter of 2018, which recorded a growth of 1.50%.
Furthermore, the non-oil sector contributed 91.18% to the nation’s GDP in the second quarter of 2019 as opposed to 8.82% contributed to the total real GP by the oil sector. Particularly, the ICT sector contributed 13.85% to total nominal GDP in the second quarter of 2019 which is much higher than the 11.22% contributed in the same period in 2018.
The Minister observed that the significant contribution of the ICT sector to the GDP is as a result of the concerted efforts of the administration of President Muhammadu Buhari, GCFR, especially the manner in which the implementation of the administration’s Economic Recovery and Growth Plan (ERGP) is being pursued.
According to him, these efforts led to a sustained focus on growing the non-oil sector of the economy, especially ICT and the results witnessed are testimonies of impact of these efforts.
The Minister reiterated the Communications Ministry’s commitment to the economic diversification efforts of the present administration and called on all stakeholders to support Mr President’s laudable initiatives aimed at taking Nigeria to the next level.