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ICT Contribution to Nigeria’s GDP Rises to 17.83% in Q2 2020

The Information and Communications Technology (ICT) industry contribution to Nigeria’s Gross Domestic Product (GDP) increased to 17.83% in the second quarter of 2020. This was revealed in the latest report on the economy by the National Bureau of Statistics (NBS),

“Out of total real GDP, the sector contributed 17.83% in the 2020 second quarter, higher than in the same quarter of the previous year in which it represented 14.55 % and the preceding quarter, in which it represented 14.07%,” the report said.

“In nominal terms, in the second quarter of 2020, the sector recorded growth at -1.15% (year-on-year), or -41.70% points decrease from the 40.54% recorded in the same quarter of 2019, and -10.09% points lower than the rate recorded in the preceding quarter,” it added.

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Meanwhile, this quarter’s growth recorded a decline of 10.09% points and if inflation is included, the nominal terms contributed 30.1% in the second quarter of 2020.

The sector grew by 14.06% year on year in nominal terms in Q2 2020. The contribution is lower than 13.83% and 10.31% recorded in Q2 2019 and Q1 2020. The quarter-on-quarter growth rate recorded in the second quarter of 2020 was 30.12%.

In real terms, the ICT sector contributed 15.09% in the second quarter of 2020. The report said when compared to the same quarter in 2019, it grew by 6.09%.

From the previous quarter, the sector exhibited a growth of 20.32 % in real terms.

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Four sub-activities make up the information and communication sector, namely; telecommunications and information services; publishing; motion picture, sound recording, and music production; and broadcasting.

According to the data, telecommunications and information services in the information and communication sector grew by 18.10% in Q2 2020 from 9.71% in Q1 2020 and 11.34% in Q2 2019.

Likewise, motion pictures, sound recording, and music production contracted by 4.60% in Q2 2020 from 0.33% in Q1 2020 and 2.37% in Q2 2019.

Broadcasting grew by 8.78% in Q2 2020 from 1.81% in Q1 2020 and 3.20% in Q2 2019.

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