ICT Retains Position As Fastest Growing Sector Of Nigeria’s Economy – Pantami

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Dr Isa Pantami, Minister of Communications and Digital Economy, has expressed his de­light that the Information and Communications Technology (ICT) sector has retained its position as the sector with the highest growth rate of all the main sectors of the Nigerian economy in the first quarter of 2021 (Q1 2021).

This was based on the first quarter 2021 report on Nige­ria’s Gross Domestic Product (GDP) released on the 23 May 2021 by the National Bureau of Statistics (NBS).

According to the NBS, “Ni­geria’s Gross Domestic Prod­uct (GDP) grew by 0.51%(year-on-year) in real terms in the first quarter of 2021, marking two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020”.

The report noted that in terms of contribution to aggre­gate GDP, the oil sector account­ed for 9.25% of aggregate real GDP in Q1 2021, while the non-oil sector accounted for 90.75% of aggregate GDP in the first quarter of 2021.

The bureau also noted that the “growth in the non-oil sec­tor was driven mainly by the Information and Communica­tion (Telecommunication) sec­tor while other drivers include agriculture (crop production); manufacturing (food, beverage & tobacco); real estate; con­struction and human health & social services”.

It is worthy of note that the ICT sector grew by 6.47% in Q1 2021, making it the fastest growing significant sector of the Nigerian economy.

It is also interesting to note that post and courier services grew by 2.53% in Q1 2021.

These services are under the supervision of the Ministry of Communications and Digital Economy, but currently listed under the transportation sector in the GDP Report.

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