Latest Tech

ICT contributes 11.34 percent to GDP in Q3 2019 —NBS

Nigeria's Sovereign Wealth Fund safe —NSIA MD assures

The National Bureau of Statistics (NBS) on Monday said the Information and Communications Technology (ICT) contributed 11.34 percent to Nigeria’s real Gross Domestic Product in the third quarter 2019.

This is higher than 10.55 per cent of real GDP in the same quarter of 2018, but lower than the preceding quarter, when it recorded 14.55 per cent.

In nominal terms, the report said the ICT sector contributed 8.54 per cent to the GDP in Q3 2019, lower than the 8.70 per cent recorded in the same quarter of 2018 and the 13.83 per cent it contributed in the preceding quarter.

The NBS report also showed that the ICT sector grew by 11.19 per cent in the third quarter of 2019.

According to the NBS statistics, the ICT economic growth shrunk by -2.21 percentage points from 13.40 per cent recorded in the same quarter of 2018.

Read also: Finalists emerge after Nigeria’s ‘Telco Hack Day’

The report also stated that the 2019 third quarter growth of the sector was –29.35 percentage points lower than the rate recorded in the preceding quarter.

In the same vein, the NBS report indicated that the telecommunications and information services subsector grew by 12.16 per cent in the third quarter of 2019 from 11.34 per cent in the second quarter of 2019 and 14.97 per cent in the Q3 2018.

The figures show that Nigeria’s publishing industry, which is a subsector of the ICT sector, grew by 2.93 per cent in Q3 2019 from 4.6 per cent in Q2 2019 and 4.32 per cent in Q3 2018.

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

/* ]]> */