Minister claims ICT now contributing more to GDP than crude oil

The Minister of Communications and Digital Economy, Dr Isa Ibrahim, has claimed that the Information and Communication Technology (ICT) sector currently contributes more to Nigeria’s Gross Domestic Product (GDP) than the oil and gas sector.

He said this on Friday, adding, that the ICT sector accounts for 13.85 per cent of Nigeria’s GDP, while the oil and gas sector currently accounts for 8.82 per cent of Nigeria’s GDP.

He spoke when he delivered the 7th Convocation lecture of Nile University, Abuja. According to him, the government had plans to create an enabling environment for over “30 million Nigerian youths” to utilise the ICT industry to create jobs and transform the economy.

Ibrahim said, “With an average age of just over 18 years, Nigeria has a potential critical mass of digital natives that can transform the country into a regional and global ICT powerhouse.

“With a GDP valued at $397bn, Nigeria has the largest economy in Africa based on the World Bank’s estimate. We now stand on the brink of a technological revolution, known as the fourth industrial revolution, and it will fundamentally alter the way we live, work, and relate to one another.

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“The increasing influence of ICT on our GDP gives us the impetus required to further develop the digital economy. The development of Nigeria’s digital is very important and this led President Muhammadu Buhari to approve the renaming of the Federal Ministry of Communications as Federal Ministry of Communications and Digital Economy.”

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