Telecoms contribution to GDP increases by 10%

In the first nine months of 2022, the contributions of telecommunications to the nation’s real Gross Domestic Product grew by 10.52 percent annually to reach N7.28 trillion.Information Guide Nigeria

In 2021, the sector contributed N6.58 trillion to the real gross domestic product. According to the National Bureau of Statistics, the sector provided N11.99tn to nominal GDP during the period under review, a rise of 17.83 percent over the N10.18tn it contributed during the same period in 2021.

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The National Bureau of Statistics defined the gross production of telecoms and information services as “revenue from telephone, telex, facsimile, telegraph, and other income from satellite and internet services.”NYSC portal

“Intermediate consumption: Transit fees, operational expenditure, minor repairs and maintenance, and other expenses.”

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The statistics organization classifies telecommunications within the information and communication industry, which also includes publishing, motion picture, sound recording, and music creation, and broadcasting.

Describing the contribution of the ICT sector to GDP in the third quarter of 2022, the NBS said, “In nominal terms, in the third quarter of 2022 the sector growth was recorded at 20.32 per cent (year-on-year), a 9.15 per cent points increase from the rate of 11.17 per cent recorded in the same quarter of 2021, and 6.20 per cent points higher than the rate recorded in the preceding quarter.JAMB portal

“The quarter-on-quarter growth rate recorded in the third quarter of 2022 was -8.25 per cent. The Information and Communications sector contributed 9.58 per cent to the total nominal GDP in the 2022 third quarter, higher than the rate of 9.22 per cent recorded in the same quarter of 2021 and lower than the 12.12 per cent it contributed in the preceding quarter.