How ICT Sector Retained top Position in GDP Growth
Dr. Isa Ali Ibrahim Pantami, Minister of Communications and Digital Economy, stated that the ICT sector’s continuous positive contribution to the growth of the Nigerian economy is a function of the current administration’s establishment; and execution of related policies. He said that the Federal Government, through the introduction; and execution of related policies, has created an enabling atmosphere for the ICT sector to flourish.
According to the National Bureau of Statistics (NBS), “Nigeria’s Gross Domestic Product (GDP) increased by 0.51% (year-on-year) in the first quarter of 2021; marking two successive quarters of growth after negative growth rates in the second and third quarters of 2020”. The oil sector contributed 9.25% of aggregate real GDP in the first quarter of 2021; while the non-oil sector contributed 90.75%.
The bureau also noted that the growth in the non-oil sector was driven mainly by the ICT sector while other drivers include Agriculture; Manufacturing; Real Estate; Construction and Human Health & Social Services”. He pointed out that the ICT sector grew by 6.47% in Q1 2021, making it the fastest-growing significant sector of the Nigerian economy.
The minister was reacting in a statement signed by his Technical Assistant, Dr. Femi Adeluyi to the Q1 2021 Report on Nigeria’s Gross Domestic Product (GDP) recently released by NBS. The statement reads; ‘‘The Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami is highly delighted that the Information and Communications Technology (ICT) sector retained its role 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).
‘‘From the report, the Information and Communications Technology (ICT) sector retained its earlier 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). “Nigeria’s 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”.
‘‘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. ‘‘The Minister attributes the consistent positive performance of the ICT sector to the focused; and committed support for the administration of President Muhammadu Buhari, for the Digital Economy sector.
‘‘The Federal Government has provided an enabling environment for the ICT sector to thrive; through the development and implementation of relevant policies. These include the National Digital Economy Policy for a Digital Nigeria; Nigerian National Broadband Plan; and the Revised National Digital Identity Policy for SIM Card Registration, amongst others. ‘‘The GDP Report has shown that the ICT sector continues to serve as a catalyst for the growth; and diversification of our economy.’’
The Minister congratulated the Chief Executive Officers of the Ministry’s parastatals and stakeholders on the sector’s consistent success and urged them to continue promoting the Federal Government’s policies.
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Credit: Vanguard News.
