Nigeria’s Information and Communications Technology (ICT) sector, in Q1 2023, contributed ₦3.1 trillion ($6.7billion) to the country’s GDP, accounting for 17.47% of the country’s total GDP. 

The National Bureau of Statistics (NBS) disclosed this in the Q1 GDP statistics of 2023.Per the NBS, this is a substantial rise from the 16.2% ($6.2 billion) recorded in Q1 of 2022.

The NBS defines the ICT sector as encompassing four activities: telecommunications and information services; publishing; motion picture; sound recording; music production; and broadcasting.

Telecom leads: Compared to Q1 of the previous year, the telecommunications sub-sector demonstrated growth of 10.32%, contributing 14.13% to the GDP in real terms. Broadcasting emerged as the ICT sector’s closest sub-sector in terms of contribution, adding 1.98% to the overall sector’s performance.

A remarkable growth in nominal terms: Between January and March 2023, the ICT sector made significant strides in its contribution to the total nominal GDP, reaching 13.23%. 

This surpassed the rates of 10.55% recorded in the same quarter of 2022 and 10.42% in the preceding quarter, indicating a positive growth trend for the sector. Moreover, the sector displayed impressive growth in nominal terms, reaching 41.84% in the quarter under review. This represents a remarkable increase of 21.30% points compared to the rate of 20.54% in the same quarter of 2022. Additionally, it outperformed the growth rate of the preceding quarter by 20.43% points, signifying a significant acceleration in the sector’s overall performance.

Looks like tech is indeed the new oil.