The NCC (National Communications Commission) said in a statement published on Monday that the telecoms industry contributed 12.45 percent to Nigeria’s Gross Domestic Product (GDP) (GDP).
It was announced on May 15, 2018, during a convocation address at Fountain University in Osogbo titled “Empowering the Nigerian Youth Through Information and Communication Technology (ICT),” according to the commission. Prof Umar Garba Danbatta, the commission’s Chief Executive Officer (CEO), made the announcement.
The information and communications technology (ICT) industry, according to Prof Garba, has regularly contributed more than 10 percent of Nigeria’s gross domestic product (GDP) for more than a decade on consecutive years. “Nigeria is the continent’s biggest ICT market, accounting for 82 percent of the continent’s telecom subscribers and 29 percent of internet usage,” he said specifically.
Nigeria’s Gross Domestic Product (GDP) increased by 12.45 percent in the fourth quarter of 2020, according to government estimates, with the rest of the economy contributing to this increase. According to his projections, more than 167 million new subscribers are likely to join the Sub-Saharan African region in the next years, with Nigeria accounting for more than 55 percent of the total expansion.
The Nigerian Communications Commission has put in place a number of ICT youth empowerment programs to help in the development of a digitally trained workforce that would be able to contribute to the expansion of the Nigerian Digital Economy Project.
In a statement, the minister said that “we are dedicated to promoting engagement and collaboration with Technology Hubs and Start-ups in order to expedite innovations and the creation of a digitally competent workforce for industrial growth and the sustainable development of the country.
The Nigerian Communications Commission (NCC) oversees the sector in Nigeria, which is dominated by three major players (NCC). Section 89 of the Communications Act of 2003 grants this authority. As a result, the commission monitors and regulates the activities of the industry’s players. Because its second-quarter GDP contribution was higher than in the first, this industry seems to be getting more productive. Third-quarter results show a decline, while fourth-quarter results show an increase.
8.3% of the nation’s GDP was generated by this sector in the first three months of 2015. (GDP). A 9.37 percent contribution in the second quarter was followed by a dip to 7.61 percent in the third quarter. However, in the fourth quarter, it rose to 8.78 percent, a reduction from the second quarter’s contribution of 8.89 percent.
This was also the case in 2016, with a first-quarter percentage contribution of 8.75 percent and a second-quarter percentage contribution of 9.72 percent, followed by a third-quarter percentage contribution of 7.86 percent and a fourth-quarter percentage contribution of 8.98 percent, respectively. Telecom’s contribution remained steady from 2017 to 2020. According to the 2020 Census, 10% in the first quarter, 14.3% in the second quarter, 11.20% in the third quarter, and 12.45% in the fourth quarter.
Twenty-first-quarter contributions in 2021 were 11.66 percent, followed by 14.42 percent in the second quarter and 11.94 percent in the third quarter of the following year. It’s safe to say that, if current trends continue, the sector’s contribution will be more than the 11.94 percent it provided in Q4 of 2017.
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