In accordance with the current Gross Home Product (GDP) report by the Nationwide Bureau of Statistics, the data and communications expertise (ICT) sector contributed 18.44% to Nigeria’s GDP within the second quarter of 2022. The sector noticed a 6.55% progress charge from Q1 2022.

The contribution of the oil sector, which used to dominate the nation’s GDP backside line,  fell to six.33% in Q2 2022, a place decrease than its 7.42% in Q2 2021 and 6.63% in Q1 2022.

With commerce coming in second to ICT and contributing 16.81% to the economic system, larger than the 16.6% it recorded in 2021 when the world was simply recovering from the pandemic, and the 16.13% it recorded in Q1 2022, the non-oil sector dominated the economic system. 

Per the report, the non-oil sector contributed 93.67% to the nation’s GDP within the interval in evaluate. The determine is claimed to be larger than 92.58% in Q2 2021 and 93.37% in Q1 2022. The non-oil sector’s contribution grew by 4.77% from the earlier charge. 

The non-oil sector was pushed primarily by telcos, commerce, monetary establishments, transportation, agriculture, and manufacturing (meals, beverage and tobacco). The report additionally confirmed that financial actions picked up round telecoms and commerce providers after the COVID-19 pandemic and authorities laws on SIM-NIN integration.

After praising the management of the ICT sector, minister of communications and digital economic system, Issa Pantami, stated in a observe that ICT main the pack is a improvement consistent with the federal authorities’s dedication to creating the digital economic system by the implementation of the National Digital Economy Policy and Strategy (NDEPS).

Altogether, Nigeria noticed a GDP progress of three.54% in Q2 2022, from the three.11% progress it recorded in Q1.