The Information and Communications Technology (ICT) sector maintained its pivotal role in Nigeria’s economy, contributing 15.97% to the country’s real Gross Domestic Product (GDP) in the third quarter of 2023. While this marks an increase from the same period last year, the sector witnessed a decline compared to the preceding quarter’s robust 19.54% contribution.

Data from the National Bureau of Statistics (NBS) revealed that within the ICT sector, telecommunications notably drove growth, recording a 6.69% increase year-on-year and contributing 13.50% to the GDP. The telecommunications sub-sector, propelled by major players like MTN, Globacom, Airtel, 9mobile, and Internet Service Providers (ISPs), remained a significant driver of economic activity.

On the other hand, broadcasting, another substantial sub-sector within ICT, contributed 1.39% to the GDP in the third quarter of 2023.

In nominal GDP terms, the ICT sector contributed 11.57%, showing an increase from the same quarter last year but a decline from the previous quarter’s figure. This fluctuation highlights the sector’s evolving contribution to the overall GDP.

Overall, Nigeria’s economy demonstrated a 2.54% growth in the third quarter of 2023, slightly higher than the preceding quarter. This growth was primarily led by the services sector, which accounted for over half of the total GDP at 52.70%. The agricultural sector saw a 1.30% growth, while the industry sector displayed a 0.46% growth, indicating significant improvement compared to the previous year’s negative growth.

The report underscores the critical role of the ICT sector in driving economic growth, despite the quarter-on-quarter decline, as well as positive strides in other key sectors, reflecting a mixed yet improving economic performance in Nigeria during the third quarter of 2023.