Telecoms contributed N1.8tr in Q2

The National Bureau of Statistics (NBS) on Sunday disclosed that the telecommunications sector contributed N1.58 trillion to the country’s Gross Domestic Product (GDP) in the second quarter of 2016.

NBS noted that the N1.58 trillion represented about 9.8 per cent of the total second quarter GDP.

In the telecoms sector report released, NBS stated that this was the largest contribution to the GDP from the sector in the rebased period, which emphasised that growth in telecommunications remained robust when compared to the total GDP.

However, it added that due to different seasonal patterns, the contribution from telecommunications is usually the largest in the second quarter.

The report added, “Although growth in the telecommunications sector remained positive, in contrast with the economy as a whole, year-on-year growth nevertheless dropped in real terms from five per cent in the previous quarter to 1.5 per cent, the lowest rate since 2011 Q3.

“The share of telecommunications in total real GDP had declined throughout 2010 to 2014, but for the last five quarters, growth in telecommunications has been higher, meaning the trend has reversed.”

In terms of subscriber base, the report stated that this had increased rapidly over the past decade, noting that the sector now has a total number of 149.8 million as of the end of the second quarter.

The report said at the end of 2005, there were 19.51 million subscribers, adding this had risen by 13.14 million to 151.01 million by the end of 2015.