MINISTER of Communications and Digital Economy, Isa Ali Pantami, has expressed satisfaction that the Information and Communications Technology (ICT) sector has recorded the highest growth rate out of all the sectors of the Nigerian economy making it the only sector with double digit growing rate.
Pantami noted that it was based on the fourth quarter of 2020 (Q4 2020) and the entire year 2020 report on Nigeria’s Gross Domestic Product (GDP) released last week by the National Bureau of Statistics (NBS) by Dr Femi Adeluyi, Technical Assistant (Information Technology) to the Minister, in Abuja late last week.
According to him, the NBS Nigeria’s GDP grew by 0.11 per cent (year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.
“This indicates that we have strongly exited recession. In real terms, the non-oil sector contributed 94.13 per cent to the nation’s GDP in Q4 2020 as opposed to the 5.87 per cent contributed to total real GDP by the oil sector.
“It is noteworthy that the ICT sector grew by 14.70 per cent in Q4 2020, making it the fastest growing sector of the Nigerian economy in the last quarter and the only sector to have grown by double digits.
“The ICT sector grew at a rate more than four times the agriculture sector, which was the next fastest growing sector of Q4 2020, with a growth rate of 3.42 per cent.
“The sector also maintained its rapid growth rate in the overall year 2020 assessment, growing at 12.90 per cent or over three times the Water Supply, Sewerage, Waste Management and Remediation sector, which was next fastest growing sector of 2020 with a growth rate of 3.81 per cent.”
Furthermore, he said that the telecommunications sector recorded a growth rate of 15.90 per cent, its highest growth rate in the last 10 years and this performance was unprecedented.
“The GDP report has shown that the ICT sector is a catalyst for the diversification and growth of our economy,” he added.