Contributions of the Info and Communications Expertise (ICT) sector to actual Gross Home Product (GDP) in Q3 2024 dropped by 3.43 per cent. It moved from 19.78 per cent in Q2 to 16.35 per cent three months after, information from the Nationwide Bureau of Statistics (NBS) has revealed.
Launched on Monday, the Q3 2024 determine was, nonetheless, 0.38 per cent increased than the 15.97 per cent contributed by the sector in Q3 2023.
In response to NBS, the ICT sector includes the 4 actions of Telecommunications and Info Companies; Publishing; Movement Image, Sound Recording, and Music Manufacturing; and Broadcasting.
Additional evaluation of the information confirmed that the sector within the third quarter of 2024 recorded a progress charge of 5.92 per cent in actual phrases, year-on-year, pushed largely by actions within the telecommunications sub-sector, which contributed 13.94 per cent to the GDP in actual phrases.
In response to NBS, the telecoms business was the third-largest contributor to the true GDP in Q3 2024, coming behind solely crop manufacturing and commerce industries, which contributed 26.51 per cent and 14.78 per cent respectively.
The telecom business, which is dominated by cell community operators together with MTN, Globacom, Airtel, 9mobile, and Web Service Suppliers (ISPs), can also be driving numerous actions in each different sector of the economic system.
The NBS information confirmed that the closest sub-sector to telecoms within the ICT sector by way of contribution was Broadcasting, which added 1.37 per cent.
Additional, the NBS revealed that the ICT sector contributed 11.30 per cent to the whole nominal GDP within the third quarter of 2024, decrease than the speed of 11.57 per cent recorded in the identical quarter of 2023 and decrease than the 14.19 per cent it contributed within the previous quarter.
In nominal phrases, within the third quarter of 2024, the sector’s progress was recorded at 14.51 per cent (year-on-year), a 25.75 percentage-point lower from the speed of 40.27 per cent recorded in the identical quarter of 2023, and a pair of.65 proportion factors increased than the speed recorded within the previous quarter.
In whole, Nigeria’s GDP grew by 3.46 per cent year-on-year in actual phrases throughout the third quarter of 2024, marking a notable improve from the two.54 per cent progress recorded within the corresponding interval of 2023 and an enchancment from the three.19 per cent progress noticed within the second quarter of 2024.
The expansion in Q3 2024 was primarily pushed by the Companies sector, which expanded by 5.19 per cent and accounted for 53.58 per cent of the combination GDP. This underscores the sector’s rising significance in Nigeria’s financial panorama.
The Companies sector performed a dominant position in driving the economic system, contributing a bigger share of the combination GDP in comparison with the identical quarter in 2023. Its 5.19 per cent progress highlights its resilience and capability to spur general financial efficiency.
The Agriculture sector recorded a modest progress of 1.14 per cent, barely beneath the 1.30 per cent progress reported in Q3 2023.
The Trade sector posted a progress charge of two.18 per cent, displaying important enchancment from the 0.46 per cent recorded in Q3 2023.
