Nigeria’s ICT Sector Contributes 17% to Q4 2024 GDP Despite Slower Growth

Nigeria’s Information and Communication Technology (ICT) sector contributed 17.00% to the country’s real Gross Domestic Product (GDP) in the fourth quarter of 2024, according to the National Bureau of Statistics (NBS). This marks a slight increase from 16.66% in Q4 2023.

For the full year, the ICT sector accounted for 17.68% of Nigeria’s real GDP in 2024, surpassing the previous year’s 17.34%. Despite this improvement, the sector experienced slower growth in nominal and real terms compared to 2023.

• Read Also:
• Encourage Investors To Invest In Nigeria Through Positive Reportage –
• Tinubu Outlines 10 Key Economic Priorities During Paris Visit

Nominally, the sector grew by 11.57% year-on-year in Q4 2024, a significant decline from the 39.57% growth recorded in Q4 2023. Quarter-on-quarter growth reached 14.55%, contributing 11.75% to nominal GDP. Annual nominal contribution decreased slightly to 12.48% in 2024, down from 12.95% in 2023.

Real GDP growth slowed to 5.90% in Q4 2024 from 6.32% the previous year, though quarter-on-quarter performance improved with a 16.81% growth rate. The telecom sub-sector led ICT growth, contributing 14.40% to the real GDP, trailing only crop production (23.42%) and trade (15.1%).

Telecommunications, driven by major operators like MTN, Globacom, Airtel, and 9mobile, continues to be a critical pillar of Nigeria’s economy, spurring activity across multiple sectors.