• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home African

ICT Sector Contributes Higher Than The Oil Sector In Q2 2021 — Contributes 17.9% To Nigeria’s GDP

Paul Balo by Paul Balo
September 30, 2021
in African
Share on FacebookShare on Twitter

Nigeria’s Gross Domestic Product has had significant contributors from different sectors over the last few decades. For a long time, the Oil sector had dominated in terms of GDP contribution percentage in successive quarters of previous years. However, the Information and Communications Technology (ICT) sector has also become a significant contributor to the country’s GDP in recent years. This was made evident when the National Bureau of Statistics announced that the ICT sector contributed 17.9% to Nigeria’s GDP in the second quarter of 2021.

In the first quarter of the year, the ICT had contributed 14.91% to Nigeria’s GDP — a 3.01% increase during the second quarter. Per the Nigerian Communications Commission (NCC), the telecommunications industry in the ICT sector contributed a massive 14.43% on its own.

It is important to note that the Information and Communication sector is made up of four cardinal sections which include:

  • Publishing
  • Motion Picture
  • Sound Recording/ Music Production
  • Broadcasting

In the second quarter of the year, the National Bureau of Statistics announced that the ICT sector contributed higher than the Oil sector. According to the report, Nigeria’s GDP saw a significant increase of 5.01%, many thanks to the immense contributions made by the non-oil sectors of the nation’s economy.

In real terms, the Information and Communication Technology sector had a growth rate of 5.5% Year on Year (YoY). However, this is a -9.54% decrease compared to the second quarter of the previous year.

Without any doubt, the Information and Communication Technology sector has become one of the biggest contributors to the country’s GDP, maintaining a consistent increase in the process. Additionally, the ICT has now overtaken the Oil sector which — at some point in the country’s history — was the mainstay of the nation’s economy.

The Nigerian Communications Commission also announced that the telecommunications industry contributed 14.42% to the country’s GDP — 2.76% and 1.97% higher than its contribution in the first quarter of 2021 and the fourth quarter of 2020, respectively.

As a result of the Oil sector experiencing a drop in production and prices, its drop in GDP contribution percentage was expected.

Per the Nigeria Bureau of Statistics, the Oil sector contributed 7.42% to the country’s GDP in the second quarter of 2021. This figure is 1.83% less than its previous contribution in the first quarter of the year. Nevertheless, the Oil sector is still a significant contributor to the country’s GDP.

Related Posts:

  • telco-banner-v2
    Nigerian Telcos Threaten Service Suspension Over Tariffs
  • Lori Systems Secured an Undisclosed Amount of Investment from Google.
    Lori Systems Secured an Undisclosed Amount of…
  • Bosun-Tijani
    Nigeria Plans $2B Fibre Network to Expand Internet Access
  • MTN Nigeria’s CEO Toriola
    MTN Nigeria Warns: Higher Rates Needed to Keep…
  • 4G Coverage In Nigeria Now Stands At 77.52 Percent…
  • image-236
    Huawei Cloud Co-Signed The Nigerian FinTech Cloud…
  • xr:d:DAFoN4lmc5k:459,j:844830806289383788,t:23101312
    Nigeria’s AI Strategy to Drive Advancement & Efficiency
  • Nigeria's POS Transaction Volume Stands At ₦4.6…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: economyict sectornigeriawest africa
Paul Balo

Paul Balo

Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Vietnam Will Soon block Telegram, App Owners are Surprised May 24, 2025
    • Widespread Downtime Reported By X Users May 24, 2025
    • MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market May 24, 2025
    • Meta Quest’s Headgear Will Soon Support 3D Instagram Images May 24, 2025
    • Mozilla To Shut Down Pocket To Concentrate On Firefox May 24, 2025
    • OpenAI Upgrades Operator Agent’s AI Model May 24, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    Recent News

    Court In Russia Issues Approval To Block Telegram App

    Vietnam Will Soon block Telegram, App Owners are Surprised

    May 24, 2025
    Widespread Downtime Reported By X Users

    Widespread Downtime Reported By X Users

    May 24, 2025
    MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market

    MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market

    May 24, 2025
    Meta Quest’s Headgear Will Soon Support 3D Instagram Images

    Meta Quest’s Headgear Will Soon Support 3D Instagram Images

    May 24, 2025
    Mozilla To Shut Down Pocket To Concentrate On Firefox

    Mozilla To Shut Down Pocket To Concentrate On Firefox

    May 24, 2025
    OpenAI Upgrades Operator Agent’s AI Model

    OpenAI Upgrades Operator Agent’s AI Model

    May 24, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok