In a recent report from the National Bureau of Statistics (NBS), the Information and Communications Technology (ICT) sector contributed 17.68% to Nigeria’s GDP in 2024, with telecommunications leading the charge. The telecom sub-sector added 14.4% to the country’s GDP, showing resilience despite a slowdown in growth compared to previous years. The contribution was slightly up from 16.66% in Q4 2023, reflecting steady growth in the sector, even as the industry faced some challenges.
Though the ICT sector’s nominal growth decelerated significantly, increasing by just 11.57% year-on-year in Q4 2024, compared to 39.57% in the previous year, the sector remained a strong performer. Its quarter-on-quarter growth rate stood at 14.55%, contributing 11.75% to nominal GDP in Q4. However, its contribution to nominal GDP for the entire year decreased slightly to 12.48%, from 12.95% in 2023. Real GDP growth for the sector also slowed, growing 5.9% year-on-year in Q4, slightly down from the 6.32% growth observed in the same period in 2023.
The telecommunications sub-sector continues to dominate the ICT industry, standing as the third-largest contributor to real GDP in Q4 2024, behind agriculture and trade. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, highlighted the resilience of Nigerian entrepreneurs, noting that despite significant macroeconomic challenges, private investors have remained optimistic. With easing inflationary pressures and greater stability in the naira exchange rate in the second half of 2024, the outlook for business investment has improved.
Subscription statistics released by the Nigerian Communications Commission (NCC) showed robust growth in mobile network subscriptions, with 4.4 million new telephone lines activated in January 2025. This growth was accompanied by an increase in internet users and rising data consumption. Technologies such as 5G, 4G, and 2G saw continued expansion, signaling further advancements in the telecom industry.
SOURCE: GUARDIAN