Telecommunications’ contributions to the nation’s real GDP increased 10.52 percent year on year, reaching N7.28 trillion in the first nine months of 2022.
According to the National Bureau of Statistics, the sector contributed N11.99tn to nominal GDP during the period under review, an increase of 17.83% year on year from N10.18tn in the same period in 2021.
The telecoms sector employs 500,000 people and invests $70 billion; the NCC ICT budget falls by 71% despite rising GDP.
“In the third quarter of 2022, the quarter-on-quarter growth rate was -8.25 percent.” The Information and Communications sector contributed 9.58 percent of total nominal GDP in the third quarter of 2022, up from 9.22 percent in the same quarter last year and lower than the 12.12 per cent it contributed in the preceding quarter.
And while this contribution has been growing, the Federal Government has set its sight on a 30 per cent overall sector contribution to GDP by 2025.