Sunday, May 28, 2023
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
TechBooky Africa
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
  • Fintech/Finance
  • Login
No Result
View All Result
TechBooky Africa
Home Economy

Nigerian Economy: ICT Sector Contributes ₦5.5 Trillion To GDP In H1 2021

Raymond Egbadu by Raymond Egbadu
August 30, 2021
in Economy, Nigerian/African Tech, West Africa
0

According to the quarterly Gross Domestic Products GDP reports of the National Bureau of Statistics, Nigeria’s Information, Communication, and Technology (ICT) sector contributed ₦5.5 trillion to the nation’s economy in a six-month timeframe — that is, between January to July of 2021.

Related posts

Africa Data Centre

Africa Data Centre Plans To Establish A Facility in Accra, Ghana.

May 26, 2023
GAC Motor Nigeria, Jiji, and Cars45 Forge Powerful Partnership To Revolutionise The Automotive Industry

GAC Motor Nigeria, Jiji, and Cars45 Forge Powerful Partnership To Revolutionise The Automotive Industry

May 23, 2023

Nigeria’s ICT sector comprises four main components of telecommunications and information services. These components include motion pictures, sound recording, broadcasting, and music production.

Per NBS — in the first quarter of the year — Nigeria’s total GDP was ₦16.83 trillion. The Information, Communications, and Technology sector saw a growth percentage of 6.47 percent in real terms and made a 17.92 percent contribution to the nation’s GDP.

Between January to March, the ICT sector contributed ₦2.51 trillion. In the second quarter of the year, it contributed ₦2.99 trillion — a significant increase in cash made.

Additionally — in the first and second quarters of 2021 — the ICT sector made an ₦8.75 trillion contribution to the nation’s economy, in terms of nominal GDP. In the first quarter of the year, the ICT had a 7.86 percent increase in revenue and made a 9.91 percent contribution to the nation’s total nominal GDP which stood at ₦40.01 trillion.

In the second quarter, the ICT sector contributed 12.22 percent to Nigeria’s total nominal Gross Domestic Product, which was at ₦39.12 trillion.

The nominal GDP of a nation is used to monitor the overall value of goods and services the nation’s economy produces in a given timeframe. This is done by calculating the total quantity of the goods/services, and their prices. GDP — on the other hand — monitors the overall value of the goods and services but calculates their quantities using fixed prices.

Per Investopedia, the change in production levels within a particular timeframe can be more accurately calculated using the real GDP. However, nominal GDP is a better means of calculating consumer purchasing power.

In an interview with Punch Newspaper — Olusola Teniola — The National Coordinator, Alliance for Affordable Internet, stated, “In Q1 and Q2 of 2021, we have noticed a gradual tapering off and a decline in between what was recorded in 2020 and the reasons are obvious. We had at the tail end of 2020 a SIM card regulatory measure that was enforced, which now monetarily is impacting both the first quarter and second quarter figures of ICT contributions to the GDP.”

“In reality, it has shown a decreasing tendency from the conclusion of the fourth quarter in 2020, the first quarter of 2021, and now the second quarter of 2021. There is a decrease from the first quarter of 2021 to the second quarter of 2021. This will also be evident in the third quarter of the year since the disconnection and failure of individuals to register in the fourth quarter of 2020 figures are now showing up, as observed in the first and second quarters statistics,” he disclosed.

“And we anticipate a drop in industry sales in the third quarter of this year. This is expected due to the industry’s reaction to the SIM card regulatory guideline” he further added.

Total
7
Shares
Share 7
Tweet 0
Pin it 0
Share 0
Tags: economyICTict sectornigeria
Previous Post

South African Retail Company Massmart To Sale 14 Game Stores Across West Africa And East Africa

Next Post

The Central Bank Of Nigeria Ushers In New Guidelines For The e-Naira

Next Post
The Central Bank Of Nigeria Ushers In New Guidelines For The e-Naira

The Central Bank Of Nigeria Ushers In New Guidelines For The e-Naira

RECOMMENDED NEWS

4th Edition Of African Tech Summit Set To Hold In February 2022

4th Edition Of African Tech Summit Set To Hold In February 2022

2 years ago
Shiba Inu

Twitter Logo Transition To The Shiba Inu Without A Formal Announcement.

2 months ago
OpenAI Bug Bounty Program Partners With BugCrowd To Pay Users Up To $20,000.

OpenAI Bug Bounty Program Partners With BugCrowd To Pay Users Up To $20,000.

2 months ago
MFS Africa Plans To Expand Globally Leveraging FinTech Solutions With The Billion Dollars Success Story.

MFS Africa Plans To Expand Globally Leveraging FinTech Solutions With The Billion Dollars Success Story.

1 year ago

FOLLOW US

  • 70.9k Followers

BROWSE BY CATEGORIES

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa

BROWSE BY TOPICS

5g acquisition africa AI app banking CBDC cbn central bank of nigeria ChatGPT cloud cryptocurrency Crypto market cybersecurity e-commerce east africa economy EV fintech funding Fundraising google government internet investment kenya License microsoft mtn ncc nigeria Partnership Regulator remittance ride hailing seed social media software south africa startup technology telecom twitter west africa whatsapp

Featured Categories

App
31 Posts
View Posts
Banking
18 Posts
View Posts
Business
15 Posts
View Posts
Cryptocurrency
35 Posts
View Posts
Cybersecurity
17 Posts
View Posts
East Africa
32 Posts
View Posts
Economy
18 Posts
View Posts
Enterprise
36 Posts
View Posts
Event
11 Posts
View Posts
Fintech/Finance
100 Posts
View Posts
Funding
32 Posts
View Posts
Gadget
13 Posts
View Posts
Government
66 Posts
View Posts
Insight
7 Posts
View Posts
Internet
23 Posts
View Posts
Investment
19 Posts
View Posts
Nigerian/African Tech
36 Posts
View Posts
North Africa
3 Posts
View Posts
Personnel
2 Posts
View Posts
Research/How to do it
4 Posts
View Posts
Service
23 Posts
View Posts
Social Media
32 Posts
View Posts
Southern Africa
20 Posts
View Posts
Startup
91 Posts
View Posts
Telecom
46 Posts
View Posts
Transport
17 Posts
View Posts
Uncategorized
2 Posts
View Posts
West Africa
50 Posts
View Posts
No Result
View All Result
Loading
  • Redmi Note 12 Series
    Review & Price: Redmi Thrill Africans With Note 12 Series & Note 12 Pro+.
    • May 27, 2023
  • YouVerify
    YouVerify Set Up Shop In Kenya To Lead KYC Automation, Innovation & B2B Incorporation.
    • May 26, 2023
  • Africa Data Centre
    Africa Data Centre Plans To Establish A Facility in Accra, Ghana.
    • May 26, 2023
  • ChatGPT Nigeria
    ChatGPT iOS App Is Available In Nigeria And Records +500K App Downloads.
    • May 26, 2023
  • China Vs Kenya
    The Kenyan Government Data Breach Is Impacted By Debts Owed To Beijing.
    • May 25, 2023
TechBooky Africa

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc.

Follow us on social media:

Recent News

  • Review & Price: Redmi Thrill Africans With Note 12 Series & Note 12 Pro+.
  • YouVerify Set Up Shop In Kenya To Lead KYC Automation, Innovation & B2B Incorporation.
  • Africa Data Centre Plans To Establish A Facility in Accra, Ghana.

Category

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa
  • Home
  • TechBooky
  • Business
  • Video
  • Contact Us

© 2022 Techbooky Africa .

No Result
View All Result
  • Home
  • TechBooky
  • Business
  • TV
  • Startup

© 2022 Techbooky Africa .

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In