How IT growth is boosting Nigeria’s economy- Pantami
Nigeria’s Information and Communications sector made unprecedented contributions to the country’s GDP over the last three years.
The sector contributed 14.07 percent in the first quarter of 2020, 17.92 percent in the second quarter of 2021, and 18.44 percent in the second quarter of 2022.
This was disclosed in a statement on Thursday by Prof. Isa Pantami, Minister of Communications and Digital Economy (FMCDE).
Pantami noted that Nigeria’s IT sector is currently actualizing the federal government’s digital economy agenda with the implementation of the National Digital Economy Policy and Strategy 2020-2030 (NDEPS).
- He said, “The ICT sector provided three unprecedented contributions to the GDP of the country in the last three years.
- “IT contributed 14.07 percent in the first quarter of 2020, 17.92 percent in the second quarter of 2021, and 18.44 percent in the second quarter of 2022. “At each time, these numbers were the highest ever contribution of the ICT sector to the GDP.’’
He said it made it the fastest-growing sector of the Nigerian economy in the last quarter of 2020 and the only sector to have grown by double digits.
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Pantami added that in 2020, the sector played a critical role in enabling Nigeria to exit the recession.
- He said: “The quarterly revenues also generated for the federal government rose from N51.3 billion to N408.7 billion, through spectrum sales and taxes from the sector.’’
He revealed that in a recent assessment by the Foreign, Commonwealth and Development Office (FCDO), UK, and KPMG, on the ministry’s output indicators and milestones for the eight ministerial deliverables, the ministry obtained the highest grade in each of the deliverables.
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He said the ministry scored 134 percent on the Implementation of broadband connectivity, 127 percent on the deployment of 4G across the country, and 99 percent on digitalising government functions and processes.
“On the development and implementation of a National Digital Economy Policy and Strategy 103 percent, Implementation of a Digital Identity Programme -86 percent.
- “Improvement and optimization of revenues from all operators and licensees in the agencies under the ministry’s supervision -594 percent, active collaboration with the private sector to create jobs – 111 percent, empowerment of citizens – 137 percent,” he said.
On I.T policies enacted by the Buhari administration, Pantami noted that this includes the Revised National Digital Identity Policy for SIM Card Registration, National Policy on Digital Identity for Internally Displaced Persons and the Rule Making Process Regulation of NIPOST.
- “We have the National Policy on 5G Networks for Nigeria’s Digital Economy, National Policy on Virtual Engagements in Federal Public Institutions, and National Policy on Device Management System.
- “There is a policy on National Policy for the Management of the National Centre for Artificial Intelligence and Robotics, National Digital Innovation and Entrepreneurship Policy.
- “There is also the National Policy on the Nigerian Government Second-Level Domains, National Dig-Once Policy and National Policy on Communication Satellite (Draft)” he added.
For the record: The ICT sector grew by 10.53% year-on-year in Q3 2022, an improvement compared to the 6.55% recorded in the previous quarter. The information and communication sector accounts for 15.4% of the national GDP.
The telecommunication sector, which consists of some of the largest companies in the country and accounts for 83.7% of the ICT sector grew by 10.53% year-on-year from 6.55% recorded in the previous quarter.
The Publishing subsector printed a 12.06% growth in the quarter under review compared to the 3.43% growth recorded in Q2 2022. Motion picture, sound recording, and music recorded 22.41% growth, while broadcasting printed a 6.58% year-on-year growth.