Tech world

The ICT sector is Nigeria’s fastest-growing sector with an 8.6% growth rate – Report

Paul Emeka Chimodo

A new report from PwC suggests that Nigeria’s information and communications technology (ICT) sector, which is experiencing rapid growth at 8.6%, might be a positive for the economy. This robust growth is particularly noteworthy when viewed against the backdrop of Nigeria’s economic struggles.

PwC attributes the impressive growth in the ICT sector to the surge in data service consumption and increasing subscriber numbers. The proliferation of mobile devices and the growing demand for digital services have significantly contributed to this trend.

To put it into a clear perspective, in August, the Nigerian Communications Commission (NCC) revealed that telecommunications subscribers in Nigeria consumed a total of 518,381.89 terabytes of data in 2022. As of August this year, Nigeria’s mobile Internet subscriptions stand at 158.48 million, and its broadband penetration is 45.57%, according to the NCC.

Recall that in the first quarter of the year, Nigeria’s Information and Communications Technology (ICT) sector contributed a significant 17.47% to Nigeria’s GDP (real gross domestic product).

According to the NBS report for that quarter, that amounts to about N3.1 trillion of the total N17.75 trillion of the country’s real GDP. This amount was also a notable increase in the ICT sector’s GDP contribution, surpassing the figures for the first quarter of 2022, which stood at N2.86 trillion.

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