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Tag: GDP

  • Nigeria’s GDP growth slows by 2.31% in Q1 2023

    Nigeria’s GDP growth slows by 2.31% in Q1 2023

    Nigeria’s Gross Domestic Product (GDP) growth slowed by 2.31 per cent in the first quarter of 2023 on a year-on-year basis.

    The National Bureau of Statistics (NBS) made this known the Nigerian Gross Domestic Product Report Q1 2023 released in Abuja on Thursday.

    However,  the growth, the NBS said represented a declined from 3.52 per cent in the preceding quarter and 3.11 per cent recorded in the first quarter of 2022.

    The reduction in GDP performance is attributed to the adverse effects of the cash crunch experienced during the quarter,  it noted.

    Growth was largely driven by the services sector, which recorded a growth of 4.35 per cent and contributed 57.29 per cent to the aggregate GDP.

    The agriculture sector grew by -0.90.per cent, lower than the growth of 3.16 per cent recorded in the first quarter of 2022.

    According to the NBS,  although the growth of the industry sector improved to 0.31 per cent relative to – 6.81 per cent recorded in the first quarter of 2022, agriculture, and the industry sectors contributed less to the aggregate GDP in the quarter under review compared to the first quarter of 2022.

    “The agriculture sector grew by -0.90 per cent, lower than the growth of 3.16 per cent recorded in the first quarter of 2022.

    “Although the growth of the industry sector improved to 0.31 per cent relative to – 6.81 per cent recorded in the first quarter of 2022, agriculture and the industry sectors contributed less to the aggregate GDP in the quarter under review compared to the first quarter of 2022,” a part of the release said.

    The NBS disclosed that the real growth of the oil sector was –4.21 per cent on a year-on-year basis in Q1 2023, indicating an increase of 21.83 per cent relative to the rate recorded in the corresponding quarter of 2022 at -26.04 per cent.

    It said growth increased by 9.18 per cent when compared to Q4 2022, which was –13.38 per cent, and on a quarter-on-quarter basis, the oil sector recorded a growth rate of 20.68 per cent in Q1 2023.

    The sector, according to the stats office, contributed 6.21 per cent to the total real GDP in Q1 2023, down from the figure recorded in the corresponding period of 2022 and up from the preceding quarter, where it contributed 6.63 per cent and 4.34 per cent, respectively.

    As for the non-oil sector, it grew by 2.77 per cent in real terms during the reference quarter, lower by 3.30 per cent points compared to the rate recorded in the same quarter of 2022 and 1.67 per cent points lower than the fourth quarter of 2022.

    This sector was driven in the first quarter of 2023 mainly by Information and Communication (Telecommunication); Financial and Insurance (Financial Institutions); Trade; Manufacturing (Food, Beverage & Tobacco); Construction; and Transportation & Storage (Road Transport), accounting for positive GDP growth.

    In real terms, the reoport showed that the non-oil sector contributed 93.79 per cent to the nation’s GDP in the first quarter of 2023, higher than the share recorded in the first quarter of 2022, which was 93.37 per cent and lower than the fourth quarter of 2022 recorded as 95.66 per cent.

  • Africa will face annual GDP shortfall of $127.2bn by 2030 – AfDB

    Africa will face annual GDP shortfall of $127.2bn by 2030 – AfDB

    African Development Bank (AfDB) says the African continent faces an annual GDP shortfall that could exceed 127.2 billion dollars by 2030.

    It stated on Friday that the shortfall would occur if current trends in climate finance flow into Africa continued.

    “Africa may lose as much as 12 per cent of GDP by 2100.

    “In comparison, projected losses for the United States of America and other industrialised countries represent less than 1 per cent of GDP,’’ the AfDB stated.

    It added that the bank would organise a pre-Annual Meeting news conference in Abidjan on April 20 to herald its 2023 Annual Meeting at Sharm El Sheikh, Egypt.

    “The theme of the 2023 Annual Meeting is: “Mobilising Private Sector Financing for Climate and Green Growth in Africa.

    `The meeting provides a framework for the bank’s Group Governors to share their experiences, galvanising domestic and international private financing.

    “It also provides a framework for harnessing natural capital to bridge the climate financing gap and promote the transition to green growth in Africa,’’ it stated.

    The Annual Meetings of the AfDB Group comprises statutory meetings of its Governors (finance ministers or Central Bank governors representing the 81 member countries) and knowledge events.

    Attendants will include Heads of state, representatives of bilateral and multilateral development agencies, leading academics and non-governmental organisations, civil society, and the private sector.

  • NCC Boss, Danbatta bags Regulator of the Year Award

    NCC Boss, Danbatta bags Regulator of the Year Award

    The Executive Vice Chairman and Chief Executive of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, was at the weekend in Lagos, decorated with the 2022 Regulator of the Year Award at the prestigious 11th Edition of the Vanguard Personality of the Year Award where men and women who have distinguished themselves as achievers of excellence in their various fields of endeavours were honoured.

    The award was conferred on Danbatta in recognition of the EVC’s effective regulatory achievements through cutting-edge initiatives, especially during his first five years in office during which Nigeria’s telecom sector has shown spectacular landmarks, at a glamorous ceremony at the Eko Hotels & Suites, Victoria Island, Lagos on Friday.

    According to organizers of the event, his initiatives strengthened the role of the telecommunications sector as a major contributor to the growth of Nigeria’s Gross Domestic Product (GDP) as well as telecoms investment inflows from $36 billion in 2015 to over $70 billion.

    Danbatta also spearheaded a campaign to improve Nigeria’s broadband penetration from the paltry five percent at the time of his appointment to about 30% in 2018. The EVC is currently among those leading the charge for the realisation of the new national broadband penetration target of 70 percent by 2025 since his reappointment in office in 2020.

    While presenting the award, Chief Abiola Dosunmu, the Erelu Kuti IV of Lagos, said Danbatta was eminently qualified and deserving of the distinct recognition conferred upon him.

    Other eminent Nigerians who have distinguished themselves in professional excellence and service to humanity in the private and public sectors were conferred with various categories of awards at the event including the President of Dangote Group, Alhaji Aliko Dangote who won the Personality of the Year Award.

    Other awardees include the Kwara State Governor, Abdulraham Abdulrazaq and Oyo State Governor, Seyi Makinde who were present and decorated and the Managing Director of Nigerian Ports Authority, Mohammed Bello Koko who won the Public Sector Icon of the Year.

    Delta State Governor, Ifeanyi Okowa was represented by the Deputy Governor of the State, Barrister Kingsley Burutu Otuaro while Akwa Ibom State Governor, Udom Emmanuel was represented by the Secretary to the State Government, Dr. Emmanuel Ekuwem.

    Distinguished guests at the event were the Ooni of Ife, Adeyeye Enitan Ogunwusi; Chairman of the Board of Commissioners of the NCC, Prof. Adeolu Akande; the Executive Commissioner, Stakeholder Management of the NCC, Adeleke Adewolu; some other members of the Board as well as Management and Staff of the Commission.

  • Active phone lines in Nigeria hit 210m; 150m Internet subscribers

    Active phone lines in Nigeria hit 210m; 150m Internet subscribers

    The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof Umar Danbatta has released some key telecom industry statistics, saying Nigeria has attained 210 million active telephone lines.

    TheNewsGuru.com (TNG) reports Danbatta disclosed this in his keynote at the 2022 Africa Tech Alliance Forum on Wednesday in Lagos where he also disclosed that Internet subscribers in the country have reached 150 million.

    The NCC EVC, who was represented by the Commission’s Director of Digital Economy, Dr. Augustine Nwulunne, in the keynote address, said that quality of life is now being measured in terms of digital connectivity that promotes businesses, social and economic well-being of citizens.

    He stressed digital connectivity has a major role in advancing the gains of development and sustaining the future, as well as attaining the needed quota in attaining a sustainable future and actualizing the objectives of the Sustainable Development Goals (SDGs).

    The EVC, who spoke on the theme, “Creating a Sustainable Future through Connectivity”, cited studies to buttress the centrality of digital connectivity to quality of life and stated that the NCC is dedicated to activating regulatory initiatives aimed at deepening connectivity for the overall economic development of Nigeria.

    “Connectivity and development in Nigeria have not been fortuitous, rather they have been as a result of measured, painstaking and strategic policies implementation in the telecommunications sector by the NCC and relevant stakeholders, and we are committed to driving robust and vibrant telecoms sector to enhance further growth of Nigerian economy in all its spheres,” the EVC said.

    According to him, telecommunications sector has become an enabler of economic growth, providing the necessary digital succours that bring greater efficiency in service deliveries in education, healthcare, transportation, commerce, financial services, and other sectors of the economy with greater impact on the nation’s Gross Domestic Product (GDP) as well as enhancing other sectoral growth correlating to each of the 17 goals on the SDGs.

    Danbatta said the NCC, through various policies and initiatives, has provided an enabling environment for a fair and liberalized telecommunications industry, by emplacing appropriate regulatory tools and providing relevant regulatory services for mobile network operators (MNOs), who are the primary providers of telecommunication services in the country.

    “The Commission has provided the enabling environment to stimulate the deployment of necessary infrastructure pertinent to the provision of universal and affordable connectivity. The resultant effect of this is that today, we now have over 210 million active telephone lines, representing 110 per cent teledensity; and over 150 million Internet subscribers as well as 45 percent broadband penetration which has enabled over 80 million broadband subscriptions.

    “Telecommunications has been credited with lifting millions of Nigerians out of poverty; diversifying the economy and providing over $70bn to Nigeria’s GDP; it has also provided thousands of Nigerians with various employment opportunities. A glance at Nigeria’s historical data on its GDP portrays the upward trajectory of the country’s GDP since the liberalisation of the telecommunications sector. In 2001, Nigeria’s GDP was $74.03 billion, in 2005, it grew to $176.13 billion, and it currently stands at $440.78 billion, and telecom has been a key driver of this growth,” he said.

    The EVC told the audience that the Commission is also driving implementation of various policies and frameworks including the Nigerian National Broadband Plan (NNBP) 2020-2025, the National Digital Economy Policy and Strategy (NDEPS) 2020-2030; and the ongoing deployment of Fifth Generation (5G) network and other digital interventionist projects aimed at driving universal service availability, accessibility, and availability.

    The highlight of the event was the decoration of Danbatta with an award of “5G Core Leadership Award” while the Commission was named as the corporate organization with “Best Digital Economy Project of the Year 2022” for the regulatory efforts of the Commission in driving commercial deployment of Fifth Generation (5G) network in Nigeria.

  • NCC to accelerate deployment of emerging technologies in Nigeria

    NCC to accelerate deployment of emerging technologies in Nigeria

    The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has stated that NCC will not relent in the promotion of latest and emerging technologies to energize business and the sector in Nigeria for the benefit of the country and its citizens.

    Speaking to a cross section of stakeholders at the just-concluded Cyberchain Abuja 2022, Danbatta said the telecom sector has been a key booster of the Nigerian economic activities, transforming the way people live and work as well as increasing efficiency in other sectors of the economy.

    Danbatta said the Commission is committed to driving the deployment and adoption of emerging technologies such as Internet of Things (IoT), utilisation of value of Big Data, Blockchain, Robotics and Virtual Reality, FINTECH, Artificial Intelligence (AI), and Telemedicine, among others, to stimulate greater contribution of the sector to the economy.

    He said it is also gladdening that telecoms has been an enabler of Nigeria’s economic growth and development as it contributes substantially to the Gross Domestic Product (GDP).

    “From $500 million investments in the sector as at 2001, the telecommunications industry has recorded over $70 billion investment till date, while the growth in the sector has been phenomenal, from some 400,000 functional phone lines in 2001 to over 209 million active mobile subscriptions, achieving a teledensity of 110 per cent, as at August 2022.

    “The sector has provided over 500,000 formal and informal jobs for Nigerians. From an insignificant contribution to GDP in 2001, telecoms sector, as at the last quarter of 2021, contributed 12.61 per cent to GDP, while the Information and Communications Technology (ICT) sector as a group, has also contributed 18.44 per cent to GDP as at the second quarter of 2022”, he said.

    “For us as a country to reap the full benefits of all these emerging technologies in ways that further spur growth in our national economy, NCC prioritises the need to improve and expand broadband infrastructure and the deployment of new technology such as the Fifth Generation of Mobile Communication (5G). Our efforts in diligently driving this will facilitate the actualization of the set targets in the Federal Government’s digital economy policy,” he said.

    Danbatta noted that with the rapid digital transformation happening through telecommunication sector, the country will be in a better position to create alternate economy for diversification, innovation and creativity in e-commerce and digital entrepreneurship, thus empowering a significant number of the populace to become self-reliant and self-employed.

  • Measuring the regions by data – By Carl Umegboro

    Measuring the regions by data – By Carl Umegboro

    By Carl Umegboro

    The uncertainty ravaging the country which must have given every well-meaning citizen a deep concern could be addressed, prevented in future if requisite actions can be timely invoked by governments and the privileged class as social responsibility. Many people often misinterpret the predicaments in different ways except a minor fraction that sensitively take it from the angle of protracted oversights on education particularly on early childhood education which is the starting point in a child’s life and also a key foundational tool of the Nigerian Educational System. The fallouts have continued to manifest ubiquitously.

    Thus, due to the alarming security situation in the country, the percentage of children of primary school age not attending any form of education across the regions merits a discourse. According to the MISC (Multiple Instructor Survey Cluster) 2021 report, the percentage of the 6 respective geopolitical zones in the country stand as follows; North Central – 21.0%; North East – 49.5%; North West – 40.2%; South East – 9.1%; South South – 4.6%; and South West – 6.2%. Taking it down to the state, Imo state has 0.6% to beat the record of out-of-school children of primary school age in 2021 nationwide while Bauchi recorded 60.8% as highest.

    Practically, this is the face of the future of the country vis-à-vis security, industrialization, economic growth including the gross domestic products (GDP). The figures unfalteringly explain the rationale of the United Nations’ focus by aggressive interventions in the northern region through United Nations Children’s Fund (UNICEF) with support from concerned funding partners around the world. Incontrovertibly, their big hearts have been changing the narratives, touching lives. With sustained support, without a doubt, the target will be met.

    Interestingly, the percentage of out-of-school children of primary school age in Imo state according to the MICS (2021) report is reassuring.  Possibly, the laudable social responsibility by Rochas Okorocha through education empowerment schemes for the helpless citizens counting over 18 years contributed to the record. Rochas Foundation, from records, has sponsored over 25,000 children and produced over 6000 graduates in various fields of discipline nationwide. The public spirit is a step in the right direction. Imagine if the moneybags particularly APC and PDP presidential aspirants that procured nomination forms at N100 Million and N40 Million each respectively had shown similar concerns to underprivileged children in their respective domains. Sadly, about 90% of them didn’t have up to a million naira before engaging in public service.

    Ideally, the affluent can characteristically adopt one or two indigent children within neighbourhood or from the orphanages, not necessarily physical adoption but by upkeep including on education. In Niger State, the Emir of Agaie, Alhaji Yusuf Nuhu is a good example in the fight against underage girls’ marriage and in promoting girls’ education in his space and little capacity. This is noteworthy perhaps some are eager but either ill-advised or have misplaced priorities. Until the population of indigent children is significantly reduced by including them into plans as a social responsibility, a thriving society will remain abstract.

    Similarly, the 8 years administration of Peter Obi as Anambra State governor is remarkable as he prioritized education, uniquely devised a policy to personally, routinely visit public schools (primary and secondary) for unannounced inspections, and recorded good results. In fact, he monitored schools personally, provided handsets for every head boy and head girl in all public schools across the state for direct communication for situation reports. Unfortunately, his successor, Willie Obiano failed to sustain the momentum. Education is a critical sector in every society, and therefore good policies should subsist as templates. However, the present Anambra governor, Chukwuma Soludo is seemingly, aggressively remedying the oversight.

    An African-American Muslim minister and leader in the civil rights movement and supporter of Black nationalism, Malcolm X (1925 – 1965) said, “Education is the passport to the future, for tomorrow belongs to those who prepare for it today”. Suffice to say that wherever adequate attention is not paid to education particularly from the early stage, the society is sitting on a powder keg; a volatile state. Today is the future of the yesteryears when the leadership class failed to give a priority to education. And absurdly, nothing meaningful was actually given a priority except looting and self-enrichment with impunity at the detriment of the helpless masses.

    For instance, in the All Progressives Congress (APC) government with aggressive mantra on the ‘fight against corruption’, the Accountant-General of the Federation, Ahmad Idris was indicted for fraud to the tune of N109 Billion. There are many allegations of corruption like the nonaccountability of the nation’s crude oil. It is absurd if the country doesn’t have an effective account on a major nation’s commodity. Also, the former chairman of Economic and Financial Crimes Commission (EFCC), Ibrahim Magu was removed from office over alleged financial scandals, but seemingly, it has been swept under the carpet. This is a country where a serving Chief Justice of Nigeria was docked over allegations of corruption.

    In the Peoples’ Democratic Party (PDP) camp, allegations of corruption are also huge. A moment ago, its national chairman, Iyorchia Ayu was accused of corruptly receiving a bribery sum of one billion naira, from an aspirant. This is not one million, but a million into one thousand places.  And he remains recalcitrant to vacate the office. What a country! It must be noted that registered political parties are public institutions and therefore must display integrity and decorum. Seemingly, the two largest political parties are in a superiority contest for corruption.

    The country so far, is apparently run as a criminal enterprise, with many young persons forced into crimes for survival, sadly a society where religion is always pushed to the extreme. Ideally, a model for ‘making’ or raising people is not far away. Okorocha has through his foundation (private pocket) salvaged, inspired many people through scholarship schemes in education and produced thousands of graduates from all nooks and cranny of the nation – north and south. This is how to build or make people. The duo of Okorocha and Emir of Agaie deserves emulation on passion for indigent and helpless children.

     

    Umegboro, a public affairs analyst and social advocate writes through umegborocarl@gmail.com              [08173184542-sms only]

  • How Nigeria’s digital economy grew by double digits at peak of Covid-19

    How Nigeria’s digital economy grew by double digits at peak of Covid-19

    The Nigerian Government says the digital economy sector currently contributes over 18 per cent to the country’s Gross Domestic Product (GDP), and has become the fastest growing sector in the nation’s economy.

    According to the Organisation for Economic Co-operation and Development (OECD), a digital economy is one which incorporates all economic activities reliant on or significantly enhanced using digital inputs.

    Addressing global leaders in the Information and Communications Technology sector and policy makers at the on-going International Telecommunications Union Plenipotentiary Conference, ITU PP2 in Bucharest, Romania on Thursday, Nigeria’s Minister of Communications and Digital Economy Isa Pantami, said that the growth of the sector has been significantly steady.

    “In the first quarter of 2020, the sector contributed more than 14 per cent to Nigeria’s GDP, while in the second quarter of 2021, it contributed 17.90 per cent,” he said.

    He noted that digital economy was the only sector that grew by double digits at the peak of the Covid-19 pandemic in 2020 and has witnessed unprecedented growth since then. Nigeria established two virtual academies during the pandemic, dedicated to the empowerment of citizens with digital skills, and the various partnerships with global technology giants to train ten million citizens.

    The Nigeria Startup Law aimed at providing an enabling environment for indigenous innovators, to provide solutions to existing national and global challenges is currently before the National Assembly and has reached an advanced stage.

    As a result, Five of the seven unicorns in Africa originated from Nigeria, representing to over 70% of the entire unicorns in Africa and the country’s digital economy sector is valued at approximately $100 billion in terms of revenue flow.

    Despite the accomplishments and prospects of the sector, experts say there is need for the government to provide attractive tax-based incentives to tech companies, especially start-ups and facilitate ease of doing business.

    The bill which also seeks to ensure the sustainability of the business climate and give statutory force to Executive Order 001 of 2017 on the promotion of Transparency and Efficiency in the Business, passed its second reading at the House of Representatives on Thursday.

    The Nigeria Digital Economy Diagnostic report said that with improvements in digital connectivity, digital skills, digital financial services and other core areas of digital development, Nigeria can fully unleash new economic opportunities, create jobs and transform people’s lives.

    The report provides an assessment of the state of the country’s digital economy around the five pillars of the Digital Economy for Africa initiative (DE4A); digital infrastructure, digital platforms, digital financial services, digital entrepreneurship and digital skills, which are key foundational elements of a digital economy.

    “As the biggest economy in Africa with one of the largest populations of young people in the world, Nigeria is well-positioned to develop a strong digital economy, which would have a transformational impact on the country,” World Bank Senior Digital Development Specialist and co-author of the report Isabel Neto said.

    Through innovations and investments, the Nigerian economy can harness digital data and new technologies that link individuals with markets and government services.

  • Nigeria’s woes compound as public debt stock hits N42 trillion

    Nigeria’s woes compound as public debt stock hits N42 trillion

    The Debt Management Office (DMO) said Nigeria’s total public debt stock, which was N41.60 trillion (100.07 billion dollars) in March rose to N42.84 trillion (103.31 billion dollars) by June.

    According to a statement obtained from DMO’s website on Tuesday, the total debt represents the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 State Governments and the Federal Capital Territory (FCT).

    It, however, said that while the foreign component of the debt remained at the same level of N16.61 trillion (39.96 billion dollars), the local component increased to N26.23 trillion (63.24 billion dollars). The local component of the country’s borrowings was N24,98 trillion (60.1billion dollars) as of March 30.

    The DMO said that a larger percentage of the external debts were concessional and semi-concessional loans.

    “Over 58 per cent of the external debt stock are concessional and semi-concessional loans.

    “They were obtained from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank, and bilateral lenders including Germany, China, Japan, India and France.

    “The total domestic debt stock increased from N24,98 trillion (60.1billion dollars) in March to N26.23 trillion (63.24 billion dollars) in June.

    “This is due to new borrowings by the FGN to part-finance the deficit in the 2022 Appropriation (Repeal and Enactment) Act, as well as new borrowings by state governments and the FCT,” the DMO said.

    It said that the total public Debt-to-GDP ratio remained within limits, at 23.06 per cent, while Debt-Service-to-Revenue was still high.

    It added that the federal government was committed to increasing revenue so as to reduce the amount that went into debt servicing.

    “The Debt-to-GDP as at June 30, was 23.06 per cent compared to the ratio of 23.27 as at March 30. It remains within Nigeria’s self-imposed limit of 40 per cent.

    “While the Federal Government continues to implement revenue-generating initiatives in the non-oil sector and block leakages in the oil sector, Debt Service-to-Revenue ratio remains high,” it said.

    Meanwhile, the DMO is set to take its FGN Securities Awareness Programme to Yola on Wednesday and Umuahia on Sept. 29.

    According to Patience Oniha, DMO’s Director-General, the programme is designed to sensitise Nigerians on the huge investment benefits in FGN securities, thereby boosting financial inclusion.

  • ICT sector contributes 18.44% to Nigeria’s GDP

    ICT sector contributes 18.44% to Nigeria’s GDP

    The National Bureau of Statistics (NBS) has disclosed that the Information and Communication Technology (ICT) sector of the Nigerian economy contributed 18.44 per cent to the nation’s Gross Domestic Product (GDP) for Q2 2022.

    Dr Femi Adeluyi, Technical Assistant Research and Development to the Minister of Communications and Digital Economy made this known in a statement on Saturday in Abuja.

    Adeluyi said that the digital economy sector under Prof. Isa Pantami has continued its trend of playing a key part in the growth on Nigeria’s economy.

    The Minister of Communications and Digital Economy, Pantami, was very excited to hear of the remarkable contribution of the ICT sector to Nigeria’s GDP in the quarter under review.

    According to him, the oil sector contributed 6.33 per cent to the total real GDP in Q2 2022, which was lower than the contribution in Q2 ‘2021 and Q1 ‘2022, where it contributed 7.42% and 6.63%, respectively.

    “The non-oil sector’s contribution grew by 4.77 per cent in real terms, resulting in a 93.67 per cent contribution to the nation’s GDP in the Q2 ‘2022.

    “This was higher than Q2 ‘2021 and Q2 ‘2022, where it contributed 92.58 per cent and 93.37 per cent, respectively,” he said.

    Pantami said that the growing contribution of the sector to the GDP was as a result of the commitment of the current administration to the development of the digital economy.

    He said that the unprecedented contribution of ICT to Nigeria’s GDP can also be attributed to the dynamic and results-oriented leadership of the sector.

    He, however, said that the Report had shown how critical the ICT sector was to the growth of the country’s digital economy and, by extension, the general economy.

    “The diligent implementation of the National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria, stakeholder engagement and creation of an enabling environment have all played an important role in this achievement.

    “The support of President Muhammadu Buhari, has contributed immensely to the impressive developments in the sector.

    “The unprecedented contribution of ICT to Nigeria’s GDP can also be attributed to the dynamic and results-oriented leadership of the sector,” he said.

    Pantami congratulated stakeholders in the digital economy ecosystem for this cheering news.

    He called on all sectors to take advantage of the Federal Government’s new focus on the digital economy to enable and improve their processes through the use of ICTs.

    He added: “This would enhance the output of all the sectors of the economy and boost Nigeria’s GDP. “

  • Pantami applauds ICT’s 17.92% contributions to GDP

    Pantami applauds ICT’s 17.92% contributions to GDP

    Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, has applauded consistent growth in Information and Communication Technology (ICT) contributions to the nation’s Gross Domestic Product (GDP), which hit 17.92 per cent in the last quarter of 2020, and in the first quarter of 2021, and continued on an impressive trajectory.

    The Minister, who gave the figures at the opening of the International Telecommunication Union (ITU’s) – (Foreign, Commonwealth and Development Office) FCDO Roundtable, and Technical Workshop on Building Capabilities for Sustainable and Inclusive Digital Transformation in Nigeria, said this “percentage is unprecedented, and this is only the contribution of ICT to our GDP without calculating digital services”.

    Pantami said digital access and connectivity have become a necessity, as they play an increasingly vital role in our everyday lives and have become key drivers of the Fourth Industrial Revolution.

    The Minister assured his audience, including representatives of ITU, FCDO, and other international agencies, embassies, and the Executive Vice Chairman of the NCC, Prof. Umar Garba Danbatta, that the “Federal Government understands that enormous private sector support, as well as support from international organisations, are essential to enable us to realise our lofty goals for Nigeria’s digital economy and this has informed our decision to partner with key international organisations such as the ITU and FCDO.

    “The digital age is upon us, and all relevant stakeholders must be prepared for the enormous but inevitable change that will occur,” he said.

    The Minister also assured of the Federal Government’s committed to the development of the digital economy, with a promise that “the Nigerian government will ensure that all critical infrastructure is made available for the facilitation of digital connectivity, transformation and ultimately, the realisation of a robust digital economy”.

    The Executive Vice Chairman (EVC) of the Nigerian Communications Commission, NCC, Professor Garba Danbatta revealed that the Federal Government’s policies in the communications and digital economy sector are already yielding positive results including a reduction in the access gap, improved digital financial inclusion and a steadily increasing contribution to the GDP.

    He stated that the sector has remained the most resilient in the country while stressing that the Commission recognizes the need to do more in strengthening the telecommunication sector and improving internet penetration.

    “As of the end of 2021, the estimated population of people living in the underserved areas declined from 31.16 million in 2019 to 28.87 million in 2021, and the access gaps reduced from 227 to 114,” he said.

    Danbatta assured that the Commission will not rest on its oars in supporting Internet penetration and improvement of services but prepared to support internet penetrations and digital skills to give concrete expressions to policies and initiatives to close identified gaps.

    “The Commission is quite conscious of the need to do more and considers this Roundtable as another opportunity to gather feedback as well as expert opinions of participants. Therefore, all participants are enjoined to contribute freely and recommend measures that will further support Nigeria in meeting its connectivity target and develop a robust digital economy. We look forward to the outcome of your deliberations and expect feedbacks that will deepen the conversations on policies and initiatives for digital access and connectivity in Nigeria,” the EVC urged participants.