By Kehinde KOLAWOLE
Dr. Bosun Tijani, Nigeria’s Minister of Communications and Digital Economy, recently took to social media to highlight the remarkable growth of the ICT sector under President Bola Ahmed Tinubu’s administration. In his post, Dr. Tijani detailed the sector’s significant contribution to Nigeria’s GDP, showcasing its robust expansion and resilience. His analysis painted a vivid picture of how strategic policies and innovative initiatives have propelled the ICT industry to new heights, reinforcing its crucial role in the nation’s economic landscape.
Dr. Tijani unveiled a whitepaper grounded in recent National Bureau of Statistics (NBS) data, revealing significant economic trends and the effects of initiatives launched during his tenure. The report sheds light on transformative policies and their role in shaping the current economic landscape, providing a detailed analysis of progress and challenges.
The Minister highlighted a remarkable surge in the ICT sector’s nominal GDP, which climbed from N7.1 trillion in Q3 2023 to N8.4 trillion in Q4 2023. However, this impressive growth was followed by a “patterned fall” to N7.9 trillion in Q1 2024. He observed that this first-quarter dip has been a consistent trend, occurring in 7 of the last 8 years.
In a remarkable surge, the Telecoms & Information Services sector achieved a nominal GDP of N6.2 trillion in Q1 2024. This represents a significant 10.81% rise from Q3 2023 and surpasses the N5.6 trillion recorded in Q1 2023. This growth underscores the sector’s dynamic expansion and pivotal role in the economy.
Dr. Tijani noted a consistent slowdown in growth over the past seven quarters, highlighting that the most significant decline occurred between Q1 and Q2 of 2023.
Despite the slowing growth rate, the sector remains robust, according to the whitepaper. The ministry’s detailed plan outlines strategic measures designed to not only halt the decline but also ensure long-term, sustainable expansion.
Conclusively, during the Minister’s in-depth presentation, he shed light on the evolving ICT sector and highlight the government’s initiatives to bolster its role in Nigeria’s economic growth. Through this comprehensive exposition, the Minister aimed to elucidate the sector’s trajectory and showcase the continuous efforts being made to enhance its impact on the national economy.
