How IT growth is boosting Nigeria’s economy- Pantami

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Nigeria’s information and communications sector has made unprecedented contributions to the country’s GDP over the past 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 revealed in a statement on Thursday from Prof. Isa Pantami, Minister of Communications and Digital Economy (FMCDE).

Pantami noted that Nigeria’s IT sector is currently updating 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 country’s GDP in the last three years.
  • “IT contributed 14.07% in Q1 2020, 17.92% in Q2 2021, and 18.44% in Q2 2022. “At each point in time, these numbers were the largest contribution of the ICT sector to GDP.

He said it made it the fastest growing sector of the Nigerian economy in the last quarter of 2020 and the only sector that grew in double digits.

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Pantami added that in 2020, the sector played a pivotal role in enabling Nigeria to emerge from recession.

  • He said: “Quarterly revenue also generated for the federal government increased from N51.3 billion to N408.7 billion, through spectrum sales and sector taxes.”

It revealed that in a recent assessment by the Foreign, Commonwealth and Development Office (FCDO), UK, and KPMG, of the ministry’s performance indicators and milestones for the eight ministry deliverables, the ministry scored highest in each of the deliverables.

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It said the ministry scored 134 percent in broadband connectivity implementation, 127 percent in 4G rollout across the country and 99 percent in digitalization of government functions and processes.

“On the development and implementation of a National Digital Economy Policy and Strategy 103 percent, Implementation of a Digital Identity Program -86 percent.

  • “Improvement and optimization of the income of all operators and licensees in the agencies under the supervision of the ministry -594 percent, active collaboration with the private sector to create jobs – 111 percent, andcitizen empowerment – ​​137 percent,” he said.

On the IT policies enacted by the Buhari administration, Pantami noted that this includes the Revised National Digital Identity Policy for SIM Card Registration, the National Digital Identity Policy for Internally Displaced Persons, and the Rule Making Process Regulation from NIPOST.

  • “We have the National Policy on 5G Networks for Nigeria’s Digital Economy, the National Policy on Virtual Engagements in Federal Public Institutions, and the National Policy on Device Management System.
  • “There is a policy of National Policy for the Management of the National Center for Artificial Intelligence and Robotics, National Policy for Digital Innovation and Entrepreneurship.
  • “There is also the Nigerian Government National Policy on Second Level Domains, the Dig-Once National Policy and the National Policy on Communication Satellite (Draft)” added.

For the record: The ICT sector grew 10.53% year-on-year in Q3 2022, an improvement compared to the 6.55% registered in the previous quarter. The information and communications sector represents 15.4% of the national GDP.

The telecommunications sector, which is made up of some of the largest companies in the country and represents 83.7% of the ICT sector, grew 10.53% year-on-year from 6.55% registered in the previous quarter.

The publishing subsector posted growth of 12.06% in the quarter under review compared to growth of 3.43% in the second quarter of 2022. Film, sound recording and music posted growth of 22 .41%, while transmission registered a year-on-year growth of 6.58%.

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