Recent statistics released by the Nigeria Bureau of statistics (NBS) revealed that the telecoms sector accounted for a large percentage of the contribution of Information Communication Technology (ICT) the nation’s GDP.
According to the statistics on “Nigeria’s Gross Domestic Product Report” for Q2 2020, the ICT sector contributed 17.83per cent to the total real GDP in Q2 2020, 20.54per cent higher than its contribution a year earlier and in the preceding quarter, in which it accounted for 14.07per cent.
While the entire ICT industry recorded 17.83 per cent in the second quarter, the 14.30 percent contribution of the telecoms sub-sector was unprecedented, far and above oil and gas, and other non-oil sectors.
With 14.30 per cent GDP contribution in the second quarter of 2020, the Nigerian telecommunications sectors generated a total of N2.3 trillion.
Stakeholders in the sector have reacted positively to this growth, attributing it to dynamic and results-oriented leadership,the developmental policies of the Ministry of Communications & Digital economy and the effective regulatory framework of the Nigerian Communications Commission (NCC).
Speaking with our correspondent, the President of the Association of the licensed telecom operators of Nigeria (ALTON), Gbenga Adebayo said the association is pleased about the contributory part of the sector to the country’s GDP.
Adebayo thanked all industry players for their resilience and consistency of purpose and highlighted some of the factors responsible for the growth.
He highlighted that the investor friendly policy and regulatory environment, commitment of all stakeholders, Consistent Investment on network maintenance and expansion and sacrifice by sector operators have contributed to the growth of the sector.
Speaking further, Adebayo said the growth can be sustained if stakeholders continue to invest in network expansion and maintenance operations.
He added that consistency in policy environment, cooperation between all the stakeholders, access to foreign exchange to procure network critical equipment and access to spectrum and friendly policies around spectrum allocation, assignment and reassignment will help the sector to sustain the growth. Agency news