More Africa NewsNigeria targets 22% ICT contribution to GDP by 2027

October 5, 2023by myles0

With the acceleration of digital transformation, the information and communication technology sector is taking up more and more space in the Nigerian economy. In the second quarter of 2023, ICT contributed 19.54% to the country’s real GDP.

Activities in the information and communication technology sector are expected to contribute 22% to Nigeria’s GDP by 2027. This is part of the objectives set by the Ministry of Communications, Innovation and Technology. of the Digital Economy in its strategic plan entitled “Accelerating our Collective Prosperity through Technical Efficiency”.

To achieve its objectives, the executive plans to increase investments in the telecoms sector by 15% year-on-year; increase the number of tech workers by training three million talents; increase funding for start-ups by $5 billion; expand the digital literacy level of the Nigerian population to 70% by the end of 2027; increase the annual net revenue of the telecommunications sector for the federal government by 100%…

It should be recalled that ICT contributed 19.54% to Nigeria’s real GDP in the second quarter of 2023. This figure is higher than the sector’s contribution in the second quarter of 2022 which was 18.44% and the 17.47% % of the first quarter of 2023. The ICT sector placed just behind the agricultural sector, which was the largest contributor during this period, with a contribution of approximately 21.1%.

Furthermore, former President Muhammadu Buhari set a goal, in 2016, of increasing the ICT sector’s contribution to GDP to 30% before 2020 . In the second quarter of 2016, ICT represented 12.62% of gross domestic product. 

Source: Agence Ecofin

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