The Nigeria telecommunications industry contribution to the nation’s GDP currently stands at 9.25 per cent as reported by the Nigeria Bureau of Statistics, NBS. According to the report released at the weekend, “in real terms, telecommunications contributed N 1,487,620.52 million or 9.25 per cent to total GDP in the Second quarter of 2014, roughly unchanged from the contribution made to the total GDP in Q2 2013”.
In Q2 2014, the report states further that economic activities in the telecoms sector picked up indicating a growth rate of 6.15 per cent (16.57% QoQ), 0.85 percentage points higher from Q2 2013, and 1.67 per cent higher from the first quarter of this 2014. This, it ascribed to increased consumer demand for telecommunication products in the country.
While this is so, the country’s growth rate of Gross Domestic Product, GDP, figure in Q2 2014 has seen an increase from the corresponding year from 5.40 per cent to 6.54 per cent which is also higher than Q1 2014 (6.21 per cent). This brings the country’s Nominal GDP to N21.73tn
The NBS stated, “In the second quarter of 2014, Nigeria’s nominal GDP (at basic prices) was estimated at N21.73tn and N16.08tn in real terms. In the corresponding quarter of 2013, the nominal GDP was estimated at N19.93tn and N15.09tn in real terms.
“As a result, the growth rate of the real GDP was recorded at 6.54 per cent in Q2 2014 (4.18 per cent quarter-on-quarter), higher than 5.40 per cent recorded in the corresponding quarter of 2013, and also higher than the 6.21 per cent recorded in the first quarter of 2014.”
The dominant non-oil economic sectors contributed significantly to the GDP with crop production, trade, telecoms and real estate contributing 18.55, 16.77, 9.25 and 7.87 per cent respectively. While the services sector (53.15%) accounted for the largest share of real GDP, the industries and agriculture sector accounted for 25.93, and 20.89 per cent respectively.
Telecom sector in Nigeria has continued to maintain a steady rise since 2001 when GSM operators rolled out services in the country.
