6 December 2012

Nigeria: ICT Contributes 5.7 Percent to GDP in 3rd Quarter of 2012

Minister of Communication Technology Mrs Omobola Johnson, said the ICT sector contributed about 5.7 per cent to the country's Gross Domestic Product (GDP) in the third quarter of 2012.

Johnson made this known at a Forum on Emerging Leaders and the State of the Nation at the 18th Nigeria Economic Summit in Abuja on Wednesday.

She said the sector was the fourth largest contributor to GDP in the third quarter of 2012 and was growing at about 29 per cent, faster than any other sector of the economy. The sector contributed 5.46 per cent to GDP in 2010 and 2011, making it the fastest growing sector of the economy.

Official statistics attributed the growth to mobile network operators, device sales and distribution, value added services, equipment sales and distribution as well as software sales and distribution. Johnson expressed delight that young persons in Nigeria were driving innovation and creating businesses in the sector.

She said that the ICT sector was the next most prominent after the agricultural adding that the ICT sector accounted for 11 per cent of the grants issued to emerging entrepreneurs under the YOUWIN programme.

According to her, many young Nigerians have realised that the sector provides one of the best opportunities to become an entrepreneur and make money.

"Skills are much easier to acquire by young people and it does not require huge capital, compared with other businesses. India is an example where ICT employs 2.5 million professionals and contributes 6.4 per of GDP, which is about 100 billion dollars for India", she said.

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