The Minister of Communication and Digital Economy, Bosun Tijani said the country’s telecommunication and information sub-sector grew to N6.2tn in the first quarter of 2024.
Tijani said this in a message shared on X where he explained that the sub-sector outperformed the activities of the first quarter of 2023 growing by 10.81 per cent in Q1, 2024.
In the first quarter of 2023, the sub-sector grew to N5.6tn.
The minister said, “The nominal GDP value in the Telecoms & Information Services Sub-Sector in Q1 2024 (N6.2tn) is 10.81 percent higher than the start of my term in Q3 and also higher compared to Q1, 2023 (N5.6tn).”
The minister admitted that the ICT sector has seen a pattern of decline in some quarters over the past seven years.
“A review of the last 7 quarters, shows a decline in growth rate since Q3, 2022 with the sharpest decline happening between Q1, 2023 to Q2, 2023.
“In the first 3 quarters of President @officialABAT ’s term, we have seen growth in the nominal GDP Value of the ICT Sector from N7.1tn (Q3 2023) to N8.4tn (Q4, 2023) and a “patterned fall” to N7.9tn in Q1 2024. Note that historically, we have seen this “patterned fall” in Q1 occurring in 7 of the last 8 years,” he noted.
Tijani said it has been great to see the recent interest in the performance of the ministry and the digital economy as a whole.