Telecom sector contributes 10% to GDP
The National Bureau of Statistics (NBS) has said that the nation’s telecommunications sector has recorded its biggest addition to Gross Domestic Product (GDP) in six years as it contributed 9.8 per cent of the nation’s GDP in the said period.
According to the NBS, the sector contributed as much as N1.6 trillion to the nation’s GDP in the second quarter of 2016.
“In real terms, the telecommunications sector contributed N1,580 billion to GDP in the second quarter of 2016 or 9.8 per cent, which represents an increase of 1 per cent points relative to the previous quarter,” the report read.
“This is the largest contribution to GDP made from this sector in the rebased period, which emphasises that growth in telecommunications has remained robust when compared to total GDP.
“However, due to differing seasonal patterns, the contribution from telecommunications is usually the largest in the second quarter.”
Although growth in the telecommunications sector remained positive, in contrast with the economy as a whole, year-on-year growth dropped in real terms from 5 per cent in the previous quarter to 1.5 per cent, the lowest rate since 2011 Q3.
“The share of telecommunications in total real GDP had declined throughout 2010 to 2014, but for the last five quarters, growth in telecommunications has been higher, meaning the trend has reversed.”
Going by statistics, the number of subscribers at the end of June 2016 stood at 149,803,714, and internet users for the same time stood at 92,181,978, this makes the country the biggest internet market in Africa.
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