Nigeria’s Information and Communication Sector Grows by 6.46 Percent in Q1 2021

Nigeria’s information and communication sector recorded a growth rate of 6.47 percent year-on-year in the first quarter (Q1) of 2020, a decrease of 1.18 percent when compared to the first quarter of 2020.

In the National Bureau of Statistics (NBS) report, the sector recorded a growth rate of -14.80 percent on a quarterly basis.

The sector contributed 14.91 percent to aggregate real GDP in Q1 2021, higher than the same quarter of the previous year in which it represented 14.07 percent but lower than the preceding quarter, in which it represented 15.06 percent.

The Information and Communication sector is composed of the four activities of Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording and Music Production; and Broadcasting.

In nominal terms, the sector grew by 7.86 percent year-on-year in the first quarter (Q1) of 2021, a -1.07 percent decline from the 8.94 percent recorded in the same quarter of 2020.

On a quarterly basis, the sector contracted by 13.95 percent.

The Information and Communications sector contributed 9.91 percent to total nominal GDP in Q1 2021, lower than the rate of 10.31 percent recorded in the same quarter of 2020 and 10.58 percent contributed in the preceding quarter.

A breakdown of the report showed the telecommunications & information services subsector grew by 7.69 percent in Q1 2021 and contributed the most to the Information and Communication Sector in Q1 2021.

Still, this was below the 17.64 percent recorded in Q4 2020 and 9.71 percent achieved in Q1 2020.

The publishing subsector contracted by 1.45 percent in the quarter under review, against -2.59 percent and 0.10 percent filed in Q4 2020 and Q1 2020, respectively.

Motion pictures, sound recording and music production subsector grew by 2.21 percent in Q1 2021, down from 2.51 percent recorded in Q4 2020 but higher than the 0.33 percent posted in Q1 2020.

The broadcasting subsector grew by 2.45 percent in Q1 2021 from 4.42 percent in Q4 2020 and 1.81 percent in Q1 2020.

Meanwhile, Nigeria’s economy grew by 0.55 percent year on year in the first quarter, according to the latest NBS report.