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Tech now contributes more to Nigeria's GDP than oil

Tech now contributes more to Nigeria’s GDP than oil

Tech now contributes more to Nigeria GDP than oil with an 18.44% against 6.33% in Q2 2022, according to a report by the National Bureau of Statistics.

Aggregated as information and communications technology (ICT), ‘tech is the new oil’ is not just a slogan anymore as we can see its power in real-time. Meanwhile, the oil sector has continued to plunge even further.

According to the stats, oil had been at a 6.63% in Q1 2022 and even this was lower than its Q2 2022 report which claimed that it contributed to 7.42% of Nigeria’s GDP.

Oil has not been doing so well in recent times and even trade now out ranks it, contributing 16.81% of the country’s economy.

Perhaps, a better view of the situation is the calculation of what the non-oil sector has contributed to Nigeria’s economy in the period under review. It amounts to 93.67% and may well point to the fact that the country is no longer a oil producing giant.

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Likely, it is time to look elsewhere for growth?

Telcos, trade, financial institutions, transportation, agriculture, and manufacturing (food, beverage and tobacco) are all sectors that are contributing the lion share of the GDP.

Speaking on the outlook for the future, Issa Pantami, minister of communications and digital economy, reiterated that the Nigerian tech space will be moving forward with the National Digital Economy Policy and Strategy (NDEPS).

“The pillars of the NDEPS have been carefully selected to include all the key aspects that Nigeria needs to focus on in order to actively participate in the global digital economy. Special consideration has also been given to the nation’s areas of strength and comparative advantage as a country,” he said.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.