…..as Sector Boosts GDP by 12.45%
The nation’s Bureau of Statistics (NBS) has said that telecommunications’ industry alongside major stakeholders had played key roles in bringing the country out of recession as the sector grew Nigeria’s ’Gross Domestic Product (GDP) from17.36 per cent in Q4 2020 to 17.64 per cent in Q3 2020 and 10.26 per cent in Q4 2019.
It specifically applauded telecoms as being regulated by the Nigerian Communications Commission (NCC) for contributing 12.45 percent to the country’s Gross Domestic Product (GDP) of which performance lifted Nigeria out of recession.
Nigeria’s economy unexpectedly came out of recession in the fourth quarter of 2020, lifted by growth in the non-oil sector, a development which had further proved the resilience of the Nigerian economy to positively influence investor confidence.
However, in its latest data released, the National Bureau of Statistics (NBS), telecommunications & Information Services under Information and Communication lauded the sector for playing major roles in the nation’s economic diversification as it grew the country’s GDP “by 17.64 per cent in Q4 2020 from 17.36 per cent in Q3 2020 and 10.26 per cent in Q4 2019.”
NBS report indicated that agriculture, industries and services sector, under which telecommunications was categorized, had contributed 26.95 per cent, 18.77 per cent, and 54.28 per cent respectively.
This was a pointer to the fact that telecommunications, trade, services and crop production were the main drivers of Nigeria’s exit from recession.