Nigeria’s Telecommunications Sector Contributed 1.8 Trillion Naira Real Terms To The Country’s 2nd Quarter GDP

Nigeria’s telecommunications sector contributed 1.8 trillion naira in real terms to the country’s second quarter Gross Domestic Product.
The National Bureau of Statistics (NBS) explained in its telecoms report for the second quarter that this represents about 9.8 per cent of the total second quarter GDP and the largest contribution to the GDP from this sector in the rebased period.

The NBS notes that due to different seasonal patterns, the contribution from this sector is usually the largest in the second quarter.Despite the growth, the sector declined in real terms from five per cent in the previous quarter to 1.5 per cent, the lowest rate since the third quarter of 2011.

“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,” the NBS stated.“Although growth in the telecommunications sector remained positive, in contrast with the economy as a whole, year-on-year growth nevertheless dropped in real terms from five per cent in the previous quarter to 1.5 per cent, the lowest rate since 2011 Q3.