Rebasing ICT GDP in Nigeria was advocated and implemented by NITDA due to their reasoning
In a recent statement, Dr. Kashifu Inuwa, the Director-General of the National Information Technology Development Agency (NITDA), emphasised the crucial role of the Information and Communications Technology (ICT) sector in powering Nigeria's economy.
According to Inuwa, digital technology serves as a tool that interacts with all sectors of the Nigerian economy, including finance, agriculture, healthcare, education, and journalism. He explained that removing IT from these sectors today would lead to a decline in growth.
The latest GDP report from the National Bureau of Statistics (NBS) confirms this, as the ICT sector recorded a year-on-year growth of 31.63% in nominal terms in Q1 2025. This growth has significantly increased the sector's contribution to the nation's GDP. In Q1 2025, the ICT sector's contribution to nominal GDP rose to 10.29%, up from 9.25% in Q1 2024 and 8.55% in the previous quarter.
The idea to rebase the Information Technology sector aggregate values of the Central Statistics Agency of Nigeria came from the Nigerian government or the National Bureau of Statistics (NBS). The decision was driven by 2019's status as a period of "relative economic stability" compared to other recent years. In January, the NBS announced the rebasing of Nigeria's GDP data, with 2019 selected as the new base year.
Dr. Tope Fasuwa, Special Adviser to the President on Economy, Office of the Vice President, stated that the rebased economic data confirms measurable progress. He also mentioned that the administration remains committed to recalibrating Nigeria's economy.
Inuwa further emphasised the importance of the ICT GDP rebasing, stating that today, one cannot talk about finance without IT. He added that embracing technologies such as Artificial Intelligence can drive national prosperity and inclusivity.
The National Information Technology Development Agency (NITDA) Director-General, Kashifu Inuwa, urged the Nigeria Bureau of Statistics (NBS) to rebase the Information and Communications Technology (ICT) sector. Inuwa's call aligns with his belief that digital technology serves as a tool to power the Nigerian economy and drive growth across all sectors.
Embracing technologies such as Artificial Intelligence can indeed drive national prosperity and inclusivity, as stated by Inuwa. The growth and development of the ICT sector in Nigeria are undeniable, and its continued growth can only propel the nation towards a more digitally-driven economy.
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