The telecommunications sector has recorded its biggest addition to gross domestic product in six years, under President Muhammadu Buhari.
For the first time in six years, the sector is contributing as much as 9.8 percent of the nation’s gross domestic product (GDP).
According to the National Bureau of Statistics (NBS), the sector contributed as much as N1.6 trillion to the GDP in the second quarter of 2016.
“In real terms, the telecommunications sector contributed N 1,580 billion to GDP in the second quarter of 2016, or 9.8%, which represents an increase of 1.0% points relative to the previous quarter,” the report read.
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“This is the largest contribution to GDP made from this sector in the rebased period, which emphasises that growth in telecommunications has remained robust when compared to total GDP.
“However due to differing seasonal patterns, the contribution from telecommunications is usually the largest in the second quarter.”
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 5.0% in the previous quarter to 1.5%, the lowest rate since 2011 Q3.
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“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 total number of subscribers as of the end of June 2016 stood at N149,803,714, and internet users for the same time stood at 92,181,978 — the biggest internet market in Africa.
3 comments
This is an irrational claim. The reality is that Buhari’s woefully fraudulent mode of governance has not seriously affected the telecom firms just as some of the banks are still waxing strong. This government has shown nothing but a complete lack of vision and experience in managing Nigeria. It is shameless of them to keep blaming the past administration for their woes and rot they caused the economy.
This article would have been objective if it cited the policies by this present administration that made this possible. If the trend was declining, I believe strongly that the writer would have shifted the blame elsewhere. This is the problem when objectivity is disregarded for parochial sentiments.
I totally agree with your point about citing policies this government have propagated in this dispensation, however, am not too sure that the writer credited this feat to Buhari, he was just simply stating numbers which in real terms, doesn’t make any sense..