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GDP: Nigeria’s ICT sector surges with 31.6% nominal growth in Q1 2025  

The Information and Communications Technology (ICT) sector recorded 31.63% year-on-year growth in nominal terms for the first quarter of 2025, according to the latest GDP report from the National Bureau of Statistics (NBS).

This marks a 28.23 percentage point jump compared to the 3.40% growth posted in the same quarter of 2024 and a 13.67-point increase from the last quarter of 2024, showing strong momentum in the sector’s nominal performance.

The sector’s contribution to nominal GDP rose to 10.29% in Q1 2025, up from 9.25% in Q1 2024 and 8.55% in the previous quarter, further solidifying its importance as a growth engine for Nigeria’s economy.

In real terms, adjusted for inflation, the sector posted a 7.40% year-on-year growth, improving by 3.36 percentage points from Q1 2024.

However, on a quarter-on-quarter basis, real growth dipped by -8.86%, reflecting the typical seasonal slowdown after Q4’s end-of-year spike in digital consumption and service demands.

According to the NBS, following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series to the new rebased estimates.

In January, NBS announced the rebasing of Nigeria’s GDP data, with 2019 selected as the new base year.

This decision, according to the NBS, was driven by the year’s status as a period of “relative economic stability” compared to other recent years, which were marked by significant economic shocks.