Technext Technext
  • Home
  • Stories
    • How GIG Logistics and Visa Help Merchants Deliver Goods at Cheaper Prices Locally and Abroad
      How GIG Logistics and Visa Help Merchants Deliver Goods at Cheaper Prices Locally and Abroad
      1 day ago 0
      621
    • Social Media Roundup: Emefiele’s Money Out of Thin Air, 14th Headies Awards, Others
      Social Media Roundup: Emefiele’s Money Out of Thin Air, 14th Headies Awards, Others
      1 day ago 0
      46
    • ‘Early-stage Startups Need More than Just Funds’ – Key Points from the UK-Nigeria Tech Summit
      ‘Early-stage Startups Need More than Just Funds’ – Key Points from the UK-Nigeria Tech Summit
      2 days ago 0
      82
    • ‘Work From Home Won’t End in 12 Months, Covid-19 Vaccines Notwithstanding’ – Morgan Mierke, Head of W/Africa Logitech
      ‘Work From Home Won’t End in 12 Months, Covid-19 Vaccines Notwithstanding’ – Morgan Mierke, Head of W/Africa Logitech
      2 days ago 0
      890
    • Of Drones and COVID-19 Vaccine Delivery with Arone CEO, Emmanuel Ezenwere
      Of Drones and COVID-19 Vaccine Delivery with Arone CEO, Emmanuel Ezenwere
      2 days ago 0
      80
    • Twitter Unveils ‘Super Follows’ Feature so You Can Charge for Exclusive Tweets
      Twitter Unveils ‘Super Follows’ Feature so You Can Charge for Exclusive Tweets
      3 days ago 0
      614
    • Manchester Utd Fans Across Africa Can Now Stream MUTV on StarTimes
      Manchester Utd Fans Across Africa Can Now Stream MUTV on StarTimes
      3 days ago 0
      877
    • Jumia Recorded Over 4.4 million Cancellations, Returns and Failed Orders Despite a Successful 2020
      Jumia Recorded Over 4.4 million Cancellations, Returns and Failed Orders Despite a Successful 2020
      3 days ago 0
      103
    • Due to Recent Events, is Remitano P2P the Remedy for Nigerians to Buy Bitcoin in Nigeria?
      Due to Recent Events, is Remitano P2P the Remedy for Nigerians to Buy Bitcoin in Nigeria?
      3 days ago 0
      195
  • Features
    • ‘Work From Home Won’t End in 12 Months, Covid-19 Vaccines Notwithstanding’ – Morgan Mierke, Head of W/Africa Logitech
      ‘Work From Home Won’t End in 12 Months, Covid-19 Vaccines Notwithstanding’ – Morgan Mierke, Head of W/Africa Logitech
      2 days ago 0
      890
    • ‘I thought it was Spiritual Problem’- Nigerian Men on How Virtual Sports (Baby) Bankrupted Them
      ‘I thought it was Spiritual Problem’- Nigerian Men on How Virtual Sports (Baby) Bankrupted Them
      5 days ago 0
      272
    • Aeglehealth Lets You Get Medical Care from a Specialist Minutes after Booking an Appointment
      Aeglehealth Lets You Get Medical Care from a Specialist Minutes after Booking an Appointment
      7 days ago 0
      128
    • Symbiotic Relationships are Needed to Enhance Femtech Innovations – Abisola Oladapo, MumSpring Founder
      Symbiotic Relationships are Needed to Enhance Femtech Innovations – Abisola Oladapo, MumSpring Founder
      1 week ago 0
      167
    • CBN Didn’t Ban Cryptos to Fight Criminal Activities but to Curtail Capital Flight- Danny Oyekan, CEO of Dan Holdings
      CBN Didn’t Ban Cryptos to Fight Criminal Activities but to Curtail Capital Flight- Danny Oyekan, CEO of Dan Holdings
      2 weeks ago 0
      268
    • Tony Lauriola of Coins App Explains the Reason Young Africans are Embracing Cryptocurrencies
      Tony Lauriola of Coins App Explains the Reason Young Africans are Embracing Cryptocurrencies
      2 weeks ago 0
      340
    • Why Robotic Process Automation (RPA) is Taking Over Your Job
      Why Robotic Process Automation (RPA) is Taking Over Your Job
      2 weeks ago 0
      300
  • Reviews
    • How GIG Logistics and Visa Help Merchants Deliver Goods at Cheaper Prices Locally and Abroad
      How GIG Logistics and Visa Help Merchants Deliver Goods at Cheaper Prices Locally and Abroad
      1 day ago 0
      621
    • Jumia Recorded Over 4.4 million Cancellations, Returns and Failed Orders Despite a Successful 2020
      Jumia Recorded Over 4.4 million Cancellations, Returns and Failed Orders Despite a Successful 2020
      3 days ago 0
      103
    • Apple Finally Tops Global Smartphone Market and Could Remain There with New iPhone 13
      Apple Finally Tops Global Smartphone Market and Could Remain There with New iPhone 13
      5 days ago 0
      458
    • Meet the 6 Nigerians Nominated for the £25,000 Africa Prize for Engineering Innovation
      Meet the 6 Nigerians Nominated for the £25,000 Africa Prize for Engineering Innovation
      6 days ago 0
      186
    • Onepipe Gives Businesses Access to Numerous Payment Gateways Without Multiple Integrations
      Onepipe Gives Businesses Access to Numerous Payment Gateways Without Multiple Integrations
      6 days ago 0
      114
    • Aeglehealth Lets You Get Medical Care from a Specialist Minutes after Booking an Appointment
      Aeglehealth Lets You Get Medical Care from a Specialist Minutes after Booking an Appointment
      7 days ago 0
      128
    • Tech Events this Week: UK-Nigeria Tech Summit, Startup Funding Webinar and Others
      Tech Events this Week: UK-Nigeria Tech Summit, Startup Funding Webinar and Others
      7 days ago 0
      149
  • Women in Tech
  • Videos
  • Contact Us
Go to...

    ICT Contribution Rise to 15% as Nigeria’s Real GDP Drops to N70 Trillion in 2020

    Tomiwa OnaleyeTomiwa Onaleye
    1 week ago
    ICT Contribution Rise to 15% as Nigeria’s Real GDP Drops to N70 Trillion in 2020

    The contribution of the Information and Communications (ICT) sector to Nigeria’s total GDP (Gross Domestic Product) increased to 15.05% in 2020.

    Despite the economic situation caused by the pandemic, the sector had a total increase in growth of 12.9% after seeing positive growth in all quarters. This is according to full-year data recently released by the National Bureau of Statistics (NBS).

    NBS Report: ICT Contribution Rise to 15% even as Nigeria's Real GDP Drops to N70 Trillion in 2020

    However, the total growth rate of the country’s GDP slipped for the first time since 2012. The rate dropped from 2.27% in 2019 to -1.92% in 2020.

    The report shows that only 17 out of 46 Sectors recorded positive real growth in 2020. Oil refining and Air transport saw the highest decline with -62.2% and -36.9% respectively, while Quarrying and Telecommunications had the highest growth with 21.1% and 15.09% respectively.

    NBS Report: ICT Contribution Rise to 15% even as Nigeria's Real GDP Drops to N70 Trillion in 2020

    is Nigeria exiting recession?

    After the GDP dropped for the second consecutive time in Q3 2020, the country entered into recession. However, things appear to be changing as the NBS reported a positive growth of 0.11% in Q4 2020.

    In Q4 2020, Nigeria’s GDP grew positively for the first time in the last 3 quarters

    NBS Report: ICT Contribution Rise to 15% even as Nigeria's Real GDP Drops to N70 Trillion in 2020

    Though weak, the positive growth reflects the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities, according to the NBS.

    Nigeria’s real GDP falls to N70 trillion

    Despite the growth, the country’s total GDP still fell below that of 2019. Reports show that the GDP fell from N71.38 trillion in 2019 to about N70 Trillion in 2020.

    According to the NBS, the decline was caused mainly by the significantly lower levels of both domestic and international economic activity for most of the year

    The low levels stemmed from the nationwide shutdown efforts aimed at containing the COVID-19 pandemic in the second quarter.

    NBS Report: ICT Contribution Rise to 15% even as Nigeria's Real GDP Drops to N70 Trillion in 2020

    The drop in oil production – Nigeria’s main source of capital – also contributed to the decline of the GDP as the real growth of the oil sector declined by 8.89% in 2020. This is a huge drop from the 4.59% growth recorded in 2019.

    For Q4, the oil sector contributed 5.87% to total real GDP, down from the corresponding period of 2019 and the preceding quarter, where it contributed 7.32% and 8.73% respectively.

    NBS Report: ICT Contribution Rise to 15% even as Nigeria's Real GDP Drops to N70 Trillion in 2020

    However, the drop in Oil contribution was significantly covered by ICT. The sector contributed 15.06% to aggregate real GDP in Q4 2020, higher than in the same quarter of the previous year in which it represented 13.12% and higher than the preceding quarter, in which it represented 13.47%. This brings its totally contribution at the end of 2020 to 15.05%.

    ICT made the second-largest GDP contribution after Agriculture (26.21%) in 2020

    As a subsector, the Telecommunications and Information Services had a growth rate of about 17.64% in the fourth quarter, up from 17.36% in the previous quarter.

    NBS Report: ICT Contribution Rise to 15% even as Nigeria's Real GDP Drops to N70 Trillion in 2020

    Summary

    Despite the positive growth in GDP in Q4 2020, the economic situation on the streets isn’t getting better. The prices of foodstuff are still rising with rumours of a possible increase in fuel and electricity price on the horizon. This makes it difficult to believe that the economy is making positive growth.

    Although the contribution of ICT and Agriculture was significant, the drop in growth across most sectors shows that more needs to be done to help the country’s economy recover.

    Going forward, the continuous drop in the contribution of the oil sector to the country’s GDP calls for more efforts to be put into an alternative source of revenue like the thriving Agriculture and ICT sector.

    NBS Report: ICT Contribution to Nigeria’s GDP Rises to 17.8% even as Real GDP Drops to N15.89 Trillion in Q2 2020

    If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


    SUBSCRIBE

    Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.


    Comments

    Share :
    • Facebook
    • Twitter
    • Google+
    • Pinterest
    • Linkedin
    • Email
    Tomiwa Onaleye

    Tomiwa Onaleye

    Tomiwa Onaleye is a content writer that mines emotion bred from words. He is an avid lover of gadgets and Tech World. He graduated with B.Sc Mechanical from the prestigious University of Ibadan.

    WhatsApp Plans to Go Ahead with Privacy Update for Users Following Backlash
    Next article
    WhatsApp Plans to Go Ahead with Privacy Update for Users Following Backlash
    Zimbabwe
    Previous article
    Zimbabwe’s High Court Bans Econet From Sending ‘Depressing’ COVID-19 SMS Updates

    Related Posts

    • Reviews, Stories 1 day ago

      How GIG Logistics and Visa Help Merchants Deliver Goods at Cheaper Prices Locally and Abroad

      How GIG Logistics and Visa Help Merchants Deliver Goods at Cheaper Prices Locally and Abroad
      Stories 1 day ago

      Social Media Roundup: Emefiele's Money Out of Thin Air, 14th Headies Awards, Others

      Social Media Roundup: Emefiele’s Money Out of Thin Air, 14th Headies Awards, Others
      Stories 2 days ago

      'Early-stage Startups Need More than Just Funds' - Key Points from the UK-Nigeria Tech Summit

      ‘Early-stage Startups Need More than Just Funds’ – Key Points from the UK-Nigeria Tech Summit
    • Features, Stories 2 days ago

      'Work From Home Won't End in 12 Months, Covid-19 Vaccines Notwithstanding' - Morgan Mierke, Head of W/Africa Logitech

      ‘Work From Home Won’t End in 12 Months, Covid-19 Vaccines Notwithstanding’ – Morgan Mierke, Head of W/Africa Logitech
      Stories 2 days ago

      Of Drones and COVID-19 Vaccine Delivery with Arone CEO, Emmanuel Ezenwere

      Of Drones and COVID-19 Vaccine Delivery with Arone CEO, Emmanuel Ezenwere
      Stories 3 days ago

      Twitter Unveils 'Super Follows' Feature so You Can Charge for Exclusive Tweets

      Twitter Unveils ‘Super Follows’ Feature so You Can Charge for Exclusive Tweets

    Bitcoin Recent Prices

    Brandest

    Sign up for Newsletters

    Popular News

    • Canon’s EOS C70, BCTV zoom lens – a Review of Major Announcements From Canon Vision Event
      Canon’s EOS C70, BCTV zoom lens - a Review of Major Announcements From Canon Vision Event
      5 months ago 0
    • 7 SIM Card Registration Offenders Get 6 months Jail Terms, N20,000 Fine in Nigeria
      7 SIM Card Registration Offenders Get 6 months Jail Terms, N20,000 Fine in Nigeria
      5 months ago 0
    • Jumia Shuts Down Jumia Travel in Nigeria, Closes Rwanda Operations in Ongoing Restructuring Drive
      Jumia Shuts Down Jumia Travel in Nigeria, Closes Rwanda Operations in Ongoing Restructuring Drive
      December 10, 2019 0
    • MTN CEO, Rob Shuter Says that MTN Nigeria Will list on the Nigerian Stock Exchange Before the End of this Year
      MTN CEO, Rob Shuter Says that MTN Nigeria Will list on the Nigerian Stock Exchange Before the End of this
      January 25, 2019 1
    • Instagram Takes on YouTube with its New Video App, IGTV –But Some Tweaks are Needed
      Instagram Takes on YouTube with its New Video App, IGTV --But Some Tweaks are Needed
      June 25, 2018 0

    Follow Us

    Latest Tweets

    • technextdotng Morgan touted that employees are getting to the stage where the absence of teamwork, collaboration, meeting around… https://t.co/EPKZ5T1Id8
      about 7 hours ago
    • technextdotng "Our smallest delivery drone has the capacity to deliver all the vaccines needed in a typical vaccination center fo… https://t.co/erKUUb77Z9
      about 10 hours ago
    • technextdotng GIG Logistics (GIGL) has partnered with Visa to create a Merchant App that solves this problem. The app is poised… https://t.co/vAm3FRduWe
      about 13 hours ago
    • technextdotng CBN Governor, Godwin Emefiele appeared before the Nigerian senate to explain the apex bank’s reasons for clamping d… https://t.co/xMmJXnuwAA
      about 16 hours ago

    Instagram

    technextdotng

    Technext.ng is the go-to site for news, reviews and insightful analysis in the Nigerian tech space.
    http://ow.ly/ayTM30mSlGS

    "if the CBN’s major concern is capital control t "if the CBN’s major concern is capital control they can be limits to how much users can purchase using exchanges or OTC Desks."
-
@trillionaire, Founder, @coins.app and @dan.holdings on regulation the CBN Governor can place on Cryptocurrency.
#bitcoin #Crypto #Bitcoin #cryptocurrencies #cryptoworld #cryptotrading #cryptomarket #cryptonews #cryptoinvestor #bitcoininvestment #bitcoinexchange #ethereum #Nigeria
    Known for viral trends and iconic memes, TikTok ha Known for viral trends and iconic memes, TikTok has been loved by many as a place where spreading joy and information goes beyond age. Whether it’s quick educational videos you’re looking for or fun tips on how to get involved in the latest viral challenge, TikTok is an all-inclusive platform where adults can come as well to not only express themselves creatively but to be their authentic selves.

Still think that TikTok is for teenagers only? Keep reading!

This list is a mix of 30 TikTok celebs and creators, all over the age of 30, who constantly remind us that TikTok is a place where everyone belongs. Check out their profiles to find educational and entertaining videos that you won’t be able to get enough of. 

Check them all at Technext.ng
.
.
.
@tokemakinwa, @_tosinsilverdam, @toyin_abraham, @ufuomamcdermott, @veezeebaybeh, @wofaifada, @yeancar_posh, @yemialade, @deejayneptune, @kunleremiofficial
.
#fashionista #influencerlife #ootd #tiktok #likes #k #marketing #digitalinfluencer #viral #vibes #socialmedia #fashionstyle #motivation #instagramers #explorepage #moda #followers #f #inspiration #instafashion #beautiful #followme #fashioninfluencer #business #cute #instagram #instalike #photo #styleblogger
    Seems Spotify is here to take the crown. Which of Seems Spotify is here to take the crown.

Which of the platforms do you currently use?
Will you be making a change?
#Spotify #Music #YouTube
    Popular music streaming platform, Spotify has fina Popular music streaming platform, Spotify has finally expanded to Nigeria and several other African countries.

The company announced the expansion on Monday during its Stream On event for creators and partners. As the platform rolls out, music lovers in new markets will get to access content on mobile apps and in the browser. Apps for TV, consoles, speakers, wearables, and cars will be launched in the “coming months”.

Will you use the app now that is legally available?
.
.
.
.
.
.
#dj #radioshow #podcast #electronic #dance #music #progressive #pro #Spotify #Nigeria #Africa #music #love #hiphop #art #rap #musician #singer #rock #life #dance #photography  #song #guitar #happy #style #producer #fashion #newmusic
    It takes courage to know yourself well enough to c It takes courage to know yourself well enough to choose where your energy comes from and goes to. 
#TechNext #MondayMotivation #mondaythoughts
    Love is in the air! On this episode of #SteetTec Love is in the air!

On this episode of #SteetTech we ask people what their experience was dating people online.

Full video in bio

#ValentinesDay #Valentine #Dating #Love #ValentinesDay #Love #Romance #TechTips #TechSupport #valentine #valentinegift #valentines #valentineday
    Load More... Follow on Instagram

    Random News

    • Captain Marvel Rakes N175m as Nigerians Spend N434.4m at Cinemas in March
      Captain Marvel Rakes N175m as Nigerians Spend N434.4m at Cinemas in March
      April 12, 2019 0

      The Cinema Exhibitors Association of Nigeria has released the latest cinema records for the month of March and the ...

      Read More
    Copyright 2020 technext.ng | Privacy Policy | Media Policy