Nigeria’s ICT/ telecommunication sector has proven to be a catalyst for diversification and growth of the economy as it contributed significantly to the country quickly exiting recession. The data from the Q4 GDP report released by the National Bureau of Statistics (NBS), did excite stakeholders in the sector. Telecommunications & Information Services under Information and Communication grew by 17.64 per cent in Q4 2020 from 17.36 per cent in Q3 2020 and 10.26 per cent in Q4 2019. Telecommunications contributed 26.95 per cent, 18.77 per cent, and 54.28 per cent respectively. This is a pointer to the fact that telecommunications, trade, services and crop production were the main drivers of Nigeria’s exit from recession.
A fact against a declining GDP size impacted by COVID-19 and weak growth over prior quarters in 2020. Main driver has been Telecommunications which grew against all indices on the back of Stay-At-Home directives of government and Working-From-Home (WFH) the new norm introduced by many employers to ensure economic activity over the period. The economy has already diversified to a degree, “however, the dependence on Oil & Gas for Government Income/Revenue in foreign currency is a problem. Focus should be on diversified exports that creates multiple income streams and Digital Economy provides an avenue for this to happen, if policies and an enabling environment is created by Government for the Youth, GenYs and GenZs to leverage and compete for the Digital space amongst their peers.