Kashifu Inuwa, the Director-General of the National Information Technology Development Agency (NITDA), recently shared insights on why his agency encouraged the Nigeria Bureau of Statistics (NBS) to rebase the Information and Communications Technology (ICT) sector‘s GDP.
During the keynote address at the 3rd Annual Economic Confidential Lecture, themed “Agenda for a Digital Global Economy”, Inuwa stressed that recalculating the ICT contribution was critical due to how digital innovation permeates sectors including agriculture, healthcare, education, and finance. He explained that no economic area today can be viewed without considering the impact of technology. For example,
The digital economy is all about harnessing technology to empower every economic activity. Recalculating the ICT GDP ensures we capture this reality accurately…if you exclude IT from finance, growth falters. Similarly, journalism and other sectors diminish without digital support. – he said
Inuwa elaborated that digital technology is not a standalone economic segment but rather a vital tool powering the broader Nigerian economy. He stressed the potential of advancements like Artificial Intelligence to foster nationwide prosperity and inclusivity if embraced by relevant parties.
Supporting this view, Dr. Tope Fasuwa, Special Adviser to the President on Economy, represented at the lecture by Aremu Olayinka Elijah, said that the newly revised economic data illustrates tangible progress as Nigeria transitions from conventional economic models to a future driven by technology. Fasuwa reaffirmed the Tinubu administration’s efforts to economic recalibration through digital innovation.
The latest GDP report from the NBS highlights a remarkable 31.63% year-on-year increase in the ICT sector for the first quarter of 2025, soaring far above previous periods. The sector’s GDP contribution rose to 10.29%. The choice of 2019 as the new base year for GDP calculation was deliberate, attributed to its relatively stable economic conditions amid previous shocks.
NITDA’s efforts to refine how ICT’s economic footprint is measured not only enhance data accuracy but also lay groundwork for policies supporting digital transformation. This rethink in valuation shows a progressive shift towards a tech-enabled Nigerian economy, creating opportunities for innovation-fueled growth.
