Nigerians often refer to the technology sector as the "new oil" due to its potential to drive economic growth and diversification in the country.

In yet another confirmation of this fact, a new report by the Nigerian Bureau of Statistics (NBS) shows that Nigeria's Information and Communications Technology (ICT) accounted for 17.47% of Nigeria's total GDP, amounting to ₦3.1 trillion ($6.7 billion) in the first quarter of 2023. This marks a notable increase from the 16.2% ($6.2 billion) recorded in the first quarter of 2022.

The ICT sector comprises telecommunications and information services, publishing, motion picture, sound recording, music production, and broadcasting. Among these activities, the telecommunications sub-sector led the way with a growth rate of 10.32% compared to the same period last year, contributing 14.13% to the GDP in real terms. Broadcasting emerged as the second-largest sub-sector, adding 1.98% to the overall performance of the ICT sector.

In nominal terms, the ICT sector's contribution to the total GDP reached 13.23% in the first quarter of 2023, surpassing the rates of both the previous year and the preceding quarter. This represents a remarkable growth rate of 41.84% and a significant increase of 21.30% points compared to the same quarter in 2022.

The sector's strong performance in both real and nominal terms signifies positive growth and highlights its growing importance in Nigeria's economy.