The Nationwide Data Know-how Improvement Company (NITDA) Director-Normal, Kashifu Inuwa, has defined why his workforce urged the Nigeria Bureau of Statistics (NBS) to rebase the Data and Communications Know-how (ICT) sector.
Inuwa confused that rebasing the ICT GDP by the NBS was needed due to the digital economic system’s interaction throughout all sectors of the Nigerian economic system.
He made this disclosure on Wednesday because the keynote speaker through the third Annual Financial Confidential Lecture & PRNigeria Guide Presentation themed “AGENDA FOR A DIGITAL GLOBAL ECONOMY,” attended by Nairametrics.
He emphasised that the rebasing was germane as a result of the digital economic system permeates all important sectors of Nigeria.
Interaction of Digital Financial system and Nigeria’s Financial system
- Inuwa defined that there was no such factor as a digital economic system standing by itself, however quite digital expertise stays a device that may energy the Nigerian economic system.
“In the event you consider agriculture, healthcare, training, finance—at this time all of them depend on digital. Subsequently, we additionally push for the Nigerian Bureau of Statistics to rebase the ICT GDP,” he mentioned.
He highlighted that the ICT GDP rebasing was essential as a result of at this time, one can not discuss finance with out IT.
“In the event you take away IT from finance, development will decline. In the event you take away IT from journalism at this time, it should scale back. Subsequently, we have to rebase, as a result of the digital economic system is about utilizing expertise to empower financial actions, no matter you do,” he mentioned.
He added that if related stakeholders embrace applied sciences corresponding to Synthetic Intelligence, such growth can drive nationwide prosperity and inclusivity.
On his half, the Particular Adviser to the President on Financial system, Workplace of the Vice President, Dr. Tope Fasuwa, represented by Aremu Olayinka Elijah, maintained that the rebased financial information confirms measurable progress.
“We’re shifting from conventional fashions to a tech-driven future,” he mentioned.
He added that President Bola Ahmed Tinubu’s administration stays dedicated to recalibrating Nigeria’s economic system.
What to Know
Nairametrics remembers that the ICT sector recorded 31.63% year-on-year development in nominal phrases for the primary quarter of 2025, in keeping with the most recent GDP report from the Nationwide Bureau of Statistics (NBS).
The event marked a 28.23 proportion level leap in comparison with the three.40% development posted in the identical quarter of 2024 and a 13.67-point improve from the final quarter of 2024, exhibiting sturdy momentum within the sector’s nominal efficiency.
The sector’s contribution to nominal GDP rose to 10.29% in Q1 2025, up from 9.25% in Q1 2024 and eight.55% within the earlier quarter, additional solidifying its significance as a development engine for Nigeria’s economic system.
In January, NBS introduced the rebasing of Nigeria’s GDP information, with 2019 chosen as the brand new base 12 months.
This choice, in keeping with the NBS, was pushed by the 12 months’s standing as a interval of “relative financial stability” in comparison with different latest years, which have been marked by vital financial shocks.
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