Digital economy GDP contribution surpasses oil, hits 14.8% in Q1 2024 – AfriDES

Nigeria’s digital economy’s contribution to the nation’s Gross Domestic Product (GDP) surpassed the oil sector as a primary driver of the GDP, contributing a significant 14.8% in Q1 2024, the Africa Digital Economy Summit (AfriDES) has reported. AfriDES, which made the disclosure in Abuja yesterday, noted that the figure represents more than double the 7.8% […]

Nigeria’s digital economy’s contribution to the nation’s Gross Domestic Product (GDP) surpassed the oil sector as a primary driver of the GDP, contributing a significant 14.8% in Q1 2024, the Africa Digital Economy Summit (AfriDES) has reported.

AfriDES, which made the disclosure in Abuja yesterday, noted that the figure represents more than double the 7.8% contribution from the oil sector during the same period.

Kelvin Jiraji, Co-Chair of the G20/Africa Digital Economy Summit, emphasised the increasing importance of technology in Nigeria’s economic development, and highlighted the contributions of sectors such as telecommunications, remote work, artificial intelligence (AI) and digital taxation.

“Technology and innovation are reshaping Nigeria’s economic landscape, with digital industries far outpacing traditional sectors like crude oil. As we can see, contributions from the digital economy have reached a milestone of 14.8 per cent higher than the oil sector,” Jiraji stated.

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Speaking ahead of the AfriDES Summit in São Paulo, Brazil, Jiraji outlined the summit’s goals, which are centred on ‘Digital Transformation for Sustainable Growth: Africa’s Path to a Connected Future’.

As a G20 initiative, he said the four-day summit aimed to foster partnerships between governments, innovators and the private sector to promote inclusive digital growth across Africa.