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Telecoms Sector's Contribution To Economic Output Dips to 8.38% in Q1 of 2015

Posted by Lolade on Thu 25th Jun, 2015 - tori.ng

The contribution of the telecommunications sector to Nigeria's total economic output has recorded steep decline.

The report of the National Bureau of Statistics, which was released on Wednesday, June 24, revealed that the contribution of the telecommunications sector to the total economic output of the country has dropped.

According to the NBS, the contribution dropped to 8.38 per cent or N1,344,489.25 million (about N1.344 trillion) in the opening quarter (Q1) 2015, down from the 8.46 per cent average contribution it recorded in 2014.

The report stated that it was the second time in four years that the sector would be recording a negative performance, noting that the only negative yearly growth rates were recorded in 2011, with the lowest rate reaching – 6.45 percent in the third quarter.