Information and Communication Technology (ICT) and Economic Growth of Nigeria
Keywords:
Information communication technology, mobile phone penetration, number of broadband users, and economic growth.Abstract
This study examined the effect of information communication technology (ICT) on Nigerian economy. The objectives were to determine the extent of relationship between ICT proxies which are mobile phone penetration, number of broadband users, and Nigeria’s economic growth proxied by GDP. Ex-post facto research design was adopted. Data were collected from Central Bank of Nigeria statistical bulletin and Nigeria Communication Commission (NCC) report cards from 2009 to 2022. Analyses were carried out using Least Square (OLS) regression. Findings revealed that Mobile Phone penetration has negative and insignificant relationship with Nigeria’s GDP while that of number of broadband users have positive but insignificant relationship with Nigeria’s GDP. The study concluded that ICT penetration in Nigeria has not yet translated into a statistically significant in short-run or has it established long-run contribution to economic growth through mobile phone penetration and broadband usage alone. However, it does not imply that ICT is unimportant to economic development; rather, suggest that the economic benefits of ICT depend on the quality, affordability, reliability and productive utilisation of digital infrastructure. It was recommended that the Mobile phone penetration and Broadband infrastructure should be integrated into productive sectors or economic activities among others.
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