The export of ICT services in Nigeria has shown significant fluctuations over the past decade. Starting at a value of 51.657 million USD in 2013, exports grew substantially to peak at 290.05 million USD in 2017. However, recent years have seen reduced growth and stability with moderate declines followed by recovery; by 2023, it stood at 261.87 million USD. The year-on-year variations show considerable volatility, notably a sharp drop of 22.89% in 2020 followed by notable recovery in 2022 with a 56.08% increase. The CAGR over the last five years averages at 2.58%, indicating modest growth.
Future trends to watch for include:
- As forecasted data suggests from 2024 onward, there is a slow but steady growth expected, with a 5-year forecasted CAGR of 0.99% and an overall five-year growth rate of 5.04% by 2028.
- Surveillance of global digital market trends and Nigeria's policy changes in ICT, R&D investments, and public-private partnerships will be crucial to understand potential accelerations or decelerations in growth.
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