Analysis of Information and Communication Technology (ICT) Adoption and the growth of the Nigerian economy

This study examines the impact of Information and Communication Technology (ICT) adoption on the growth of the Nigerian economy, employing an ex-post facto research design with timeseries data spanning 1998 to 2024. Data were sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin, World Bank Data, and the Nigeria Communication Commission (NCC). The study specifically analyses the effects of key ICT adoption variables—mobile cellular telephone subscriptions, mobile customer base, and digital connectivity rate—on Nigeria’s real gross domestic product (RGDP) growth rate. A combination of Descriptive Statistics, Covariance Analysis, and the Robust Least Squares (RLS) Model was used for empirical analysis. Post-estimation diagnostic tests, including the Residual Diagnostic and Model Stability Test (Correlogram Squared Test), were conducted to ensure model reliability. The findings reveal that mobile cellular telephone subscriptions have a positive and significant effect on economic growth, while the mobile customer base exerts a negative and significant impact. Conversely, the digital connectivity ratio has a positive but insignificant effect on economic growth. Based on these findings, the study concludes that ICT adoption plays a crucial role in shaping Nigeria’s economic trajectory. It recommends expanding mobile subscriptions through improved network coverage and affordability, enhancing the mobile customer base by focusing on service quality and digital literacy, and strengthening digital connectivity via increased broadband infrastructure investment. These strategic measures will maximize the economic benefits of ICT adoption and foster sustainable economic development in Nigeria.