Would you like to receive notifications on latest updates of the following headlines?

AI to add $15bn to Nigeria’s economy by 2030

POSTED ON October 4, 2024 •   Technology      BY Abiodun Saheed Omodara
Google AI

An independent study by Public First has suggested that Nigeria's adoption of Artificial Intelligence can increase its economy by $15 billion by 2030.

The study, titled, 'Google Nigeria Economic Impact Report', which indicated that digital technologies were generating substantial economic growth in Nigeria, also disclosed that the country generated $8 in return from every single $1 invested in digital technology.

This study underscored the transformative impact of digital technologies on Nigeria’s economy.

The digital opportunity of Nigeria report outlined how Google’s products and infrastructure are driving digital transformation and contributing to economic growth across the country.

 With Nigeria experiencing rapid digital development, the report highlighted the potential for further growth.

According to the study, every $1 invested in digital technology in Nigeria generates over $8 in economic value.

This emphasises the critical role of digital technology, including connectivity, cloud computing, and artificial intelligence (AI), in shaping Nigeria’s economic future.

According to the report, “In 2023, Google’s products and services including Search, Ads, YouTube, and Cloud contributed an estimated $1.8 billion in economic activity across Nigeria.”

Google’s digital skills programmes, including Digital Skills for Africa and the Career Certificates Programme, were said to have helped millions of Nigerians, with over 1.5 million young adults learning new digital skills in 2023.

In 2021, Google committed $1 billion to accelerate Africa’s digital economy, focusing on improving internet access, supporting local entrepreneurs, and fostering innovation.

 The Nigeria Digital Opportunity report illustrates how these investments are already creating lasting impacts in the country.

The report also provides strategic recommendations for policymakers, advocating increased cloud-first policies and enhanced digital infrastructure to maximise AI’s potential in Nigeria.

Additionally, it highlighted the need for stronger STEM education and AI fluency to prepare Nigeria’s workforce for the future.

Speaking, Director, West Africa at Google, Olumide Balogun, stated, “We’re thrilled to see the positive impact that digital technology is having on Nigeria’s economy. This report underscores the importance of continued investment in digital skills and infrastructure to unlock the full potential of Nigeria’s vibrant digital economy.”

The Director  & Head of Technology Policy at Public First, Amy Price, said, “Nigeria is a digital front-runner in Africa, and tech investment will be a powerful catalyst for further growth and development across the country.

"This is particularly true when it comes to connectivity, cloud computing, and artificial intelligence.”

READ ALSO
CBEX unregistered digital assets exchange in Nigeria, SEC warns of investment risks
BY Abiodun Saheed Omodara April 19, 2025 0

The Securities and Exchange Commission (SEC) has announced that Crypto Bridge Exchange, also referre...

READ ALSO
NDPC launches initiative to combat cyberbullying, financial fraud through data protection
BY Abiodun Saheed Omodara April 7, 2025 0

The National Data Protection Commission (NDPC) on Monday reiterated its dedication to enhancing data...

READ ALSO
UNCTAD highlights risks of AI disparities as market approaches $4.8trn
BY Abiodun Saheed Omodara April 7, 2025 0

The widespread adoption of artificial intelligence (AI) worldwide, along with the emergence of new t...

READ ALSO
AI's Role in Spiritual Guidance: Enhancing teachings while upholding values
BY Abiodun Saheed Omodara April 5, 2025 0

Artificial Intelligence (AI), a collection of technologies programmed into computers to execute vari...

READ ALSO
U.S. shows highest anxiety over AI Job loss amidst technological advancements
BY Abiodun Saheed Omodara April 3, 2025 0

Despite its advanced status, research indicates that the United States of America (USA) has the high...

READ ALSO
NITDA Partners Afrovision technologies to bridge job gap for Nigeria’s Tech Talent
BY Abiodun Saheed Omodara April 3, 2025 0

In an effort to tackle the ongoing challenge of job placement for Nigeria’s expanding tech tal...

READ ALSO
OpenAI valuation hits $300 billion after SoftBank-led fund
BY Abiodun Saheed Omodara April 2, 2025 0

The Japanese telecommunications company, alongside a group of investors, has recently announced yet...

READ ALSO
Nigeria set to lead in smart mobility with AI speed train initiative
BY Abiodun Saheed Omodara March 26, 2025 0

The Ogun-Guangdong Free Trade Zone (OGFTZ) and China’s Zhongguancun Infogu Asset Management Co...

OUR CHANNELS:

Father demands justice as Nigerian correctional service dismisses kidnapping allegations
BY Abiodun Saheed Omodara April 24, 2025 0

PORT HARCOURT, Nigeria - Ogunsinasi Oluwaseyi, the father of 12-year-old Oluwaseyi Favour, who was r...


Ogun shuts  four companies for environmental violations
BY Abiodun Saheed Omodara April 25, 2025 0

OGUN, Nigeria (NAN) - The Ogun state government, via its Environmental Protection Agency (OGEPA), ha...


IMF urges Nigeria to exercise fiscal caution amid economic reforms
BY Abiodun Saheed Omodara April 24, 2025 0

The International Monetary Fund (IMF) has called on Nigeria to exercise caution in its expenditures...


FG urges IMF, World Bank to bolster economic reforms in sub-saharan Africa
BY Abiodun Saheed Omodara April 24, 2025 0

Finance Minister Wale Edun has emphasized the need for increased global assistance to reform economi...


LASG short 66,000 healthcare practitioners, threat to quality services delivery
BY Abiodun Saheed Omodara April 24, 2025 0

LAGOS, Nigeria - The Lagos State Government is grappling with a significant shortage of medical prac...


Pope Francis to be buried April 26
BY Abiodun Saheed Omodara April 24, 2025 0

Pope Francis’s funeral will be held on Saturday, the Vatican announced Tuesday, as world leade...


2face get appointment as technical adviser to Benue Govt.
BY Abiodun Saheed Omodara April 25, 2025 0

The Governor of Benue State, Hyacinth Alia    has appointed music legend, Innocent Idibia...


Nigeria's Economic Reforms Boost Sovereign Credit Profile - IMF
BY Abiodun Saheed Omodara April 23, 2025 0

The Assistant Director for Global Markets at the International Monetary Fund (IMF), Jason Wu,  ...


Six dead in Okene Accident: Akpoti-Uduaghan Urges Immediate Road Safety Reforms
BY Abiodun Saheed Omodara April 23, 2025 0

KOGI, Nigeria - Following a tragic auto accident in Okene, Kogi State, which resulted in the loss of...


Plateau NBA expresses outrage over violence, urges FG to protect citizens
BY Abiodun Saheed Omodara April 23, 2025 0

PLATEAU, Nigeria - Due to the assaults and homicides occurring in Plateau State by alleged Fulani mi...


More Articles

Load more...

Menu