On Thursday, Google revealed findings from a recent study conducted by Public First, indicating that Artificial Intelligence (AI) could contribute approximately $15 billion to the Nigerian economy by 2030. This projection was discussed by Olumide Balogun, Google’s Director for West Africa, at the Economic Impact Report Press Roundtable held in Lagos.
Key Insights from the Report
Balogun emphasized that the potential growth outlined in the Digital Opportunity of Nigeria Report hinges on Google’s commitment to responsible AI development. In 2023, Google’s various products and services—including Search, Ads, YouTube, and Cloud—contributed an estimated $1.8 billion to Nigeria’s economic activity, significantly enhancing the productivity of local businesses, creators, and workers.
Impact of Digital Skills Programs
The report highlighted the success of Google’s digital skills programs, such as Digital Skills for Africa and the Career Certificates Programme, which have collectively trained over 1.5 million young adults in Nigeria in 2023. Balogun noted, “Every $1 invested in digital technology in Nigeria generates over $8 in economic value,” underscoring the critical importance of digital technology, including AI, in shaping the country’s economic landscape.
Investment in Digital Economy
Google has committed $1 billion to accelerate Africa’s digital economy, focusing on improving internet access, supporting local entrepreneurs, and fostering innovation. The report stresses the need for ongoing investment in digital skills and infrastructure to unlock the full potential of Nigeria’s dynamic digital economy.
Recommendations for Policymakers
The study provides strategic recommendations for policymakers, advocating for:
- Increased cloud-first policies
- Enhanced digital infrastructure to maximize AI’s potential
- Stronger emphasis on STEM education and AI fluency to prepare Nigeria’s workforce for future demands
Amy Price, the Director and Head of Technology Policy at Public First, highlighted Nigeria’s status as a digital frontrunner in Africa, noting that tech investment could serve as a powerful catalyst for growth and development across the nation. Public First is a public policy research agency specializing in economic, social, and opinion research.