On Thursday, Google announced findings from a recent study by Public First, indicating that Artificial Intelligence (AI) could contribute approximately $15 billion to Nigeria’s economy by 2030. This projection was shared by Olumide Balogun, Google’s Director for West Africa, during the Economic Impact Report Press Roundtable held in Lagos.
Key Insights from the Study:
- In 2023, Google’s products and services—including Search, Ads, YouTube, and Cloud—generated an estimated $1.8 billion in economic activity in Nigeria.
- This contribution has significantly enhanced the productivity of Nigerian businesses, creators, and workers.
- The report also emphasized that every $1 invested in digital technology in Nigeria generates over $8 in economic value, showcasing the critical role of digital technology in shaping the country’s economic future.
Digital Skills Development
Balogun highlighted Google’s various digital skills programs, such as Digital Skills for Africa and the Career Certificates Programme, which have empowered millions of Nigerians. Notably, over 1.5 million young adults learned new digital skills in 2023 alone, reflecting Nigeria’s rapid digital development.
Investment in Digital Infrastructure
Google’s commitment to fostering Africa’s digital economy includes a $1 billion investment aimed at improving internet access, supporting local entrepreneurs, and driving innovation. The report underlines the importance of ongoing investment in digital skills and infrastructure to unlock the full potential of Nigeria’s vibrant digital economy.
Recommendations for Policymakers
The report provides strategic recommendations for policymakers, advocating for:
- Increased cloud-first policies.
- Enhanced digital infrastructure to maximize AI’s potential in Nigeria.
- Strengthening STEM education and AI fluency to prepare the workforce for future demands.
Amy Price, Director and Head of Technology Policy at Public First, emphasized Nigeria’s status as a digital front-runner in Africa, asserting that tech investment could act as a powerful catalyst for further growth and development across the country.
The study conducted by Public First—a public policy research agency specializing in economic, social, and opinion research—illustrates the promising future of AI in transforming Nigeria’s economy.
For more details, stay tuned for further developments in Nigeria’s tech landscape!