A new report released by Google says artificial intelligence (AI) could add $15 billion to Nigeria’s economy over six years.
Public First, a policy, research, opinion and strategy consulting firm, independently conducted a report titled “Nigeria’s Digital Opportunities” on Thursday.
This report outlines the critical role that Google’s products and infrastructure play in driving Nigeria’s digital transformation and contributing to economic growth.
Research shows that AI has immense potential for the Nigerian economy, and Google’s AI development efforts are expected to play a pivotal role in maximizing that opportunity.
“The report estimates that AI has the potential to grow Nigeria’s economy by an additional $15 billion by 2030, and Google’s commitment to responsible AI development will play a pivotal role.” the report states.
The results showed that in Nigeria, every $1 invested in digital technology generates more than $8 in economic value, giving the sector a high return on investment.
The report said Google’s products and services contributed $1.8 billion to Nigeria’s economy in 2023, adding that they had significantly increased the productivity of Nigerian businesses, creators and workers.
“In 2023, Google’s products and services, including search, advertising, YouTube, and cloud, contributed an estimated $1.8 billion to economic activity across Nigeria,” the report said.
“This has significantly increased the productivity of Nigerian businesses, creators and workers.”
According to the report, the contribution highlights the critical role that digital technologies such as connectivity, cloud computing and AI will play in shaping Nigeria’s economic future.
“More than 1.5 million young people will gain digital skills in 2023”
The report further highlighted the impact of Google’s digital skills programs that have helped millions of Nigerians, including the Digital Skills and Career Certificate Program for Africa.
By 2023, more than 1.5 million young people will have acquired new digital skills through these initiatives.
“In 2021, Google committed $1 billion to accelerate Africa’s digital economy, with a focus on improving internet access, supporting local entrepreneurs, and fostering innovation,” the report added.
“Nigeria’s Digital Opportunities Report shows that these investments are already having a lasting impact on the country.”
The report also provided strategic recommendations to policymakers, advocating strengthening cloud-first policies and strengthening digital infrastructure to maximize the potential of AI in Nigeria.
He called for strengthening STEM education and AI fluency to future-proof Nigeria’s workforce.
Olumide Balogun, Google’s Director for West Africa, expressed excitement at the positive impact digital technology will have on Nigeria’s economy.
“I am excited about the positive impact digital technology is having on the Nigerian economy,” Balogun said.
“This report highlights the importance of continued investment in digital skills and infrastructure to realize the full potential of Nigeria’s vibrant digital economy.”
Amy Price, Director and Head of Technology Policy at Public First, highlighted Nigeria’s leadership role in Africa’s digital transformation.
He said: “Nigeria is a digital frontrunner in Africa and technology investments will be a powerful catalyst for further growth and development across the country.”
Price added that this investment will be critical in the areas of connectivity, cloud computing and artificial intelligence.
