For every $1 invested in digital technology, Nigeria generates more than $8 in economic value, according to a new report released by Google. This was carried out independently by Public First.
This highlights the critical role that digital technologies such as connectivity, cloud computing and artificial intelligence (AI) will play in shaping the future of Nigeria’s economy.
The report highlights the significant economic impact of digital technology in Nigeria. Nigeria’s Digital Opportunities Report outlines how Google’s products and infrastructure are driving digital transformation and contributing to economic growth across the country.
Nigeria is undergoing rapid digital development and this report highlights the potential for further growth.
Key findings from the report:
Every dollar invested in digital technology in Nigeria contributes $8 to the country’s economy, indicating a high return on investment in this sector.
In 2023, Google’s products and services, including search, ads, YouTube, and cloud, contributed an estimated $1.8 billion to economic activity across Nigeria. This has significantly increased the productivity of Nigerian businesses, creators, and workers.
Our digital skills programs, such as Digital Skills for Africa and Career Certificates Program, are helping millions of Nigerians, with more than 1.5 million young people learning new digital skills in 2023 alone.
The report estimates that AI has the potential to grow Nigeria’s economy by an additional $15 billion by 2030, with Google’s commitment to responsible AI development playing a pivotal role.
In 2021, we committed $1 billion to accelerate Africa’s digital economy, focusing on improving internet access, supporting local entrepreneurs, and fostering innovation. Nigeria’s Digital Opportunities Report shows how these investments are already having a lasting impact on the country.
The report also provides strategic recommendations for policymakers, advocating strengthening cloud-first policies and strengthening digital infrastructure to maximize the potential of AI in Nigeria. It also highlights the need for enhanced STEM education and AI fluency to future-proof Nigeria’s workforce.
Quote: Olumide Balogun, Director, West Africa, Google:
“We are excited about the positive impact digital technology is having on the Nigerian economy. It highlights the importance of continued investment in skills and infrastructure.”
Amy Price, director and head of technology policy at Public First, added:
“Nigeria is a digital frontrunner in Africa and investments in technology will be a powerful catalyst for further growth and development across the country. This is especially true when it comes to connectivity, cloud computing and artificial intelligence. ”
