AI can add $15bn to Nigeria’s economy in 2030 — Google

Artificial Intelligence (AI) can add $15billion to Nigeria’s economy in 2030, technology company, Google, has said.

Google disclosed this in its new report on Nigeria’s digital economy, released on Thursday in Lagos. 

The report, conducted independently by Public First, underscores the significant economic impact of digital technologies in Nigeria.

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

• Software engineer aims to break Guinness World Record for longest coding marathon
• FG to train 5,000 youths on data protection

With Nigeria experiencing rapid digital development, the report highlights 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.

The report said AI is capable of generating $15bn for Nigeria every year.

It also said every $1 invested in digital technology in Nigeria contributes $8 to the country’s economy, illustrating the high return on investment in the sector.

In 2023, it said, Google’s products and services-including Search, Ads, YouTube, and Cloud-contributed an estimated $1.8 billion in economic activity across Nigeria. This has significantly boosted the productivity of Nigerian businesses, creators, and workers.

Google’s digital skills programs, including Digital Skills for Africa and the Career Certificates Program, have helped millions of Nigerians, with over 1.5 million young adults learning new digital skills in 2023 alone.

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 for increased cloud-first policies and enhanced digital infrastructure to maximise AI’s potential in Nigeria. Additionally, it highlights the need for stronger STEM education and AI fluency to prepare Nigeria’s workforce for the future.

Olumide Balogun, Director, West Africa at Google, 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.”

Amy Price, Director & Head of Technology Policy at Public First, added: “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.”