Google has disclosed that a recent study conducted by Public First showed that Artificial Intelligence (AI) has the potential of contributing $15 billion to the Nigerian economy by 2030.
Director, West Africa, Google, Mr. Olumide Balogun, said this on Thursday, during its Economic Impact Report press roundtable in Lagos.
Balogun said that the Public First’s Digital Opportunity of Nigeria Report’s projection would be achieved with Google’s commitment to responsible AI development playing a pivotal role.
He said the report revealed that in 2023, Google’s products and services including Search, Ads, YouTube, and Cloud contributed an estimated $1.8 billion in economic activity across Nigeria.
He said that, according to the report, this estimated $1.8 billion had significantly boosted the productivity of Nigerian businesses, creators, and workers.
Balogun noted that the study highlighted Google’s digital skills programmes, including Digital Skills for Africa and the Career Certificates Programme, as having helped millions of Nigerians.
“Over 1.5 million young adults learnt new digital skills in 2023 alone.
“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,’’ he said.
Balogun said that Google is thrilled to see the positive impact that digital technology is having on Nigeria’s economy.
According to the Google director, this report underscores the importance of continued investment in digital skills and infrastructure to unlock the full potential of Nigeria’s vibrant digital economy.
The director said that in 2021, Google committed $1 billion to accelerate Africa’s digital economy, focusing on improving internet access, supporting local entrepreneurs and fostering innovation.
He said that the Digital Opportunity of Nigeria report illustrated how the Google investments are already creating lasting impacts in the country.
Balogun said the report also provides strategic recommendations for policymakers, advocating increased cloud first policies and enhanced digital infrastructure to maximise AI’s potential in Nigeria.
According to Balogun, it highlights the need for stronger Science, Technology Engineering and Mathematics (STEM) education and AI fluency to prepare Nigeria’s workforce for the future.
The Director and Head of Technology Policy at Public First, Amy Price, said that Nigeria is a digital front-runner in Africa.
According Price, Nigeria’s tech investment would be a powerful catalyst for further growth and development across the country.
The Public First director said that this is particularly true for connectivity, computing and AI.
Public First is a public policy research agency with specialisation in economic, social and opinion research.
– NAN