Google announced on Thursday that, according to a recent analysis by Public First, artificial intelligence (AI) can boost Nigeria’s GDP by $15 billion by 2030.
This was stated by Olumide Balogun, Director of Google’s West Africa, during the press roundtable for the Economic Impact Report in Lagos.
Balogun stated that Google’s dedication to ethical AI development would be essential in realizing the projections made in the Public First’s Digital Opportunity of Nigeria Report. According to the analysis, Google’s products and services—which included YouTube, Ads, Cloud, and Search—contributed an estimated $1.8 billion to Nigeria’s GDP in 2023, he said.
He stated that the study indicated that the estimated $1.8 billion had greatly increased the production of Nigerian companies, artists, and laborers.
According to Balogun, the report showed how millions of Nigerians had benefited from Google’s digital skills initiatives, such as Digital Skills for Africa and the Career Certificates Program.
In 2023 alone, more than 1.5 million young individuals acquired new digital skills.
Nigeria is rapidly developing its digital economy, and this analysis shows that there is room for more expansion.
In Nigeria, every $1 invested in digital technology yields nearly $8 in economic value, said the report.
“This highlights how crucial digital technology is in influencing Nigeria’s economic future, particularly in the areas of connectivity, cloud computing, and artificial intelligence (AI),” he stated.
Balogun stated that Google was ecstatic to witness the beneficial effects of digital technology on Nigeria’s economy. The Google director claims that in order to fully realize the potential of Nigeria’s thriving digital economy, it is critical to keep investing in digital infrastructure and skills.
According to the director, Google committed $1 billion in 2021 to boost Africa’s digital economy with an emphasis on enhancing internet connectivity, helping regional business owners, and encouraging innovation. He claimed that the study on Digital Opportunity of Nigeria showed how Google’s initiatives are already having a long-lasting effect on the nation.
According to Balogun, in order to fully realize AI’s promise in Nigeria, the report also offered policymakers strategic recommendations that promoted more cloud-first policies and improved digital infrastructure.
Balogun claims that in order to adequately prepare Nigeria’s workforce for the future, it emphasizes the need for higher STEM (science, technology, engineering, and mathematics) education as well as AI fluency. Nigeria, according to Amy Price, Director and Head of Technology Policy at Public First, is leading the way in Africa in digitalization.
Nigeria’s tech investment, according to Price, will be a potent stimulus for additional growth and development throughout the nation. This was especially true in terms of connection, cloud computing, and artificial intelligence, according to the head of Public First.
According to the News Agency of Nigeria, Public First is a public policy research organization that specializes in opinion, social, and economic studies.
