AI to add $15Billion to Nigeria’s Economy by 2030 – Google

On Thursday, Google announced that a recent study by Public First, a research agency specializing in economic, social, and opinion research, indicated that Artificial Intelligence (AI) could add $15 billion to the Nigerian economy by 2030.

Mr. Olumide Balogun, Google’s Director for West Africa, shared this information during the Economic Impact Report Press Roundtable held in Lagos. He stated that achieving the projections outlined in Public First’s Digital Opportunity of Nigeria Report would rely heavily on Google’s commitment to responsible AI development.

Balogun noted that in 2023, Google’s products and services—including Search, Ads, YouTube, and Cloud—generated an estimated $1.8 billion in economic activity across Nigeria. This contribution significantly enhanced the productivity of Nigerian businesses, creators, and workers.

The report highlighted Google’s digital skills initiatives, such as Digital Skills for Africa and the Career Certificates Programme, which have benefitted millions of Nigerians. “In 2023 alone, over 1.5 million young adults acquired new digital skills,” he said.

As Nigeria continues to experience rapid digital growth, the report emphasises the potential for further development.

According to the study, every $1 invested in digital technology in Nigeria generates over $8 in economic value, underscoring the critical role of digital technology—including connectivity, cloud computing, and AI—in shaping the country’s economic future.

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Balogun expressed excitement about the positive impact digital technology is having on Nigeria’s economy, stating that the report highlights the need for ongoing investment in digital skills and infrastructure to unlock the full potential of Nigeria’s vibrant digital economy.

In 2021, Google committed $1 billion to accelerate Africa’s digital economy, focusing on improving internet access, supporting local entrepreneurs, and fostering innovation.

Balogun noted that the Digital Opportunity of Nigeria report demonstrates how these investments are already making a lasting impact in the country.

The report also offers strategic recommendations for policymakers, advocating for increased cloud-first policies and improved digital infrastructure to maximize AI’s potential in Nigeria. Additionally, it emphasises the necessity for stronger education in Science, Technology, Engineering, and Mathematics (STEM) and AI fluency to prepare Nigeria’s workforce for the future.

Amy Price, Director and Head of Technology Policy at Public First, stated that Nigeria is a digital leader in Africa. She highlighted that Nigeria’s tech investments could serve as a powerful catalyst for further growth and development, particularly in areas like connectivity, cloud computing, and AI.