Study: AI To Add $15bn To Nigeria’s Economy By 2030

A report on Nigeria’s economic study carried out by an independent body, Public First, has revealed that adoption of Artificial Intelligence could boost the country’s economy by $15 billion by 2030. The study, titled “Google Nigeria Economic Impact Report”, which indicates that digital technologies are generating substantial economic growth in Nigeria, also disclosed that the country generated $8 in return from every single $1 invested in digital technology.

This study underscores the transformative impact of digital technologies on Nigeria’s economy. The digital opportunity of Nigeria report outlined how Google’s products and infrastructure are driving digital transformation and contributing to economic growth across the country. With Nigeria experiencing rapid digital development, the report highlighted 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.

According to the report, “in 2023, Google’s products and services including Search, Ads, YouTube, and Cloud contributed an estimated $1.8 billion in economic activity across Nigeria.” Google’s digital skills programs, including Digital Skills for Africa and the Career Certificates Program, were said to have helped millions of Nigerians, with over 1.5 million young adults learning new digital skills in 2023.

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 highlighted the need for stronger STEM education and AI fluency to prepare Nigeria’s workforce for the future. Speaking, Director, West Africa at Google, Olumide Balogun 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.”

Commenting on the report, Director & Head of Technology Policy at Public First, Amy Price, said: “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.”