AI to contribute $15B to Nigeria’s economy by 2030 – Google

Google has projected that Artificial Intelligence (AI) could contribute $15 billion to Nigeria’s economy by 2030, based on a study conducted by public policy research agency, Public First. This was revealed by Mr. Olumide Balogun, Director for West Africa at Google, during the Economic Impact Report Press Roundtable held in Lagos.

The report, titled Digital Opportunity of Nigeria, highlights Google’s significant role in driving Nigeria’s digital economy, particularly through responsible AI development. Balogun explained that in 2023 alone, Google’s suite of products and services—such as Search, Ads, YouTube, and Cloud—generated an estimated $1.8 billion in economic activity across Nigeria. This contribution has had a profound impact on boosting productivity for Nigerian businesses, content creators, and workers.

The report also spotlighted Google’s various digital skills initiatives, including Digital Skills for Africa and the Career Certificates Programme, which trained over 1.5 million young Nigerians in 2023. These programs, along with the country’s rapid digital growth, present promising opportunities for further economic expansion.

According to the study, every $1 invested in digital technology in Nigeria creates over $8 in economic value. This underscores the essential role of digital tools—especially connectivity, cloud computing, and AI—in shaping the future of Nigeria’s economy.

Balogun expressed Google’s excitement about the positive impact digital technology is having on Nigeria’s economic landscape, noting the importance of continued investments in digital skills and infrastructure to unlock the full potential of the country’s digital economy. In 2021, Google committed $1 billion to accelerate Africa’s digital growth, focusing on improving internet access, supporting entrepreneurs, and fostering innovation across the continent.

The report provides strategic recommendations for Nigerian policymakers, urging them to adopt cloud-first policies and strengthen the country’s digital infrastructure to fully leverage AI’s potential. It also calls for an increased focus on Science, Technology, Engineering, and Mathematics (STEM) education and AI literacy to better equip Nigeria’s workforce for the future.

Amy Price, Director and Head of Technology Policy at Public First, emphasized that Nigeria is a leading digital player in Africa. She highlighted that investments in technology, particularly in connectivity, cloud computing, and AI, will be key drivers of Nigeria’s economic growth and development.