Business
Report: AI Could Boost Nigeria’s Economy by $15bn in Six Years
By Abubakar Yunusa
A new report released by Google says artificial intelligence (AI) could increase Nigeria’s economy by $15 billion in six years.
Public First, a policy, research, opinion and strategy consultancy, independently conducted the report, released on Thursday and titled ‘The Digital Opportunity of Nigeria’.
The report outlines the pivotal role of Google’s products and infrastructure in driving digital transformation and contributing to economic growth in Nigeria.
According to the findings, AI holds immense potential for Nigeria’s economy, with Google’s commitment to AI development expected to play a pivotal role in maximising the opportunity.
“The report estimates that AI could increase Nigeria’s economy by an additional $15 billion by 2030, with Google’s commitment to responsible AI development set to play a pivotal role,” the report said.
The findings showed that every $1 invested in digital technology in Nigeria generates over $8 in economic value, illustrating the high return on investment in the sector.
It said Google’s products and services contributed $1.8 billion to Nigeria’s economy in 2023, adding that it has significantly boosted the productivity of Nigerian businesses, creators, and workers.
“In 2023, Google’s products and services—including Search, Ads, YouTube, and Cloud—contributed an estimated $1.8 billion in economic activity across Nigeria,” the report said.
“This has significantly boosted the productivity of Nigerian businesses, creators, and workers.”
According to the report, the contribution emphasises the critical role of digital technology, including connectivity, cloud computing, and AI, in shaping Nigeria’s economic future.
The report further highlighted the impact of Google’s digital skills programmes, including digital skills for Africa and the career certificates programme, which have helped millions of Nigerians.
It said over 1.5 million young adults gained new digital skills through these initiatives 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 report added.
“The Nigeria Digital Opportunity report illustrates how these investments are already creating lasting impacts in the country.”
The report also provided strategic recommendations for policymakers, advocating for increased cloud-first policies and enhanced digital infrastructure to maximise AI’s potential in Nigeria.
It called for stronger STEM education and AI fluency to prepare Nigeria’s workforce for the future.
Olumide Balogun, director of West Africa at Google, expressed excitement over the positive impact of digital technology on Nigeria’s economy.
“We’re thrilled to see the positive impact that digital technology is having on Nigeria’s economy,” Balogun said.
“This report underscores the importance of continued investment in digital skills and infrastructure to unlock the full potential of Nigeria’s vibrant digital economy.”
Amy Price, director and head of technology policy at Public First, emphasised Nigeria’s leadership role in Africa’s digital transformation.
“Nigeria is a digital front-runner in Africa, and tech investment will be a powerful catalyst for further growth and development across the country,” the director said.
Price added that the investment will be pivotal in the areas of connectivity, cloud computing, and artificial intelligence.
By Abubakar Yunusa
The Association of Labour Veteran and Trade Union Assembly has voiced its support for President Bola Tinubu’s economic reforms, claiming that food prices have significantly decreased across the country.
In a statement issued on Thursday, the union’s interim president, Comrade Isa Tijjani, acknowledged the initial economic hardship faced by Nigerians at the beginning of Tinubu’s administration but insisted that government efforts had led to tangible improvements.
“At the start of this administration, the cost of food soared, and the nation was filled with cries of hunger and complaints. People were urged to be patient as the government worked towards solutions,” Tijjani said.
“Now, the President and his aides have worked tirelessly, and prices have come down drastically. However, I have yet to hear words of appreciation for their efforts. Recognising their achievements will encourage them to do even more for the nation.”
Tijjani, a former national vice-president of the Nigeria Labour Congress, urged Nigerians to differentiate between constructive criticism and unwarranted opposition.
He emphasised that engaging with the government in a respectful and solution-oriented manner would yield better results than resorting to hostility.
“The President of this country today is Alhaji Bola Ahmed Tinubu. Advising him in a humble and respectful manner will be more productive than adopting a confrontational stance. Constructive engagement achieves more than threats and name-calling,” he added.
Tijjani also condemned the recent act of violence in Edo State, describing it as a cowardly attempt to incite division and instability in Nigeria.
He welcomed the swift response of both the President and the Governor of Edo State in addressing the situation and called for the perpetrators to be brought to justice.
The labour leader further urged union members to participate in the upcoming General Executive Council meeting, where the union’s position on national issues will be formalised and disseminated at all levels of governance, from the state to the local and ward levels.
The Tinubu administration has faced criticism over the country’s economic challenges, including inflation and currency depreciation. However, government officials have maintained that their policies will yield long-term benefits for Nigeria’s economy.
Sterling Bank has announced the removal of transfer fees on all local online transactions.
The move was confirmed by the bank on Tuesday in a press release.
The development makes it the first major Nigerian bank to eliminate the contentious charges for digital banking.
The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.
The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.
The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision—it’s about redefining banking to put customers first,” he stated.
Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.
Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.
He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.
The Central Bank of Nigeria dismissed a report claiming it had introduced N5,000 and N10,000 banknotes to facilitate cash transactions as false.
In a statement posted on its official X handle on Wednesday, the apex bank described the report as fake and urged Nigerians to disregard it.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
A statement from the CBN’s communications department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no Deputy Governor by such name. We are investigating the source of this fake content.”
The report quoted one Deputy CBN Governor, Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” the Governor stated. The CBN said there is no such name in its leadership.
“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.
“Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.
The fake report also said the nationwide rollout would begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via ATMs and over-the-counter transactions.