Gwamcee News
Every $1 invested in digital technology in Nigeria contributes $8 to the country’s economy, illustrating the high return on investment in the sector, Google revealed this on Thursday while unveiling it’s new report on economic impact in Nigeria in Lagos.
The report which was independently conducted by Public First underscores the significant economic impact of digital technologies in Nigeria.
According to the report, Google’s products and services, including Search, Ads, YouTube, and Cloud contributed an estimated $1.8 billion in economic activity across Nigeria in 2023. “This has significantly boosted the productivity of Nigerian businesses, creators, and workers.”
The report revealed that Google’s digital skills programs, including Digital Skills for Africa and the Career Certificates Program, have helped millions of Nigerians, with over 1.5 million young adults learning new digital skills in 2023 alone.
It estimated 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.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 highlights the need for stronger STEM education and AI fluency to prepare Nigeria’s workforce for the future.
Commending on the report, Director, West Africa at Google, Olumide Balogun, said, “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.”
Adding, Director & Head of Technology Policy at Public First, Amy Price, “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.”
