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In 2023, Google’s products and services, including Search, Ads, YouTube, and Cloud, generated an estimated $1.8 billion in economic activity across Nigeria, according to a new study by Public First. The report, presented by Google during the Economic Impact Report Press Roundtable in Lagos, also highlighted that Artificial Intelligence (AI) has the potential to add $15 billion to Nigeria’s economy by 2030.
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Speaking at the event, Olumide Balogun, Google’s Director for West Africa, emphasised the significant role of Google’s commitment to responsible AI development in achieving this economic potential. The findings from Public First’s Digital Opportunity of Nigeria Report revealed how Google’s digital tools and services have enhanced the productivity of Nigerian businesses, creators, and workers.
Nigeria: Every digital technology generates $8 in economic value
According to Balogun, over 1.5 million young adults acquired new digital skills in 2023. These were through initiatives like Google’s Digital Skills for Africa and the Career Certificates Programme. The report further indicated that every $1 invested in digital technology in Nigeria generates over $8 in economic value. This proves the critical role of digital technology—including connectivity, cloud computing, and AI—in shaping Nigeria’s economic future.
Balogun reiterated the importance of continued investment in digital skills and infrastructure. He said this was necessary to unlock the full potential of Nigeria’s burgeoning digital economy. Google, which committed $1 billion in 2021 to accelerate Africa’s digital economy, is already seeing significant impacts from its investments in Nigeria, particularly in improving internet access, supporting entrepreneurs, and fostering innovation.
Maximising AI’s potential
The report provided strategic recommendations for policymakers. It urged the adoption of cloud-first policies and improved digital infrastructure to maximize AI’s potential. It also highlighted the need for stronger STEM education and AI fluency to prepare Nigeria’s workforce for the future.
Amy Price, Director and Head of Technology Policy at Public First, noted that Nigeria’s growing digital economy. Nigeria is a digital front-runner in Africa, with tech investments serving as a catalyst for growth. Price emphasised the transformative power of connectivity, cloud computing, and AI in driving Nigeria’s development.
The findings underscore Nigeria’s digital future. It also underscores importance of leveraging Google’s tools and investments to accelerate growth, support local talent, and build a sustainable digital economy.
