Google’s suite of tools and services contributed an estimated $1.8 billion to Nigeria’s economy in 2023, according to a new report released by consultancy firm Public First on Thursday.
According to The PUNCH, the report, titled ‘Nigeria Digital Opportunity Report’ was presented in Lagos and detailed the significant economic impact generated by various Google offerings, including Google Search, Ads, Google Play, YouTube, and Google Cloud.
These services have notably enhanced the productivity of Nigerian businesses, content creators, and workers alike.
Highlighting the importance of digital skills, Google pointed to its various initiatives, including digital skills programs and a career certificates program that enabled over 1.5 million young Nigerians to acquire new digital competencies throughout the year.
Google’s Director for West Africa, Olumide Balogun, expressed enthusiasm about the findings, stating, “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.”
Balogun stressed that rapid advancements in technology, particularly in cloud computing, connectivity, and artificial intelligence, present significant opportunities for Nigeria to enhance its status as a leading digital economy in Africa.
“The future of Nigeria’s economic growth will be driven by its ability to harness technology, and Google remains committed to supporting this journey through strategic investments and partnerships,” he added.
The study revealed that for every $1 invested in digital technology within Nigeria, an impressive $8 in economic value is generated.
Additionally, it projected that artificial intelligence could potentially add $15 billion to Nigeria’s economy by 2030, with Google poised to play a crucial role through its responsible AI development initiatives.
In 2021, Google had previously committed $1 billion to bolster the digital economy across Africa, which included the strategic landing of the Equiano fibre-optic cable in Nigeria in 2022.
This project is anticipated to enhance internet penetration by 7% by 2025, significantly improving access and reliability.
The report urged Nigerian policymakers to embrace cloud-first strategies and to strengthen the digital infrastructure to fully leverage AI’s potential.
It also underscored the need for enhanced STEM education to adequately prepare the workforce for the evolving opportunities within the digital landscape.
Director and Head of Technology Policy at Public First, Amy Price remarked, “Nigeria is a digital frontrunner 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.”
Price further emphasized the transformative impact AI could have on Nigeria’s future economy, reiterating that the report estimates AI could contribute $15 billion to Nigeria’s GDP by 2030.
“To maximize this potential, Nigeria must focus on building a strong digital infrastructure and investing in STEM education to prepare its workforce for the jobs of tomorrow,” Price explained.
