AI to boost Nigeria’s economy by over $4bn, says experts

Legal experts have pointed out the significant economic opportunities presented by Artificial Intelligence, noting its market in the country may hit $4.64bn by 2030.

Speaking at the maiden edition of the Nigerian Bar Association Ikeja Branch Business Forum in Lagos recently, they emphasised that the global AI market, expected to soar to $15.7tn by 2030.

In his keynote address on the theme “The Future of AI and Corporate Governance for Companies,” Mr Desmond Oriakhogba highlighted that Nigeria’s AI market is projected to reach approximately $4.64bn by 2030.

He attributed the growth to increasing awareness of AI’s capabilities and the formation of strategic partnerships.

“This optimistic forecast reflects the country’s increasing investment in AI technologies and research.

“The Nigerian government and private sector are working together to harness the transformative power of AI, which is expected to drive economic growth and development across various sectors,” Oriakhogba stated.

Oriakhogba also noted the potential for job creation, enhanced business efficiency, and improved service delivery in sectors such as healthcare, agriculture, and finance as Nigeria continues to adopt and integrate AI technologies.

Also, the Chairman of the Lagos Building Investment Company and a corporate governance expert, Dr Hakeem Ogunniran, highlighted critical aspects of corporate governance and the transformative impact of AI on business practices.

“Corporate governance fundamentally revolves around three questions: Who owns the company? For whom should the company be run? What are the processes and systems in place?” he elucidated.