Okonjo-Iweala: How Nigeria’s economy can benefit from $136bn AI gains

Dr. Ngozi Okonjo-Iweala

Okonjo-Iweala: How Nigeria’s economy can benefit from $136bn AI gains

The Director-General of the World Trade Organisation, WTO, Dr Ngozi Okonjo-Iweala, has advocated a decentralised approach to electricity supply in Nigeria.

She spoke on the critical role of Artificial Intelligence in socio-economic development at the 10th convocation ceremony of the African University of Science and Technology, AUST, in Abuja, yesterday.

According to the nation’s former Minister of Finance and Coordinating Minister of the Economy, Nigeria must increase internet access for her citizens to be able to upskill them in AI, a feat that would not be possible without access to constant power supply and that Nigeria could not afford to be left behind in AI.

She said: “Underpinning all that, of course, is access to reliable electricity power supply. Power outages and constant interruptions might prove a more challenging constraint in Nigeria and other African countries to internet access and AI adoption than anything else.

“In other words, we could lay out the smartest approaches to the adoption of AI, like the federal government and AUST are trying to do, but find that efforts undermine our lack of access to the very basics – electricity infrastructure.

“Here, I would propose that we take a more decentralized approach to electricity provision in the country in light of the improved affordability of renewable energy.

Put AI regulations

Dr. Okonjo-Iweala, one of the university’s founders, noted that it was necessary to put regulations in place to guide the use of AI to ensure data security.

“We also need to bear in mind that relying on AI-driven systems could pose challenges to data sovereignty and security. Many African economies currently depend on foreign technology providers for AI tools and platforms, potentially raising concerns about privacy, governance and the protection of sensitive information.

“All these risks, combined with limited regulatory frameworks in many African countries, including Nigeria, underline the need for robust oversight and ethical guidelines tailored to local context.

“Nigeria and other sub-Saharan African nations must work hard, so they can overcome the lag in AI readiness. We score 0.34 on the IMF’s AI Preparedness Index, which evaluates factors such as digital infrastructure, workforce skills, innovation, economic policies and ethical regulations.

“Putting in strong regulatory guardrails is crucial to ensuring that AI serves as a tool for inclusive and sustainable development, rather than a source of new vulnerabilities. So on the road ahead, let me try to bring my talk to a conclusion,’’ she said.