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

“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.

We need investments to benefit from AI

The WTO boss urged investments in ICT infrastructure to enable Nigerians enjoy the benefits AI provides.

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Her words: “I’ve been saying throughout that for people in Nigeria and across the continent to fully harness the gains from AI, we need investments. Investments in basic infrastructure first and foremost, investments in regulatory frameworks, in digital literacy, in upskilling our young people, in creating appropriate business ecosystems and more.

“But I’m confident that with foresight and careful planning for implementation, Nigeria and Africa can do it.”

She said over the past few years, AI had evolved from being a technological curiosity to becoming a force within industry and within people’s lives.

“It has already starting to redefine how we live, learn, work, and trade. AI has been likened to the advent of electricity, a transformative force that reshapes everything it touches.

‘’In my view, it’s already clear that AI is the most disruptive and transformative technology since the advent of the Internet a generation ago. It will transform the nature of work.

“It will change existing jobs. It will create new ones we had not thought about. And yes, it will probably take some jobs away.

‘’The potential gains are enormous. The consultancy, Pricewaterhouse estimates that AI could boost global economic activity by up to $15.7 trillion, or roughly 15% by 2030. They predict that this growth will not be confined to the industrialized north.

“The global south, including Nigeria, has much to gain. But countries across the developing world will need to be proactive to seize this potential, and we cannot afford to be left behind,’’ Okonjo-Iweala added.