The Director-General, World Trade Organization (WTO), Ngozi Okonjo-Iweala, has said Nigeria and three other African countries could share in a projected $136 billion economic boost from artificial intelligence (AI).
She spoke during the 10th convocation ceremony at the Africa University of Science and Technology (AUST) in Abuja, where the Group Managing Director of United Bank for Africa (UBA) Oliver Alawuba received an honorary doctorate.
UBA also donated a new AI and emerging technologies center to the university.
Okonjo-Iweala said: “AI has the potential to generate $136 billion in productivity gains, cost savings, time savings, and increased revenues for Nigeria, Kenya, Ghana, and South Africa.”
Of this total, Nigeria is set to gain 43 per cent, thanks to its proactive national AI strategy developed by the Ministry of Communications, Innovation, and Digital Economy.
Disclosing the findings of WTO research, Okonjo-Iweala said global AI adoption could boost international trade by up to 14 percentage points by 2040.
However, she warned that uneven AI adoption could halve these benefits, particularly for developing countries. She stressed the need for international cooperation to maximize AI’s potential.
