The Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has highlighted the immense economic potential of Artificial Intelligence (AI) for African nations, estimating that Nigeria, Ghana, Kenya, and South Africa could collectively reap $136 billion in benefits.
Speaking at the 10th convocation ceremony of the African University of Science and Technology (AUST) in Abuja on Tuesday, Okonjo-Iweala emphasized that AI could transform global economic activity, adding up to $15.7 trillion to the global GDP by 2030. She stressed that nations in the Global South, including Nigeria, stand to gain significantly if they proactively invest in AI infrastructure.
“These are four countries who are making strides in technology, and I’m glad Nigeria is fully one of them,” Okonjo-Iweala remarked. “If Nigeria could get it right, her economy could reap major rewards. A recent report estimates that AI could generate $136 billion in productivity gains, cost savings, and increased revenues for these four countries, with Nigeria receiving 43% of the gains.”
She cited a PricewaterhouseCoopers (PwC) report projecting that AI will boost the global economy by 14% by 2030. However, she cautioned that Africa must bridge its digital divide to harness these opportunities.
Okonjo-Iweala underscored the role of institutions like AUST in preparing Nigeria to navigate AI’s opportunities and risks. “AI has the potential to address long-standing development challenges in education, healthcare, agriculture, and infrastructure,” she said. However, she warned of barriers such as limited internet access and inadequate digital infrastructure.
“In March 2024, Nigeria’s internet penetration was 43%, down from 48% the previous year,” she noted. “This decline, coupled with unreliable electricity supply, poses a significant constraint to AI adoption.”
The WTO chief proposed decentralized electricity solutions leveraging affordable renewable energy to overcome these challenges. She emphasized that improving infrastructure is essential to ensure inclusive AI-driven development.
With AI poised to reshape economies, Okonjo-Iweala called on African governments to prioritize digital literacy and youth upskilling to unlock the full potential of this transformative technology.
Ngozi Okonjo Iweala
