…UBA GMD bags AUST honorary doctorate degree in Business Administration
Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), has stated that Artificial Intelligence (AI) could contribute $136 billion in productivity gains, cost savings, and increased revenues to the economies of Nigeria, Kenya, Ghana, and South Africa by 2030.
This is even as she stated that Artificial Intelligence (AI) has the potential to boost global economic activity by up to $15.7 trillion by 2030, with the global south, including Nigeria, standing to gain substantially.
She stated this while delivering a keynote address at the 10th Convocation ceremony of the African University of Science and Technology (AUST) in Abuja on Tuesday.
According to Okonjo-Iweala, Nigeria alone is positioned to reap 43 percent of these gains.
She emphasized the transformative role AI can play in driving economic growth and sustainable development across the continent, citing a report by Access Partnership, which indicated that these gains represent 13 percent of the 2022 GDP of the four countries.
she called on African countries to harness the benefits of AI by investing in basic infrastructure, regulatory frameworks, digital literacy, and upskilling young people.
“These are four countries who are making strides in technology, and I’m glad Nigeria is fully one of them,” she said.
“If Nigeria could get it right, her economy could reap major rewards. A recent report by Access Partnership, a public policy consultancy focused on technology, estimates that AI could generate $136 billion in productivity gains, cost savings, time savings, and increased revenues for four countries.
“But the gains and the savings amount to 13 per cent of the 2022 GDP of these four countries, with Nigeria in line to receive 43 per cent of the estimated gains”.
The former Finance Minister referenced a PricewaterhouseCoopers (PwC) report, which predicts that Artificial Intelligence (AI) will boost the global economy by 14 per cent by 2030, adding a staggering $15.7 trillion to global GDP.
She said: “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. Universities like AUST have a big role to play in thinking about what AI means for the development of Nigeria and the continent as a whole, and how we can capitalize on the opportunities whilst managing the risks”.
She noted that AI can address long-standing development challenges in Nigeria, such as education, healthcare, agriculture, finance, energy, infrastructure among others.
Okonjo-Iweala lamented that many African countries face significant barriers to adopting Artificial Intelligence (AI) due to limited access to reliable internet and affordable digital infrastructure.
According to her, this digital divide risks excluding rural and underserved communities from the benefits of AI-driven advancements.
“Internet penetration in Nigeria, for example, stood at 43 percent in March 2024, down from 48 percent the previous year.
“So we must seize the emerging opportunities that internet penetration has to improve. 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 adoption of AI, like the federal government and AUST is trying to do, but find our efforts undermine their lack of access to the very basics, electricity infrastructure.
“And 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”.
The convocation ceremony also saw the recognition of notable individuals who have contributed significantly to Africa’s development.
Oliver Alawuba, Managing Director of the United Bank for Africa (UBA), was awarded an honorary Doctorate in Business Administration, honoris causa, for his outstanding contributions to the financial sector and economic growth on the continent.
Azikiwe Peter Nwalu, president, AUST, during his welcome address, highlighted the institution’s commitment to nurturing innovation and addressing local challenges through education.
He emphasized that the institution aims to ensure that every student graduates with skills required by industry.
“Through our innovation hub, students are not only solving problems but also developing startups that tackle issues like climate change. By the time they leave, they are already running their own companies,” he stated.
He added that AUST’s state-of-the-art laboratory, supported by the African Development Bank, is among the best in Nigeria, reflecting the university’s dedication to high-level research and development.
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