‘Google Products Generate $1.8bn In Economic Activity In 2023’

A new report released on Thursday, revealed that Google’s products and services alone contributed an estimated $1.8 billion to Nigeria’s economic activity in 2023. This impact is equivalent to supporting over 200,000 jobs annually.

The report conducted independently by Public First, released by Google on Thursday, underscores the significant economic impact of digital technologies in Nigeria.

With Nigeria experiencing rapid digital development, the report highlights the potential for further growth. According to the study, every $1 invested in digital technology in Nigeria generates over $8 in economic value. This emphasises the critical role of digital technology, including connectivity, cloud computing, and artificial intelligence (AI), in shaping Nigeria’s economic future.

Google’s digital skills programs, including Digital Skills for Africa and the Career Certificates Program, have helped millions of Nigerians, with over 1.5 million young adults learning new digital skills in 2023 alone.

The report estimated that AI could increase Nigeria’s economy by an additional $15 billion by 2030, with Google’s commitment to responsible AI development set to play a pivotal role.

RELATED

CBN Survey Shows Interest Rates Now Business Firms’ Biggest Constraint

13 hours ago

Fitch Upgrades Benue State, Affirms Lagos, Kaduna’s Ratings

13 hours ago

In 2021, Google committed $1 billion to accelerate Africa’s digital economy, focusing on improving internet access, supporting local entrepreneurs, and fostering innovation. The Nigeria Digital Opportunity report illustrates how these investments are already creating lasting impacts in the country.

The report also provides strategic recommendations for policymakers, advocating for increased cloud-first policies and enhanced digital infrastructure to maximise AI’s potential in Nigeria. Additionally, it highlights the need for stronger STEM education and AI fluency to prepare Nigeria’s workforce for the future.

In his reaction, the director, West Africa at Google, Olumide Balogun, said, “We’re thrilled to see the positive impact that digital technology is having on Nigeria’s economy. This report underscores the importance of continued investment in digital skills and infrastructure to unlock the full potential of Nigeria’s vibrant digital economy.”

Director & Head of Technology Policy at Public First, Amy Price, added, “Nigeria is a digital front-runner in Africa, and tech investment will be a powerful catalyst for further growth and development across the country. This is particularly true when it comes to connectivity, cloud computing, and artificial intelligence.”