Artificial intelligence could add as much as $58 billion to Nigeria's economy by 2030, driven by strategic investments, smart regulation, and widespread adoption across sectors.
This projection was made by Ola Williams, Managing Director of Microsoft Nigeria and Ghana, in a commentary drawing lessons from Nigeria's mobile money revolution and its potential to replicate similar gains through AI.
She noted that Sub-Saharan Africa stands to gain $136 billion in productivity, cost savings, and new revenues from AI by 2030, with Nigeria expected to capture 43% of that value due to its proactive strategy.
"Nigeria's leadership in mobile money, with over a third of new accounts in West Africa in 2023, shows how local solutions, when backed by regulation and infrastructure, can reshape an economy," Williams said.
She identified AI as a general-purpose technology—akin to electricity or the internet—capable of powering a new wave of industrial transformation.
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Williams stressed that success will depend not only on innovation but also on mass adoption. "To benefit most from AI, Nigeria must extend its use beyond the tech and finance sectors into agriculture, education, healthcare, and manufacturing," she said.
She praised the Central Bank of Nigeria's mobile money policies as a model for regulating AI, emphasizing trust, clear frameworks, and deep market knowledge. "We need the same regulatory foresight for AI," she added.
On infrastructure, she pointed to the role of telecom investments in scaling mobile money and called for even bolder commitments to support AI development.
Local firms are already making moves. Fintech startup WallX is using AI for credit scoring in underserved markets, while Access Holdings has deployed Microsoft's Copilot to boost staff productivity.
Williams concluded with a call for Nigeria to become not just a consumer but a global exporter of AI-powered solutions, saying, "AI presents a generational opportunity to drive inclusive economic growth and elevate Nigeria's place in the global tech economy."
