Google contributes $1.8 billion to Nigeria’s economy

According to a new report by a consultancy firm, Google’s tools and services contributed an estimated $1.8 billion to Nigeria’s economy in 2023.

The Nigeria Digital Opportunity report, presented in Lagos, showcased the economic benefits generated by services like Google Search, Ads, Google Play, YouTube, and Google Cloud. These platforms were instrumental in enhancing the productivity of Nigerian businesses, content creators, and professionals.

The report also emphasized Google’s digital skills programs and career certificates as central to Nigeria’s digital transformation, with over 1.5 million young Nigerians gaining new skills in 2023.

Commenting on the findings, Google’s Director for West Africa, Olumide Balogun, expressed excitement about the positive impact digital technology has had on Nigeria’s economy. He stated, “This report underscores the importance of continued investment in digital skills and infrastructure to unlock the full potential of Nigeria’s vibrant digital economy.”

Balogun highlighted the immense potential for Nigeria to further strengthen its position as a leading digital economy in Africa, particularly with advancements in cloud computing, connectivity, and artificial intelligence (AI).

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He emphasized that Nigeria’s future economic growth depends on its ability to leverage technology, and Google remains committed to supporting this transformation through strategic investments and partnerships.

The report noted that for every $1 invested in digital technology in Nigeria, over $8 in economic value is generated. It also projected that AI could add an additional $15 billion to Nigeria’s economy by 2030, with Google playing a key role through its responsible AI development initiatives.

Google reiterated its commitment to Africa’s digital economy, referencing its $1 billion pledge made in 2021. This investment includes the 2022 launch of the Equiano fibre-optic cable in Nigeria, expected to increase internet penetration by seven percent by 2025, significantly enhancing internet access and reliability.

The tech giant urged Nigerian policymakers to adopt cloud-first strategies and strengthen digital infrastructure to maximize AI’s potential. It also highlighted the need for improved STEM education to equip the workforce for future opportunities in the digital sector.

Amy Price, Director and Head of Technology Policy at Public First, emphasized Nigeria’s role as a digital leader in Africa. She noted that tech investments, particularly in connectivity, cloud computing, and AI, would be powerful catalysts for further growth and development across the country. The report estimated that AI could add $15 billion to Nigeria’s GDP by 2030, underscoring its transformative potential.