Experts have emphasized that Nigeria must accelerate the adoption of artificial intelligence (AI) and emerging technologies to reduce dependence on oil revenues and achieve sustainable economic diversification. With the global economy rapidly shifting toward digital transformation, they argue that Nigeria risks being left behind if it fails to integrate AI, big data, blockchain, and automation into key sectors.
Nigeria’s economy has long been dominated by oil, but volatility in global oil prices has exposed the vulnerability of this model. Experts note that leveraging technology can unlock new opportunities in agriculture, healthcare, education, manufacturing, and financial services. For instance, AI-powered solutions in agriculture could improve crop yields and reduce post-harvest losses, while in healthcare, machine learning can enhance diagnostics and expand access to medical services.
Financial technology (fintech) is already driving inclusion, but analysts believe AI can deepen efficiency and innovation in digital banking, fraud detection, and credit access for small businesses. Manufacturing, another sector critical to job creation, can also benefit from automation and predictive analytics, which reduce waste and improve productivity.
However, stakeholders warn that significant challenges must be addressed, including poor digital infrastructure, limited broadband penetration, inadequate funding, and low levels of digital literacy. They stress the need for deliberate government policies, incentives for innovation, and stronger partnerships between academia, industry, and government. Investments in research, development, and training programs are essential to build a skilled workforce capable of driving an AI-powered economy.
The experts also highlight ethical and regulatory considerations, urging the government to create a framework that promotes innovation while safeguarding against risks such as job displacement, data privacy breaches, and algorithmic bias. They argue that proactive regulation and inclusive policies will ensure that technology adoption benefits all Nigerians, particularly the youth, who represent the majority of the population.
By strategically embracing digital transformation, Nigeria can diversify its economy, create new industries, attract investment, and secure long-term prosperity beyond oil.
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