Leveraging Artificial Intelligence (AI) has proven to have the potential to bring about significant changes in Nigeria’s Economy by addressing pressing issues affecting the country such as corruption, lack of infrastructure, and inefficiencies in agriculture. Ejovwoke Enakirerhi, an AI researcher at RealSearch and Partners Inc., emphasized Nigeria’s potential to harness AI for economic advancement. The country stands at a pivotal moment to utilize AI for transforming its economy. Enakirerhi suggested that Nigeria could tap into its complete economic capacity and foster a more affluent and equitable future for its people by adopting AI and supporting its ethical advancement.
By collaborating to harness the power of AI, Nigeria has the potential to usher in a prosperous era. Despite the current economic crisis characterized by soaring costs and widespread suffering, the country’s focus on artificial intelligence Technology could pave the way for a brighter future. Agriculture, a vital sector that sustains millions of jobs and plays a crucial role in the country’s GDP, stands to benefit greatly from the integration of AI systems. He pointed out that traditional farming practices frequently encounter inefficiencies and produce minimal yields. However, the implementation of AI-driven technologies such as smart Irrigation systems, precision Agriculture methods, and disease forecasting models has the potential to revolutionize the agricultural industry.
Utilizing this innovative tech could enhance financial system.
A research study conducted by the International Food Policy Research Institute in 2023 found that the implementation of AI-powered irrigation systems across Africa has the potential to enhance crop yields by 20 to 30 percent. This advancement could play a crucial role in improving both Food Security and Economic Growth in Nigeria. Furtherly, the expert suggests that utilizing Blockchain technology and anomaly detection systems could effectively address issues of Corruption and Fraud within financial systems. This innovative technology has the ability to enhance Infrastructure planning by evaluating information pertaining to traffic flow, population density, and resource management. This allows for the implementation of more precise and effective infrastructure initiatives.
Moreover, AI-powered tools offer valuable support to small and medium-sized businesses, aiding in financial forecasting, optimizing marketing strategies, and managing customer relationships. Additionally, AI-driven chatbots and virtual assistants play a crucial role in promoting financial Literacy and mobile banking services in underserved rural communities, contributing to greater financial inclusion. Dr. Aminu Maida, the Executive Vice-Chairman of the Nigerian Communications Commission, expressed enthusiasm about the significant opportunities artificial intelligence presents for emerging economies. He highlighted its potential to address challenges in key sectors like agriculture, healthcare, infrastructure, and education.
Comprehensive AI policy crucial in driving skill development.
The multifaceted nature of artificial intelligence presents countless benefits for both businesses and individuals in Nigeria. The country, being a developing one, has the chance to utilize artificial intelligence as a powerful tool to address pressing issues in education, agriculture, healthcare, and beyond. It is crucial to tap into AI’s potential in order to propel the nation forward and boost Productivity through technology. Chukwuka Madumere, a cybersecurity expert, highlighted the significance of having a well-defined artificial intelligence policy to enhance skill acquisition and to ready employees for the demands of the digital marketplace.
During a press interview, Madumere mentioned that it is essential to develop a comprehensive AI policy in driving skill development in fields such as machine learning, big data, and Robotics to prepare Nigeria’s workforce for upcoming job requirements. He elaborated that adopting an AI policy that prioritizes human well-being is crucial to guarantee that artificial intelligence technologies serve every sector of society, encouraging diversity, and protecting human rights. Madumere’s comments coincided with Nigeria’s ongoing efforts to find creative strategies for advancing its Digital Economy and equipping its workforce for future challenges.
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Just last month, the government revealed a plan to work with 120 experts, including researchers, start-ups, and members of the artificial intelligence community, to establish a joint framework aimed at promoting the use of artificial intelligence in the country. The framework is designed to help the government achieve its goals by focusing on key priorities and strategies for implementing AI technology to enhance the quality of life and boost Nigeria’s economy. This initiative, along with various others, highlights the country’s dedication to using artificial intelligence for sustainable progress, tapping into its ability to drive creativity, improve national efficiency, and elevate the people’s welfare.