Microsoft urges Nigerians to adopt AI to drive economic growth

Microsoft Nigeria and Ghana CEO Olatomiwa Williams, has highlighted the importance of embracing artificial intelligence to drive Nigeria’s economic growth and development. Ms Williams gave the advice on Thursday night in Lagos at the Chartered Institute of Directors (CIoD) new members induction ceremony. She said by leveraging AI technologies, Nigeria could unlock new opportunities, drive innovation, and improve the quality of life for its citizens. Ms Williams also revealed that AI could expand Africa’s economy by 50 per cent of its current gross domestic product by 2030 if the continent captured just 10 per cent of the global AI market. She added that in 2024, AI spending in the Middle East and Africa was projected to reach $3 billion and $6 billion by 2026. She also called for incorporating AI and innovative thinking in governance and leadership across all organisations and in various sectors of the economy.

She said that AI,  as a general-purpose technology, could transform every part of the economy by enhancing human productivity. “Artificial Intelligence in Leadership enables data-driven decision making, boosts productivity and efficiency, fosters innovation and growth, drives effective communication and supports better risk management. It can be seen as a strategic boardroom tool, allowing leaders to reinvest more time in their people, strategy and innovative activities. In governance, Al can help organisations achieve higher standards of governance by enabling more transparency, accountability, and stakeholder engagement as it enhances policymaking, service delivery, operations, and ethical governance,” she said. However, Ms Williams said AI’s impact raised many complex and challenging questions about its safe use, reliability and privacy concerns. To address this, she urged organisations to have guiding principles that support the responsible and trusted use of AI, such as fairness, reliability, inclusiveness, privacy, transparency and accountability. NAN