Nigeria, Others to Generate $126bn Revenue from AI – WTO

The Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala has revealed that a report by the organisation has shown that Artificial Intelligence can generate $26 billion in revenue and improve productivity for Nigeria and three other African countries

She disclosed in Abuja on Tuesday at the convocation ceremony of the African University of Science and Technology where the Group Managing Director/CEO of United Bank for Africa, Oliver Alawuba was conferred with an honorary doctorate in Business Administration

According to her, “Artificial intelligence has implications on trade and jobs with African countries already well positioned to benefit from the tremendous potentials on trade and revenue generation

“It will shape international trade by reducing cost and accelerating growth as a report by the WTO shows that AI could increase global trade by 14 per cent and also add $126 billion dollars in productivity and output as Nigeria, Kenya, Ghana and South Africa are set to benefit,” she explained.

She also added that Artificial Intelligence will add about $15 trillion by 2030 as countries continue to capitalise on the benefits of the technology.

Awaluba was honoured alongside the Director General of the National Identity Management Commission (NIMC), Engr. Abisoye Coker-Odusote.