Artificial intelligence could increase Nigeria’s and sub-Saharan Africa’s economic output by as much as four per cent over the next decade if governments accelerate investment in digital infrastructure, skills development and governance, the International Monetary Fund has said.
The IMF disclosed this in a blog published on Tuesday, based on its departmental paper titled Unlocking the Potential: AI in Sub-Saharan Africa.
The report was authored by Martin Schindler, Nikola Spatafora and Andrew Tiffin of the Fund’s African Department.
According to the IMF, AI’s contribution to the region’s economy would remain negligible without significant improvements in preparedness, estimating that current conditions would add only 0.2 per cent to gross domestic product over the next decade.
“Our research shows AI’s promise, but it also points to significant risks and challenges,” the Fund stated.
It added: “At current levels of preparedness, we estimate that AI will add just 0.2 percent to the region’s
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