Nigeria could forfeit a $1.2 trillion slice of the global Artificial Intelligence economy by 2030, the Nigerian Communications Satellite Limited (NIGCOMSAT) has warned.

The alarm was raised by NIGCOMSAT’s Managing Director, Nkechi Egerton-Idehen, in a statement on Friday, following her attendance at the 12th Regular Meeting of the National Council for Communications, Innovation, and Digital Economy, held in Makurdi, Benue State.

Egerton-Idehen emphasised the urgent need for the Nigerian government to harness the opportunities in the burgeoning AI economy, citing projections of its transformative potential.

She highlighted that by 2030, AI is expected to contribute a staggering $15.7 trillion to the global economy, with Africa poised to gain $1.2 trillion if strategic policies and innovations are implemented.

“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7 trillion to the global economy by 2030. Africa stands to gain $1.2tn of this if the right policies and innovations are in place,” Egerton-Idehen said, referencing a report by PricewaterhouseCoopers.

Egerton-Idehen further pointed out the dual opportunities AI presents, noting its economic benefits and potential to address critical issues such as food security.

“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly,” she added.