IMF: Artificial Intelligence Could Boost Nigeria’s Economy by 4%

The International Monetary Fund (IMF) has said that artificial intelligence (AI) could increase Nigeria’s economic output by up to four percent over the next decade if governments invest more in digital infrastructure, skills development, and supportive policies.

In its report, Unlocking the Potential: AI in Sub-Saharan Africa, the IMF noted that AI could play a major role in accelerating economic growth across the region.

However, it warned that without stronger investment in technology and digital readiness, the economic benefits would remain limited.

The Fund said AI’s greatest value in Africa lies in improving productivity rather than replacing workers. It explained that the technology can help businesses operate more efficiently, support farmers with better decision-making, and improve performance across key sectors of the economy.

Nigeria was highlighted as one of the countries already exploring practical AI applications.

The IMF cited educational initiatives using AI-powered chatbots to improve learning outcomes and agricultural programmes that provide farmers with digital advisory services.

To maximise the benefits of AI, the IMF urged governments to improve access to reliable electricity, broadband connectivity, and digital skills training. It also called for policies that encourage innovation while ensuring the safe and responsible use of the technology.

The organisation concluded that AI could become a major driver of economic growth and job creation in Africa if countries act quickly to strengthen the foundations needed for widespread adoption.

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