Business
Okonjo-Iweala: AI Will Transform the Nigerian Economy
Citing a Pricewaterhouse report, she emphasized that AI has the potential to elevate global economic activity by up to $15.7 trillion, or about 15 percent, by 2030. “This growth will extend beyond the industrialized north.
Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), asserts that the Nigerian economy stands on the brink of significant transformation through the strategic adoption of Artificial Intelligence (AI).
With the right policy decisions and targeted investments from the government, Nigeria is poised to harness the full potential of AI.
Speaking at the 10th Convocation of the African University of Science and Technology (AUST) in Abuja, she declared, “If Nigeria can capitalize on this opportunity, the rewards for our economy will be substantial.”
She referenced a recent report from a public policy consultancy that highlights the potential for AI to generate an impressive $136 billion in productivity gains across Nigeria, Kenya, Ghana, and South Africa.
However, she acknowledged that challenges such as unreliable electricity and frequent power outages might impede internet access and the adoption of AI in Nigeria and other African nations. Despite these challenges,
Okonjo-Iweala pointed out that the combined gains from AI for the four countries represent 13 percent of their total GDP for 2022, with Nigeria poised to capture 43 percent of these estimated benefits.
She praised the federal government and the Ministry of Communications, Innovation, and Digital Economy for their proactive approach in formulating a national AI strategy aimed at leveraging AI to propel economic growth through talent development and partnerships with major players like Google to train and upskill the youth and support startups.
Citing a Pricewaterhouse report, she emphasized that AI has the potential to elevate global economic activity by up to $15.7 trillion, or about 15 percent, by 2030. “This growth will extend beyond the industrialized north.
The global south, including Nigeria, has immense opportunities ahead, but we must act decisively to seize this potential,” she stated. Okonjo-Iweala underscored the importance of Nigeria not being left behind in the race to leverage AI technology.
The implications for reshaping economies and achieving development goals are profound, and Nigeria’s proactive engagement with AI will position it for success in international trade and economic advancement.
The Nigerian naira traded near recent levels against the US dollar on Thursday, with a modest gap between the official and parallel markets.
Official Market (CBN / NFEM)
- The official Nigerian Foreign Exchange Market (NFEM) rate closed around ₦1,334.72 per US dollar on October 21 (the most recent published CBN figure).
- Intraday trading on that day ranged roughly between ₦1,333 and ₦1,337.
- Interbank FX turnover rose sharply to about $127.6 million.
Parallel / Black Market (Aboki / Street Rate)
- Bureau de Change and parallel market dealers are quoting the dollar in the ₦1,370–₦1,390 range for selling (what you pay to buy dollars).
- Typical buy rates (what dealers pay for dollars) are around ₦1,355–₦1,375.
- The premium over the official rate remains relatively moderate by recent historical standards (roughly 3–4%).
Mid-Market Reference
International mid-market rates (used by many global converters) hover around ₦1,332–₦1,335 per dollar.
Quick Summary
| Market | Approx. Rate (₦ per $1) | Notes |
|---|---|---|
| Official (CBN/NFEM) | 1,335 | Latest published close |
| Parallel (Sell) | 1,370 – 1,390 | Street / BDC rate |
| Mid-market | 1,332 – 1,335 | Global reference |
Context: The naira has been relatively stable in recent sessions, supported by improved FX liquidity and external reserves. The gap between official and parallel rates remains narrower than the wide spreads seen in previous years, though demand for dollars for imports, travel, and remittances continues to influence the street rate.
Rates can shift during the day. Always confirm with a trusted bank, Bureau de Change, or licensed operator before transacting.
Business
RMRDC Taking 2027 Africa Raw Materials Summit To Kenya
Speaking with newsmen during the conclusion of the ARMS 2026, Ike-Muonso said Nigeria is the only county that has an organisation, government-owned organisation in the continent that is fully dedicated to adding value to raw materials.
• Photo: Hon.Minister, Federal Ministry of Innovation, Science and Technology (FMIST), Dr Kingsley Udeh, declaring the event open.
The third edition of the Africa Raw Materials Summit (ARMS) 2027, would be used to garner support for setting up a centralised continental database for raw processing and value addition that is accessible to investors and industrialists.
The Director-General of the Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo Ike-Muonso, disclosed this during the ARMS 2026 Summit , held in Abuja, themed, ‘From African Feedstock To Factories.’
Building enthusiasm ahead of the next year’s event scheduled to hold in Kenya, East Africa, Ike-Muonso explained that the decision to take the summit to Kenya was reached following what he described as the East Africa country participants’ dominance in the first and second edition of the summit.
Ike-Muonso said Nigeria is the only county that has an organisation, government-owned organisation in the continent that is fully dedicated to adding value to raw materials.
Business
JPMorgan Eyeing Entry Into Nigeria’s Banking Industry
J.P. Morgan operates in more than 100 countries worldwide, providing financial services, investment banking, asset management, and commercial banking across major global markets in the Americas, Europe, the Middle East, Africa, and Asia-Pacific.
JPMorgan Chase & Co has deposited N50 billion with the Central Bank of Nigeria as part of efforts to secure a merchant banking licence and expand its operations in Nigeria .
J.P. Morgan operates in more than 100 countries worldwide, providing financial services, investment banking, asset management, and commercial banking across major global markets in the Americas, Europe, the Middle East, Africa, and Asia-Pacific
Bloomberg reported that the CBN deposit, valued at about $38m, meets a key requirement in the American lender’s application and signals its readiness to establish a licensed banking operation in Nigeria.
However, the payment does not guarantee approval, as the CBN is yet to make a final decision on the application.
People familiar with the process, said the deposit was one of the final regulatory requirements for the licence.
They added that the bank expects to obtain approval by the end of 2026 or in early 2027, subject to the regulator’s decision.
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