• A data center stores and processes data, the foundation on which AI systems learn, improve, and make decisions. © Shutterstock/Goodenough |

UN Trade and Development’s (UNCTAD) Technology and Innovation Report 2025  has projected that Artificial intelligence (AI) is expected to reach $4.8 trillion in market value by 2033.

Accordingly, the UN trade body urged: ” Countries should act now – by investing in digital infrastructure, building capabilities and strengthening AI governance – to harness the AI potential for sustainable development.”

In the report, UNCTAD Secretary-General Rebeca Grynspan underlined the importance of ensuring people are at the centre of AI development, calling for stronger international cooperation to “shift the focus from technology to people, enabling countries to co-create a global artificial intelligence framework”.

She said;” AI’s economic benefit is massive but must be shared, becoming a prominent force in digital transformation; noting that. however, access to AI infrastructure and expertise remains concentrated in a few economies.”

Just 100 firms, mainly in the US and China, account for 40% of global corporate research and development (R&D) spending. Leading tech giants, such as Apple, Nvidia and Microsoft, each have a market value of around $3 trillion, rivalling the gross domestic product of the whole African continent.

Market dominance, at both national and corporate levels, may widen technological divides, leaving many developing nations at risk of missing out on the benefits of AI.”

She emphasized that AI is reshaping jobs , and therefore, investment in skills is crucial”AI could impact 40% of jobs worldwide, offering productivity gains but also raising concerns about automation and job displacement.

The benefits of AI-driven automation often favour capital over labour, which could widen inequality and reduce the competitive advantage of low-cost labour in developing economies.

However, AI is not just about replacing jobs – it can also create new industries and empower workers.

Investing in reskilling, upskilling and workforce adaptation is essential to ensure AI enhances employment opportunities rather than eliminating them,” said Grynspan.

The Africa Export-Import Bank (Afreximbank) has disbursed $50 billion for the execution of various projects in Nigeria in the last 19 years

The President of the bank, Prof. Benedict Oramah, made this known at the commissioning of the Afreximbank Africa Trade Centre, AATC, in Abuja, where he also reaffirmed the Bank’s vision to dismantle trade barriers and promote African market integration.

“Over the last decade alone, total disbursements into Nigeria amounted to about 50 billion US dollars, spreading across vital sectors of energy, infrastructural, manufacturing, healthcare, transport and financial services.

“Our support to the Nigerian financial services industry, amounting to 19 billion US dollars in the last decade, has helped to deepen and expand the sector and elevated their impact on the local economy,” he stated

Source: Sweetcrudereports

Dele Alake, Minister of Solid Minerals, on Thursday, revealed that two Lithium factories are ready for take off, in the 2nd quarter of 2025.

Alake stated this during the BusinessDay Solid Minerals Conference, with the theme: “Building a Resilient Mining Sector in Nigeria; Leveraging Diplomacy, International Partnership and Regulatory Coherence”.

He spoke on successes recorded by the current administration in the mining sector:

“ The two Lithium factories will be commissioned this second quarter of 2025, with the first, located in Abuja, investing $700m and another one in Nasarawa, investing $600m”.