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.
Business
President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.
The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:
” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.
Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.
President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.
The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.
At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.
With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.
Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Tinubu will be accompanied on the trip by some of his ministers and senior aides.
He will return to Nigeria at the end of the Rwanda summit. “
Business
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.
The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.
In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.
It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
-
News2 days agoFG declares May 1 public holiday to mark Workers’ Day
-
News2 days agoTinubu moves Bianca Ojukwu to foreign minister
-
Business2 days agoIbukun Awosika resigns from Cadbury board
-
Politics2 days agoBREAKING: Supreme Court Again Voids PDP’s Ibadan Convention In The Second Appeal
-
Business2 days agoSenate approves Tinubu’s $516.3m loan
-
News2 days agoEgbin Shutdown Throws Lagos Into Darkness, says NISO
-
News2 days agoTinubu designates Rabiu Umar new CEO of NMDPRA
-
International2 days agoUS war in Iran has cost $25 billion so far, says Pentagon official
