• Nigeria’s trade surplus climbed to 6%, says Cardoso
Chairman of UBA Group, Tony Elumelu, has highlighted the role of public and private sector collaboration in dismantling the barriers to Artificial Intelligence (AI) deployment and giving Africa a fair chance to reap the benefits of the technology.
This was as the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, stated that Nigeria’s trade surplus climbed to six per cent of the country’s Gross Domestic Product (GDP).
Speaking during a session on ‘Boosting Productivity Growth in the Digital Age’ at the ongoing World Bank/International Monetary Fund (IMF), yesterday, Elumelu, in a panel with the IMF Managing Director, Kristalina Georgieva, among others, said energy crisis and poor access to funding were constraints African leaders must find a “therapy’ for to harness the gains of AI.
The entrepreneur said: “Productivity is about people, including youth, who must not be alienated by the AI disruption,” insisting that digital capability was more about democratising prosperity than increasing efficiency and productivity.
“For us to take advantage of it, there are structural barriers we need to fix on the continent. We have an infrastructure deficit. Access to electricity is so critical for the advancement of AI, and, of course, the productivity that comes with it. We also have access to capital issues that affect entrepreneurs in this space.
“So, we need to find a therapy that addresses these challenges for us to win in this process. We need to see concerted and deliberate efforts as well as massive investments in AI and in infrastructure to trigger higher productivity,” he told the participants.
He charged private sector operators, big technology companies, the IMF, government and other stakeholders to work together to ensure that AI served the interests of the struggling African economies and huge youth population while enhancing efficiency.
According to him, the Tony Elumelu Foundation (TEF) is already working with Google and other institutions to support young Africans to take advantage of the emerging technology, part of which is supporting the energetic young entrepreneurs.
Young Africans, he said, are eager to throw themselves into the entrepreneurship space, but are constrained by some “barriers” that must be removed to help them.
Elumelu did not expect too much from the government, more than the political will to provide an enabling environment and regulatory support. Local entrepreneurs, he noted, are willing to risk their resources if governments across the continent could provide institutional support.
Georgieva raised critical questions on the future of AI for the new world, warning that the technology would be a source of convergence or divergence in the coming years.
The technology, she noted, could ultimately affect 26 per cent of jobs in low-income developing countries, including Nigeria. For emerging economies, 40 per cent of jobs are potentially disrupted, while the number could reach 60 per cent in advanced economies.
Cardoso, in a statement by the Director of Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, in Washington, yesterday, reiterated the government’s commitment to prudent macroeconomic management and reforms.
The CBN governor, who also led the Nigerian delegation at the yearly meetings of the IMF/World Bank Group in Washington, said there was a link between disciplined fiscal and monetary policies, economic growth and a gradual reduction in inflationary pressures.
He said that the apex bank was developing a framework to ensure that currency swap arrangements with other countries were structured to deliver mutual benefits.
The Minister of State for Finance, Doris Uzoka-Anite, reiterated government’s commitment to strategic engagement with global financial institutions and development partners.
She said her presence at the G-24 meeting highlighted Nigeria’s determination to build stronger partnerships and foster sustainable growth through inclusive and forward-looking economic policies.
