The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has advised Nigeria and African leaders to embrace Artificial Intelligence (AI).
Mrs. Okonjo-Iweala said AI has the potential to transform all aspects of the continent’s economy for the benefit of the citizens.
Henzodaily reports that Mrs. Iweala stated this on Tuesday while delivering a lecture at the 10th convocation ceremony of the African University of Science and Technology (AUST), on ‘AI and Frontier Technologies: How can we harness the Opportunities and tackle the Challenges to help drive Africa’s Development’, in Abuja.
“It has already started to redefine how we live, learn, work, and trade. AI has been likened to the advent of electricity, a transformative force that reshapes everything it touches.
“In my view, it’s already clear that AI is the most disruptive and transformative technology since the advent of the Internet a generation ago. It will transform the nature of work.
“It will change existing jobs. It will create new ones we had not thought about. And yes, it will probably take some jobs away.
“The potential gains are enormous. The consultancy, Pricewaterhouse estimates that AI could boost global economic activity by up to $15.7 trillion, or roughly 15% by 2030. They predict that this growth will not be confined to the industrialized north.
“The global south, including Nigeria, has much to gain. But countries across the developing world will need to be proactive to seize this potential, and we cannot afford to be left behind,” she said.
The former Minister of Finance and Coordinator of the Economy emphasized the need for African governments to make laws that guarantee the security of citizens while they use AI.
She stated that despite enormous gains inherent in embracing AI, there was a need for regulations that would guide its use for the benefit of humanity.
“We also need to bear in mind that relying on AI-driven systems could pose challenges to data sovereignty and security. Many African economies currently depend on foreign technology providers for AI tools and platforms, potentially raising concerns about privacy, governance and the protection of sensitive information.
“All these risks, combined with limited regulatory frameworks in many African countries, including Nigeria, underline the need for robust oversight and ethical guidelines tailored to local context.
“Nigeria and other sub-Saharan African nations must work hard, so they can overcome the lag in AI readiness. We score 0.34 on the IMF’s AI Preparedness Index, which evaluates factors such as digital infrastructure, workforce skills, innovation, economic policies and ethical regulations.
“Putting in strong regulatory guardrails is crucial to ensuring that AI serves as a tool for inclusive and sustainable development, rather than a source of new vulnerabilities. So on the road ahead, let me try to bring my talk to a conclusion,” she stated.
The first black WTO DG noted that for Nigeria and Africa to harness the potential of AI, investments must be made. She called for the right policies tenured to harness AI potential, upskill youths and create a friendly business environment.
“I’ve been saying throughout that for people in Nigeria and across the continent to fully harness the gains from AI, we need investments. Investments in basic infrastructure first and foremost, investments in regulatory frameworks, in digital literacy, in upskilling our young people, in creating appropriate business ecosystems and more.
“But I’m confident that with foresight and careful planning for implementation, Nigeria and Africa can do it,” she added.