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‘AI adoption can boost economic growth’

“Nigeria has a unique opportunity to leverage AI for economic transformation. By embracing AI and investing in its responsible development, Nigeria can unlock its full economic potential, creating a more prosperous and inclusive future for its citizens, the expert said in a note.

“The time for action is now. With a concerted effort, AI can be the key to unlocking a golden age for the Nigerian economy.”

The country is currently grappling with a severe economic downturn, marked by skyrocketing prices and widespread hardship.

In the fourth quarter of 2023, Nigeria’s gross domestic product grew by 3.46 per cent in real terms, which was slightly lower than the 3.52 per cent recorded in the same quarter of 2022 but higher than the growth rate of 2.54 per cent in the third quarter of 2023.

President Bola Tinubu’s economic reforms, such as removing the fuel subsidy and allowing the market to determine the value of the currency, have also impacted the economy negatively.

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