Tech giant Microsoft predicts that Artificial Intelligence (AI) could contribute up to $1.2 trillion to the African economy by 2030.
The tech giant made announcement at the African AI Journalists Academy held virtually on Thursday.
Theo Watson, a commercial lawyer at Microsoft Africa, projected that “AI could generate $1.2 trillion in Africa by 2030, boosting the continent’s GDP by 5.6%”. This amount is part of a total of $15.7 trillion projected as a possible contribution of the technology to the global economy by the same year.
“Several banks, telecommunication companies, and law firms in Nigeria have embraced the use of artificial intelligence. For instance, Zenith Bank uses Ziva, an AI-powered chatbot, while Lawpavilion employs Timi, an AI tool for lawyers. Additionally, MTN has Zigi, a customer care digital assistant, while Lara.ng is an AI chatbot that provides users with conversation-style directions and transport fare estimates when using public transportation in Lagos.“
Microsoft on AI evolution across Africa
Despite the increasing number of startups and established businesses using AI solutions to deliver customer services in Nigeria, the contribution of AI is still in its infancy. Some of the companies currently offering AI solutions services in Nigeria include AirSmat, Kudi AI, Data Science Nigeria, and Robotics and Artificial Intelligence Nigeria.
Several banks, telecommunication companies, and law firms in Nigeria have embraced the use of artificial intelligence. For instance, Zenith Bank uses Ziva, an AI-powered chatbot, while Lawpavilion employs Timi, an AI tool for lawyers. Additionally, MTN has Zigi, a customer care digital assistant, while Lara.ng is an AI chatbot that provides users with conversation-style directions and transport fare estimates when using public transportation in Lagos.
The commercial lawyer at Microsoft Africa, highlighted the importance of responsible regulation of AI to maximize the technology’s potential and benefits. He emphasized that as we move towards a future powered by AI, it is crucial to ensure that innovation is both responsible and sustainable. This approach will help ensure that AI progress in society remains aligned with human values and societal norms.
“Responsible and sustainable innovation,” Watson said, “will ensure that AI progress aligns with the needs that define Africa’s vastly diverse cultures. This involves a deep engagement with the continent’s unique challenges, recognizing their complexity and prioritizing those that AI can help solve.”
According to him, “collaborating with relevant stakeholders will be key to ensuring that AI solutions are not just technologically advanced but also culturally attuned and genuinely beneficial to African societies.”
He underscored the importance of establishing trust and security as essential elements when dealing with AI technology. Microsoft’s responsible AI journey began in the year 2016, he added noting that alongside this journey, the technology company adheres to six principles of AI, which are fairness, reliability, safety, privacy and security, inclusiveness, transparency, and accountability.
During the virtual meeting, Akua Gyekye, Government Affairs Director for Microsoft Africa, noted that the world is changing rapidly and industries are constantly transforming. The drivers of economic growth are also evolving.
She mentioned that technology can help address socioeconomic issues such as healthcare, education, and agriculture, and that its impact is tangible. She also gave an example of how the eThekwini Metropolitan Municipality in South Africa is leveraging AI to reduce water wastage and provide innovative water and sanitation services to its growing population.
“Farmers in Nigeria and Kenya are getting customised advice on farming based on AI, advice on soil and weather data. This helps them to make evidence- driven decisions and increase yields using technology to do the research and help find the right use of AI to boost productivity of their workforce,” Gyekye said.
Gyekye discussed a blueprint for governing AI that could help to advance opportunities in Africa. This blueprint involves promoting transparency and ensuring that academic and public access to AI is available. Additionally, safety brakes should be implemented for AI systems that control critical infrastructure. New public-private partnerships should be formed to use AI as an effective tool to address the inevitable societal challenges that come with new technology.
