Economic Concerns of the Use of Artificial Intelligence inNigeria:Prospects and Challenges
Keywords:
Artificial intelligence, Economic use, Propspects and challengesAbstract
Nigeria is suffering from economic hardship, conflict and famine as severe food insecurity hits majority of the states in the nation. Such issues are not to be problem for Nigeria in this decade as other nations concern themselves with technological advancements and innovation. It is no doubt artificial intelligence is beneficial and its application in various sectors from banking, construction, healthcare, agriculture and education can create a hugely economic impact. However, due to the widespread nature of Artificial Intelligence, the deployment of Artificial Intelligence presents both opportunities and challenges for Nigeria, necessitating economic concerns despite the country’s pressing socio-economic issues. The study examined the economic effect of the use of Artificial Intelligence in Nigeria and found that proper deployment of Artificial Intelligence promotes innovations and drives economic growth. This is because Artificial Intelligence can increase productivity, improve efficiency, and enable businesses to compete more effectively in the global market. However, these innovations must be balanced with safety otherwise they can lead to market failures and harm. The study recommended plausible suggestions on what the stakeholders should do checkmate the economic concerns arising from the deployment of Artificial Intelligence, tailored to Nigeria’s socio-economic realities.
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