INFORMATION Systems Audit and Control Association, ISACA Lagos Chapter, has said talent gap, infrastructure deficit and operating environment are factors that may hinder Nigeria’s artificial intelligence, AI, market from reaching the $434.4 million projected by the Economic Forum.
The association said this was because AI adoption in Nigeria faced hurdles that included inadequate cybersecurity infrastructure and insufficient regulatory frameworks, noting that such a figure may be hard to reach by 2026 if those challenges were not rectified.
President of ISACA Lagos Chapter, Tokunbo Taiwo, gave this assessment at the 2024 GAC conference themed: ‘Transformative Role of AI in the Future of IT GRC’, organised by ISACA Lagos Chapter, in partnership with Lagos State government in Lagos.
Taiwo, however, said the integration of AI into business offered benefits, including improved efficiency, enhanced accuracy, real-time insights and reduced compliance costs.
He said: “AI adoption is growing rapidly across critical sectors such as finance, agriculture, healthcare, and telecommunications, thanks to continuous advancements in technology. The World Economic Forum forecasts AI to contribute $2.9 trillion to Africa’s GDP by 2030, while Nigeria’s AI market is projected to reach $434.4 million by 2026.
“Statista estimates that Nigeria’s AI market will experience a compound annual growth rate, CAGR, of 28.10 per cent between 2024 and 2030, culminating in a market size of $4.64 billion by 2030. However, significant challenges remain. As of September 2024, Nigeria ranked 73rd out of 83 countries on the Global AI Index, scoring poorly in talent (77th), infrastructure (79th), and operating environment (45th). Regionally, Nigeria ranks 7th in Africa, highlighting the need for more robust investments and innovation to unlock the full potential of AI.”
Meanwhile, Special Adviser on Taxation and Revenue to the governor of Lagos State, Abdul-Kabir Ogungbo, said Lagos was embracing AI to improve governance.
Ogungbo said an example was the constitution of the Cyber security board in the emergence of technology driven governance.
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Ogungbo said: “We recently Launched products like Lagos Revenue Portal, LRP, and in the pipeline is the Artificial Intelligence revenue chatbot, Madam Shikini. AI is positioned to play a significant role in enhancing revenue assurance, governance, risk management, and control, GRC, processes across various industries, especially in the area of revenue assurance such as fraud detection, predictive analytics, data reconciliation, risk identification and assessment, compliance monitoring, data analytics for decision-making.”