In a move to bolster economic development and tap into the region’s abundant petroleum and mineral resources, Abia State is gearing up for the establishment of a groundbreaking modular refinery within the Abia Industrial Innovation Park.

Okey Kanu, the Commissioner for Information and Culture in Abia State, announced on Tuesday that the refinery is slated to commence full-scale operations by 2025.

During a press briefing at the Government House in Umuahia, Mr. Kanu highlighted the pivotal role of the refinery in creating employment opportunities and enhancing the state’s revenue base. The project is expected to generate 2,000 direct jobs and numerous indirect employment opportunities, particularly for the youth in Abia.

“The project will help to provide refined products for the people of Abia as well as increase our revenue base as a state,” stated Mr. Kanu. “So, it is a project that is very important to this government, and every effort is being put in place to ensure that the date is met.”

The Commissioner for Petroleum and Mineral, Joel Ogbonna, echoed this sentiment, noting that the establishment of the industrial park reflects the government’s commitment to transforming the state. Mr. Ogbonna also highlighted the government’s intention to explore the entire value chain of petroleum, capitalizing on Abia’s over 17 solid minerals for economic benefit.

The modular refinery is expected to attract substantial investment, with Mr. Kanu revealing that numerous investors have expressed keen interest in setting up ventures in Abia, particularly in the petroleum sector. This influx of investments is seen as a crucial catalyst for addressing youth unemployment and driving overall economic growth in the state.

The announcement of Abia’s modular refinery comes in the wake of a growing trend in refinery projects across Nigeria. The Dangote Refinery which commenced operation earlier this month, spearheaded by Africa’s richest man Aliko Dangote, stands as a flagship project, expected to make significant contributions to the national economy, job creation, and energy production.

Additionally, the Nigerian National Petroleum Corporation (NNPC) operates several refineries across the country, playing a vital role in the nation’s oil and gas sector despite operational challenges. Abia State is positioning itself as a key player in the evolution of Nigeria’s refinery industry with the

Abia Industrial Innovation Park’s modular refinery. With a focus on sustainable economic growth, job creation, and harnessing natural resources, the state is poised for a transformative journey that aligns with the broader goals of the nation’s petroleum sector.

The modular refinery is expected to be a cornerstone in Abia’s economic revitalization, promising a brighter future for the state and its residents.

“The world will be richer with AI,”  Bill Gates notes – and I add that many productive players in AI will make tons of money in this new era. Yet, it is important to note that a rich world does not mean poverty will disappear.

Yes, if you look at 2,000 years of gross world product, you will notice that the world has been getting richer, on average, but some countries have been getting poorer. This does imply that AI will surely create wealth for producers since a lesser number of people can be used to create products and services (i.e. higher productivity), but that does not mean the PEOPLE will rise.

If you look at the GDP of China in the last five decades, it is largely parabolic. If you check the US from 1890, it shows a massive exponential curve. But check some countries, averaged by population, you will notice one thing: technology has not significantly improved standard of living in most countries, even though on average, it has been a positive thing. Case in point: average GDP of Nigeria by population, you will be surprised that you cannot find how fintech, tech startups, etc have improved the lives of the citizens, since per capita income has dropped in the nation! (That is a complex topic, I get it).

Good People, here is my message: make AI work in your personal economy because that it works for the “world” does not mean it will work for you. Yes, become AI-compliant in whatever you do!

“The world will be richer with AI” – Bill Gates Advocates AI Adoption in Africa to Address Educational and Healthcare Gaps

At the World Economic Forum in Davos, Bill Gates, Microsoft’s co-founder, delivered a compelling message on the transformative potential of Artificial Intelligence (AI) in addressing critical gaps in education and healthcare across African nations.

Gates disclosed his commitment to funding pilot studies focused on developing AI tutors and AI doctors, highlighting the innovative solutions AI could offer to bridge educational and healthcare disparities.

Expressing concern about the technological divide between developed and developing countries, Gates emphasized the urgency of closing the gap, particularly in the realm of AI adoption. He noted the pivotal role technology could play in narrowing shortages of teachers and doctors in Africa, shedding light on ongoing efforts to tailor AI tools to the specific needs and conditions of local communities.

In Gates’ vision, AI emerges as a driving force for global productivity, with the competition between tech giants Microsoft and Google fueling its growth. Gates expressed enthusiasm about AI’s potential to elevate productivity in both white-collar and, eventually, blue-collar sectors through advancements in robotics.

“The world will be richer with AI,” Gates declared, noting the positive impact AI could have on global prosperity.

“It is so dramatic how AI improves white-collar productivity and later with robotics not yet but eventually blue-collar productivity. So that is phenomenal for the world,” he said.

The American billionaire reaffirmed Microsoft’s commitment to minimizing the typical 20-year lag in introducing AI solutions to developing countries.

“We have a huge commitment to make sure there’s not this normal 20-year lag between the rich versus developing countries. There’s a bigger teacher shortage in Africa than elsewhere, a bigger doctor shortage. And so not only will we invent new tools using AI like the ultrasound, we will provide health advice and directly, you know, in their local African language, fully tailored to the conditions in those countries,” he said.

Gates highlighted the importance of ensuring that groundbreaking technologies, such as ultrasound and AI-based health advice, are simultaneously accessible in regions facing educational and healthcare challenges.

“We will provide an AI doctor; we will provide an AI tutor and already we’ve funded lots of Africans to do pilot studies and to take the very best technology and get it out at about the same time, as they’ll happen in the rich world.

“In fact, in a few cases, rich world regulations may make it roll out slower than in countries like India or Africa. So, it’s a race, but it’s a race for good. And I couldn’t be more thrilled, you know it’s the case for my ongoing work with Microsoft. And it helps me understand how we take this into the developing countries,” Gates said.

While addressing concerns about potential job displacement due to AI, Gates pivoted the conversation toward the darker side of technology. He raised concerns about the possibility of bad actors exploiting the productivity gains from AI for nefarious purposes. Gates cautioned, “AI as a brilliant tool for people to be more productive means the bad guys will be more productive so they can do more cyber attacks so they can design weapons.”

Balancing the narrative, Gates stressed the imperative of responsible AI development. He emphasized the need to ensure that the best AI tools for cyber defense and measures against bioterrorism are in the hands of those committed to societal well-being. Recognizing the dual nature of technology, Gates acknowledged its potential for efficiency improvements while underscoring the importance of addressing potential misuse.

Gates envisions the emerging AI industry as a powerful tool to tackle societal challenges, particularly in regions where shortages of essential services persist.

The commitment to narrowing the technological gap and leveraging AI for positive advancements remains central to Gates’ vision for a more inclusive, technologically advanced world.

The promise of AI in education and healthcare stands as a beacon of hope, offering transformative solutions to longstanding issues faced by African nations.