In a move aimed at harnessing the potential of Artificial Intelligence (AI) for national development, the Federal Government has unveiled plans to convene a gathering of 120 Nigerian researchers, startups, and stakeholders in the field of AI.

This collaborative effort aims to formulate a cohesive framework for AI implementation across the nation, and it’s seen as part of broader efforts to develop a regulatory framework for the burgeoning technology.

The announcement was made by the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, in a statement posted on his official X account on Thursday. Minister Tijani disclosed that the assembly of AI experts and stakeholders will convene for the National Artificial Intelligence Strategy workshop scheduled to take place from April 15 to 18, 2024, in Abuja.

Supported by Luminate, a global firm dedicated to driving transregional change, the workshop seeks to facilitate the co-creation of a comprehensive framework aligned with Nigeria’s priorities and implementation approach for leveraging AI to enhance lives and foster economic growth. Many pioneering things are coming, and we can see artificial girlfriend apps, AI tutors, AI planners and more.

Highlighting the significance of this initiative, Minister Tijani said that the resulting strategy will play a pivotal role in delivering priorities and implementation approaches geared towards improving lives and bolstering Nigeria’s economy through the application of AI.

“One of the earliest initiatives, from the start of my term in office, was to properly define and outline a comprehensive Artificial Intelligence Strategy for Nigeria,” he stated.

He noted the critical need to coordinate and harness the power of AI for national development, positioning technology as a catalyst to accelerate productivity across various sectors such as education, agriculture, and healthcare.

“The need to coordinate and harness the power of AI for national development is a critical element in our journey towards the use of technology to accelerate productivity in our country.

“AI offers us the opportunity to leverage technology to solve some of our most complex and urgent challenges in education, agriculture, healthcare, and so much more,” Tijani added.

Recognizing the abundance of talent within the Nigerian diaspora actively engaged in AI research, the Minister highlighted ongoing efforts to engage leading researchers in various initiatives, including the National Artificial Intelligence Research Scheme (NAIRS) and the Fourth Industrial Revolution Technology Application (4IRTA) project.

Collaboration with these talented individuals aims to mainstream the application of AI in everyday life, addressing complex challenges and driving progress in key sectors.

The proposed workshop marks a significant step towards establishing a robust framework for AI implementation, poised to propel the nation towards technological advancement and sustainable development. If implemented, experts believe it holds immense potential for Nigeria to contribute significantly to AI development in several ways.

Here are some of the potential benefits:

Utilization of local talents: By bringing together 120 Nigerian researchers, start-ups, and stakeholders in the field of AI, the government is tapping into the rich talent pool in the country. This collaborative effort enables the exchange of expertise, ideas, and resources to develop AI solutions tailored to Nigeria’s unique needs and challenges.

Strategic planning and framework: The formulation of a coherent framework for AI implementation provides a structured approach to guide Nigeria’s efforts in AI development. This framework will outline priorities, strategies, and policies to promote AI innovation and adoption in various sectors.

Alignment with national priorities: The AI strategy will align with Nigeria’s priorities and ensure that AI initiatives directly contribute to solving pressing societal problems and promoting economic growth. By focusing on sectors such as education, agriculture, healthcare, and others, AI solutions can be tailored to the specific needs of Nigerian communities.

International collaboration and support: Working with global companies like Luminate demonstrates Nigeria’s commitment to leveraging external expertise and resources to drive AI development. International partnerships can provide valuable insight, funding, and technical support to complement local efforts and accelerate progress.

Mainstreaming AI Applications: Through initiatives like the National Artificial Intelligence Research Scheme (NAIRS) and the Fourth Industrial Revolution Technology Application (4IRTA) project, the government aims to integrate AI applications into everyday life. This involves embedding AI solutions into existing systems and processes to enhance efficiency, productivity, and innovation across various sectors.

Capacity Building and Knowledge Sharing: The workshop and ongoing initiatives provide platforms for capacity building and knowledge sharing among AI professionals in Nigeria. By facilitating collaboration, training, and skill development, the government can nurture a vibrant ecosystem of AI talent capable of driving sustained innovation and growth.

In a bid to address currency concerns and bolster its fiscal strategy, the federal government of Nigeria has unveiled plans to commence the issuance of domestic bonds denominated in foreign currency, slated to begin in the second quarter of this year.

Minister of Finance, Wale Edun, disclosed this strategic move during a meeting with business executives held in Lagos on Wednesday, according to Reuters.

Addressing the gathering, Edun shed light on the government’s intention to introduce foreign exchange bonds, targeting both local and diaspora investors.

He noted the rationale behind this initiative, stating, “Because of lack of faith in the currency, [people] have decided to try to hold and save in dollars.”

This sentiment is believed to underscore the prevailing skepticism towards the national currency and the preference for more stable foreign denominations among investors.

Highlighting the scope of the endeavor, Edun remarked, “All the funds in the diaspora, we are targeting them. There are all these funds that you have brought into your (local foreign currency) accounts, we are targeting them.”

This concerted effort aims to tap into existing resources, particularly the substantial funds domiciled in foreign currency accounts, to bolster the country’s financial reserves and stimulate economic growth.

The Minister acknowledged the delay in implementing this strategy, attributing it to the government’s commitment to instilling confidence in its fiscal policies and gaining the trust of citizens wary of official directives. He stressed the importance of fostering a conducive environment for investment and financial stability, acknowledging the prevailing concerns among stakeholders.

Moreover, Edun expressed concerns over the nation’s escalating debt service burden, admitting that it weighs heavily on the government’s fiscal agenda. He candidly admitted, “When they say what keeps you awake at night, I will say paying the debt service (cost).”

This acknowledgment underpins the gravity of the fiscal challenges confronting the administration amidst efforts to navigate economic uncertainties and sustain growth.

The backdrop of economic challenges

The government’s move to issue domestic bonds denominated in foreign currency reflects its proactive approach to addressing economic challenges and shoring up currency stability. Since assuming office, the administration of President Bola Tinubu has pursued various strategies to raise foreign exchange reserves, aiming to stabilize the naira and finance its ambitious budgetary allocations.

Notably, Nigeria faces a significant budget deficit of N9.18 trillion for the fiscal year 2024, marking a decrease from the previous year’s figure of over N13 trillion. Against this backdrop, the government seeks innovative financial instruments to bridge the deficit and ensure fiscal sustainability.

In October of the preceding year, Edun disclosed executive orders signed by Tinubu, to facilitate the domestic release of financial instruments denominated in foreign currency. This regulatory measure aims to mobilize cash held outside the formal financial system and channel it into productive investments, thereby stimulating economic activity.

Earlier announcements in January signaled the government’s intention to tap into domestic dollar savings held by Nigerians, estimated at around $30 billion in domiciliary accounts. The move seeks to unlock liquidity in the foreign exchange market and bolster the value of the naira, amidst ongoing efforts to shore up investor confidence and stimulate economic recovery.

To achieve this aim, the federal government engaged with investment banks such as J.P. Morgan, Citi Bank, Chapel Hill Denham, and Standard Chartered Bank, underlying its commitment to leveraging international expertise and financial networks in executing its fiscal strategies. The proposed issuance of Eurobonds, facilitated by these consultancy arrangements, represents a significant milestone in the government’s efforts to access global capital markets and diversify its funding sources.

However, the Debt Management Office (DMO) has clarified that the official enlistment of advisory firms for the Eurobonds issuance process necessitates approval from the Federal Executive Council (FEC) and the National Assembly.

Financial experts have hailed the move, with some describing it as a long-overdue strategy to tackle Nigeria’s prevailing economic challenges and currency uncertainties.

They said tapping into domestic and diaspora investor funds will help the government boost financial reserves, stimulate economic growth, and enhance currency stability.

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