Artificial intelligence and digital economy and the economic state of Nigerians

Abstract

Apparently, the life of an average Nigerian is characterized by economic hardship which keeps deteriorating at a frightening rate. Against this backdrop, the central aim of this treatise is to examine the popular notion that Digital Economy is the hub of “internet fraudsters” and Artificial Intelligence will render many jobless in the nearest future; thereby compounding the their already poor economic state. The four crucial concerns that constitute the problem of this study include the skill and technological gap that characterizes Nigeria’s Digital Economy, Artificial intelligence taking over human jobs, digital fraud and biases in some AI algorithm/data. The paper is a qualitative research and relies on secondary data for its hermeneutical analysis. It deplores the critical tool of hermeneutics to interrogate these concerns and found out that, contrary to popular insinuations, Artificial Intelligence and Digital Economy may not compound the nose-diving economic condition of the country. Instead, accelerated and augmented access to faster and improved quality internet, up-skilled tech literacy and aptitude pool, an effervescent start-up ecosystem, access to a wide variety investment and partnership opportunities have the incredible prospect of drastically improving the living standard of Nigerians. Therefore, the paper concludes that Artificial Intelligence and Digital economy, if creatively and reasonably deplored will better the lot of Nigerians, economically. The paper recommends general digital education for digital literacy for all Nigerians (old and young) with a bias on Artificial Intelligence and Digital Economy.