Generative artificial intelligence (AI) has seen substantial capital inflows in H1 2023, amounting to US$15bn inclusive of OpenAI’s US$10bn investment. However, concerns about a possible bubble burst linger akin to past cryptocurrency trends. This is confirmed Pitchbook data While AI encompasses diverse industries, companies with strong AI propositions are outpacing others in attracting funding. Analysts note that the increasing integration of AI into businesses will eventually dissolve its distinction as a separate category as it becomes commonplace in business models.
In Nigeria, while AI is in its infancy, opportunities abound across sectors; startups successfully leveraging AI have garnered investor interest. Noteworthy examples include Curacel (AI claims processing) and Clinify (medical record digitisation), which secured funding despite a funding slowdown. Agricultural technology also holds promise, exemplified by Nigeria’s ginger production challenge – with the potential to bridge the supply-demand gap through tech-driven production increases and exports. Analysts emphasise the necessity of nurturing AI’s growth for economic advancement, advocating for formalised technological education to provide structure and catalysing innovation beyond makeshift low-tech machinery development.
