Nigerian businesses are experiencing a significant surge in revenue growth thanks to the adoption of Artificial Intelligence (AI) tools. Companies like Auroraweb3, Techlerator, and MyJobMag have reported remarkable increases in revenue, with some firms seeing a quadrupling of revenue in just six months. This growth is attributed to the increased productivity, cost savings, and improved efficiency that AI tools provide.

Kassy Olisakwe, founder of Auroraweb3, a Nigerian company that builds decentralized solutions, websites, and applications, has seen his annual revenue jump from ₦114 million ($74,000) to ₦481 million in just six months. Olisakwe credits the adoption of AI tools like Claude, Cursor, ChatGPT, Juro, and Perplexity for the significant growth. "By leveraging AI, my agency has significantly increased its productivity and output, enabling us to take on far more projects than before, without compromising on quality," he said.

Fadé Adeniyi, co-founder of Techlerator, a tech-focused boutique recruitment startup, has also seen a rise in revenue since incorporating AI into their operations. "We have expanded our reach and scaled our business considerably, resulting in a revenue increase of over 65% in just four months," she said. Adeniyi attributes the growth to the use of Llama, a language model, which has enabled them to transition from training hundreds of students in individual classes to reaching over a thousand students simultaneously.

The adoption of AI is not limited to these companies. According to Brad Lightcap, OpenAI's Chief Operating Officer, ChatGPT had 400 million weekly users as of February 2025, up from one million in November 2022. This widespread adoption is driving growth across industries, with companies like MyJobMag, a Lagos-based recruitment agency, using ChatGPT to boost content production speed and volume, generating additional revenue streams.

The impact of AI on the economy is significant, with a recent report by Google projecting that AI would increase Nigeria's economy by $15 billion in 2030. The report estimates that every dollar invested in digital technology in the country generates over eight dollars in economic value, illustrating the high return on investment in the sector. Another report from GSM Association (GSMA) sees AI adding $2.9 trillion to Africa's GDP.

However, the increasing adoption of AI also raises concerns about job displacement. With AI's ability to automate repetitive tasks, there are growing concerns that certain job roles will likely be fully automated by 2030. World Economic Forum (WEF) in January said 41% of employers intend to downsize their workforce, while Bloomberg Intelligence projected that global banks are expected to cut as many as 200,000 jobs in the next three to five years.

Despite these concerns, experts believe that AI can also create new job opportunities and enhance existing ones. "AI hasn't replaced our team, it has amplified them," Olisakwe said. "Our top-tier professionals now oversee multiple projects simultaneously, acting as strategic leads for mid-level and junior developers." Mathew Munyao, founder of Attention Media, a Kenyan-based AI automation and marketing agency, also believes that AI has sharpened his creativity, enabling him to generate and animate images, compose music, and design websites in a fraction of the time it would take manually.

To stay relevant in the age of AI, experts recommend that employees, especially millennials and Gen Zs, see AI as an ally rather than a competitor. Jennifer Oyelade, director of Transquisite Consulting, a UK and Nigerian registered recruitment and training consultancy, advises employees to identify and learn AI tools that can enhance their skill set. "For instance, if you're in finance, explore the AI tools commonly used in that sector by familiarizing yourself with those software and systems, and combine that knowledge with your own expertise," she said.

As AI-powered chatbots and models become increasingly specialized, companies that adopt this technology will gain a significant competitive advantage. Those who fail to leverage AI may fall behind, potentially missing out on future opportunities. With the influx of capital into AI, investment in physical infrastructure, and the predicted growth of the tech sector, it is clear that AI is here to stay and will play a significant role in shaping the future of business and the economy.