A recent Google survey has revealed that 83 per cent of online businesses in Nigeria agree that online search engines have made it easier for global customers to find their businesses.
Mr Brendon Kraham, Vice President, Search and Commerce, Global Ads Solution, Google, made this known at an exclusive roundtable with some journalists in Lagos.
Kraham added that furthermore, recent studies had shown that 70 per cent of Nigerians had used Generative AI in the past year, significantly higher than the global average.
He said that in today’s fast-paced digital landscape, Nigerian businesses are leveraging Artificial Intelligence (AI) to drive growth and connect with consumers, with Google playing a critical role.
According to him, Nigerians are increasingly turning to Google and YouTube for discovery and decision-making, in fact YouTube watch time in Nigeria grew by over 50 per cent year over year in May 2023.
“YouTube reached over 30 million people in Nigeria between ages 18 and above in May 2024, furthermore, Nigerian businesses are leveraging AI tools to drive innovation and growth.
“A recent survey found that 36 per cent of YouTube creators in Nigeria have already experimented with AI tools to support their creative process.
“As Nigeria continues to grow and develop, it’s clear that AI will play a critical role in driving business growth and innovation,’’ he said.
According to him, by leveraging AI-powered advertising solutions, Nigerian businesses can stay ahead of the curve and connect with consumers in new and innovative ways.
Kraham said that, infact, a recent study found that marketers who had deeply integrated AI tools reported 60 per cent greater revenue growth than their peers.
He said that as Nigerian businesses continued to adopt AI-powered solutions, it was likely that the country would see even more success stories like FairMoney and Wakanow.
The Google vice-president said that overall, the future of business in Nigeria is bright, and AI was poised to play a critical role in driving growth and innovation.
According to him, by leveraging AI-powered advertising solutions and embracing the latest technological advancements, Nigerian businesses can stay ahead of the curve and achieve success in today’s fast-paced digital landscape.
Kraham said that FairMoney, a digital bank that used Google App campaigns to drive, install and increase loan applications, was an example of a Nigerian business that had been successful with AI-powered advertising.
He said that by leveraging AI, FairMoney saw a 47 per cent increase in installs, a 30 per cent increase in loan applications, and a 24 per cent increase in loans disbursed.
According to him, another example is Wakanow, an online travel platform that uses Google app campaigns to double its booking revenue and achieve a tenfold increase in booking volume.
The Google vice-president noted that these success stories demonstrated AI’s power in driving business growth in Nigeria.
He said that Ipsos research had confirmed that Google and YouTube held a unique position of trust in guiding consumers throughout their purchase journeys, emphasising that they played leading roles in influencing buying decisions.
According to Kraham, over a billion daily shopping interactions and billions of hours of YouTube content watched, and Google’s scale are unmatched.