The International Monetary Fund (IMF) and the World Bank have issued a stark warning about the potential impact of artificial intelligence (AI) on employment in Nigeria and other developing economies. According to a report by Vanguard News, the global financial institutions fear that if governments and businesses do not take immediate action, AI could exacerbate the jobs crisis in these regions. The report comes as leaders from Nigeria and 190 other countries gather for the annual World Bank–IMF Summit, where debt, climate change, and inequality are expected to dominate discussions. The potential job losses due to AI are particularly concerning for Nigeria, a country already grappling with high unemployment rates. The Nigerian government and businesses must act swiftly to prepare workers for the AI revolution and deploy the technology in a manner that creates employment, the report warns. The World Bank and IMF are not the first to voice concerns about the impact of AI on jobs. Last year, the Nigerian Labour Congress (NLC) called for a moratorium on the use of AI in the workplace, citing fears that it could lead to widespread job losses. The NLC argued that instead of automating jobs, companies should focus on creating new ones. As Nigeria and other developing economies grapple with the challenges of AI, it is clear that urgent action is needed to ensure that the technology benefits everyone, not just a select few. For Nigerian workers, the stakes are high, and the government must take action to protect their interests.
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