The Vice-Chancellor of the University of Ibadan (UI), Prof. Kayode Adebowale, and the institution’s Department of Marketing and Consumer Studies have urged businesses, entrepreneurs and policymakers to embrace artificial intelligence (AI) as a strategic driver of innovation, competitiveness and sustainable economic growth.
The call came at the department’s second annual symposium with the theme: “Harnessing AI for Business Survival and Expansion in the Knowledge Economy,” held at the Kessington Adebukunola Adebutu Foundation (KAAF) Auditorium of the university.
Adebowale also described AI as a revolutionary technology with enormous potential to boost productivity, business performance and speed up national development, noting that Nigeria must establish appropriate legal, ethical and regulatory structures to enable it fully reap the benefits.
The Vice-Chancellor called for a national policy on AI and data sovereignty, saying the technology is transforming industries around the world but its adoption must be underpinned by responsible governance and oversight by humans.
“We need a national policy on AI and data sovereignty. We have to build ethical and legal structures around AI. AI shouldn’t replace the human element and there should be oversight by humans. Government needs to create an enabling environment and we are ready to collaborate to sustain the momentum,” he said.
Earlier, the Head of the Department of Marketing and Consumer Studies, Dr. Samuel Orekoya, said AI had become the engine of the emerging knowledge economy, urging organisations to go beyond conversations about the technology to its practical application in solving business challenges.
“The future is now,” says the Associate Professor. “AI is no longer a futuristic concept, it’s a reality today and powering efficiency, innovation and business transformation across sectors.
“The business landscape is no longer just competitive, it is now transformative. We are in the knowledge economy, and artificial intelligence is at the core of it.
“It’s not just about talking about AI but how it can be leveraged to help businesses survive, scale and thrive in an increasingly competitive environment,” Orekoya said.
The symposium, he said, was meant to bridge the gap between academic knowledge and industry practice by exposing participants to practical applications of AI that can stimulate creativity, competitiveness and long-term success of enterprise.
Orekoya said the department deliberately brought together experts in industry, technology and public policy to look at AI applications in supply chain optimisation, customer experience management, marketing analytics and business model innovation.
Also speaking, the Dean, Faculty of Economics and Management Sciences (FEMS), Prof. Abiodun Folawewo, described the symposium as timely, saying that AI is increasingly reshaping business operations, research and higher education.
“Technology is changing everything in the world. We see the increasing impact of artificial intelligence even within the realm of academia. It is therefore important that we understand its opportunities and implications,” he said.
The Chief Executive Officer, BeamX Solutions Ltd., Obinna Nweke, in his keynote address, said AI would enhance organisational decision-making, as it would enable businesses to analyse data efficiently and make informed strategic decisions.
Nweke called on organisations to invest in AI-powered solutions that will enhance productivity, operational efficiency and long-term competitiveness.
In another keynote, the Chief Executive Officer of Cynergy Solutions Ltd., Dr Oladipupo Sennaike, warned organisations not to embrace AI without clearly defined governance structures and ethical safeguards.
“We need to be ethical about AI. It improves decision-making, saves time, and enhances productivity and new business models. “You don’t just adopt AI without a roadmap, organisations need to have AI policies and strategies,” he said.
Sennaike described data as ‘the new oil’ and said companies that use data responsibly and respond quickly to changing consumer expectations will have a huge competitive advantage.
In his address, the Director of Local Government Affairs, Mrs. Olanike Akanji, who spoke on behalf of the Oyo State Commissioner for Local Government and Chieftaincy Matters, Hon. Ademola Ojo, pledged the ministry’s readiness to partner with the department to promote innovation and knowledge-driven development.
The commissioner commended the department for providing a platform that equips students, entrepreneurs and professionals with the abilities required to thrive in an increasingly digital economy.
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Industry leaders have urged entrepreneurs, professionals and Small and Medium Enterprises (SMEs) to embrace AI as a strategic business tool while building strong brand identities and investing in continuous skills development to remain competitive, during a panel session.
The panelists are General Manager (Commercial), UAC Foods, Dr Ayo Awosika; Lead, Partnerships and Clusters, ProvidusUnity Bank, Amara Ifeanyichukwu-Njoku; Head of Engineering, MainStack, Seun Osuntoki; Founder Mafio Creativille, Funmilayo Adebomi; Oyo State Government SME Consultant, Mr. Oladayo Bello.
They agreed that although AI is redefining the way businesses operate and creating new opportunities, sustainable success will depend on organisations’ ability to marry technological innovation with human creativity, strategic thinking and strong brand positioning.
The symposium highlighted the awarding of prizes to eminent scholars in recognition of their contributions to scholarship and national development.
The recipients were Prof. Adeola Adewuyi, Prof. Kassey Garba, Prof. Gboyega Oyeranti, Prof. Mutiu Oyinlola; Dr. Oluwatosin Adeniji and Dr. Samuel Orekoya.
The symposium was attended by academics, industry leaders, policymakers, entrepreneurs, artisans and students, including Prof. Omo Aregbeyen, Prof. Adeola Adenikinju, Prof. Juwon Arotiba, Prof. Abiodun Surajudeen Bankole, Prof. Akanni Lawanson, Dr. Ifeanyi Onwuka Onuka, Dr. Oluseyi Ajayi, Dr. Adeola Ayodele, Dr. Philip Ogunode, among others.
