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, adding that the technology is changing industries globally but its adoption needs to be backed by responsible governance and oversight by humans.
“We need a national policy on AI and data sovereignty. We need to build ethical and legal structures around A.I. AI shouldn’t replace the human element and there should be oversight by humans. The government needs to create an enabling environment and we are ready to collaborate to keep the momentum going,” he said.
Earlier, the Head, Department of Marketing and Consumer Studies, Dr. Samuel Orekoya, had said AI has become the engine of the emerging knowledge economy and urged organisations to go beyond talks 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 environment of business is no longer just competitive, it is transformative. We are in the knowledge economy and within it sits artificial intelligence.
“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.
“We intentionally 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,” Orekoya said.
Also speaking, the Dean, Faculty of Economics and Management Sciences (FEMS), Prof. Abiodun Folawewo, said the symposium was timely, noting that AI is increasingly reshaping business operations, research and higher education.
“Technology is changing everything in the world. We see the increasing power of artificial intelligence even in the academic world. “It is therefore important that we understand its opportunities and implications,” he said.
Obinna Nweke, CEO, BeamX Solutions Ltd., in his keynote address said AI would improve organisational decision making by enabling businesses to analyze data efficiently and make well-informed strategic decisions.
Nweke called on organizations to invest in AI-powered solutions to boost productivity, operational efficiency and long-term competitiveness.
In a different keynote, the Chief Executive Officer of Cynergy Solutions Ltd, Dr Oladipupo Sennaike, warned organisations not to adopt AI without well-defined governance structures and ethical safeguards.
We have to act ethically with AI. It makes better decisions, saves time and increases 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 called data ‘the new oil’ and said companies that can harness data responsibly and respond quickly to changing consumer expectations will have a huge competitive advantage.
Speaking on behalf of the Oyo State Commissioner for Local Government and Chieftaincy Matters, Hon. Ademola Ojo, the Director of Local Government Affairs, Mrs. Olanike Akanji in her address promised the ministry’s readiness to partner with the department to promote innovation and knowledge-driven development.
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“The department has provided a platform that equips students, entrepreneurs and professionals with the necessary abilities to thrive in an increasingly digital economy,” said the Commissioner.
Industry leaders have urged entrepreneurs, professionals and Small and Medium Enterprises (SMEs) to embrace AI as a strategic business tool while cultivating 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, while AI is reshaping business operations and creating new opportunities, lasting success will depend on an organisation’s ability to combine technology innovation with human creativity, strategic thinking and strong brand positioning.
The symposium was marked by the presentation of prizes to distinguished scholars in appreciation 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, policy makers, 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.
