By David Akinmola
The Lagos State Government has called on Nigerian businesses to embrace Artificial Intelligence (AI) and digital innovation as tools for driving productivity, competitiveness, and long-term economic growth.
Speaking at the 10th FATE Business Conference in Lagos, themed “AI-Powered Business: Innovate, Automate, Accelerate,” the Deputy Governor, Dr. Kadiri Obafemi Hamzat, said AI would define the next phase of global economic transformation, urging Nigerian enterprises to adapt or risk being left behind.
Hamzat noted that AI has evolved from theory to practice, powering breakthroughs across sectors such as finance, healthcare, agriculture, and logistics. He described AI as “the ultimate innovation multiplier” capable of turning data into new products, services, and business models.
“In the AI age, playing it safe is the riskiest strategy,” he said. “Businesses that experiment, innovate, and scale faster than their competition will thrive.”
He stressed that AI offers small and medium enterprises (SMEs) immense opportunities — from predicting consumer demand and automating inventory management to optimising marketing campaigns and farming decisions.
Hamzat also called for reforms in Nigeria’s education system to prepare the workforce for AI-driven jobs, saying the country must shift from rote learning to problem-solving and analytical thinking.
However, he cautioned against over-reliance on imported AI models trained on foreign data, warning that such systems may perpetuate bias and exclude African realities.
In his keynote address, Chief Executive Officer of GENAI Learning Concept Limited, Mr. Sunny Iroche, projected that AI could contribute up to $15 trillion to global GDP by 2030, noting that Nigerian firms must build financial and human capacity to benefit fully.
“Becoming an AI-first company requires both technology and talent,” he said. “Businesses need skilled people who can harness AI responsibly.”
Iroche outlined a “4C Framework” for AI readiness — Consequence, Capability, Culture, and Compliance — urging companies to evaluate their technological maturity and workforce adaptability.
Earlier, President of FATE Foundation, Mrs. Adenike Adeyemi, said the annual conference was designed to equip entrepreneurs with insights and tools for sustainable growth.
“Over the past decade, this platform has connected thousands of entrepreneurs to innovation, mentorship, and inspiration,” she said.
With Lagos positioning itself as a digital hub, the state government said it will continue to support private sector-led innovation that strengthens Nigeria’s competitiveness in the evolving global economy.
