Stakeholders at the 2023 edition of the annual Zenith Bank Tech Fair tagged “Future Forward 3.0” have stressed on the need for the federal government and private sector players to focus more on latching onto the benefits of deploying Artificial Intelligence (AI) in processes geared towards economic growth.
Speaking on the future of AI in Nigeria, the Minister of Communications, Innovation and Digital Economy, Dr. ‘Bosun Tijani stated in his goodwill message, that Nigeria is not going to be the last when it comes to this phenomenon. “We believe that in the next 3 to 4 years, Nigeria will be a global leader in Artificial Intelligence. That is why I believe that this gathering is important for every young person in the room today. Do not consider this event as another event where you come, listen to fancy talks. Consider this the future that you have to be part of. The world and the Nigeria that you need to see is a collective responsibility. It is a Nigeria that technology will give us the opportunity to create tremendous value. And this is why we have to be grateful for events of this nature,” he enthused.
He noted that the federal government is today proritising AI through policy drives, because of its relevance in the economic future of countries, and the huge potentials it holds for Nigeria. “my administration is re-imagining the AI Landscape. We want to build AI jobs.”
He added: “When we prioritise economic growth, individuals like you and I will have a better quality of life because that is the key to it. When we prioritise economic growth, the government will be able to access resource that is required to provide public goods and services.”
“We have seen four critical industrial revolutions over the years. And nations that have been able to benefit from these, and also prosper, are nations that have prioritized technology and innovation.”
He noted that the 4th industrial revolution, however, is different because of the speed at which it is permeating into the everyday life, the scope which transverses all sectors, and has a significant chance of changing the systems. He pointed out that it has already changed systems in the way collaborations are effected, and work environment relationships.
He chipped that the 4th industrial revolution has allowed for some changes in the system, which include the digitization and integration of Value Chains; the digitization of product and service offerings and establishment of new digital models.
Further making a point on the relevance of technology for the future, and applauding Zenith Bank for the initiative, Dr. Tijani said: “If you bring two countries with similar resources together, the one that is going to turn up superior is the one prioritise what we call technical efficiency. Among key ways of driving technical efficiency is the prioritization of innovation and technology. So it is not by accident that you see a Zenith Bank, which is a leading bank in the country that takes technology very extremely seriously. In the startup world where I come from, we consider the chairman a member of our eco system. He has invested significantly in the startup eco system. So, it is not by accident. It is also not by accident that a significant organisation like Zenith Bank is sponsoring this event today.
Delivering the Keynote, Managing Director, Huawei Nigeria, Chris Lu said the future of financial services: will be based on the attributes of AI, which include digital in nature, intelligence, resilience and agility.
Managing Director and CEO of Zenith Bank, Dr. Ebenezer Onyeagwu, who had emphasized that Zenith bank, as “a technology company with a banking license”, observed that in a recent publication, six of the top 10 companies in market capitalization are technology companies, up from just two in 2012, and the other four are companies that use technology to drive their business.
“In the future, any company that will be relevant either has to be a technology company or a company using technology to deliver its unique sector-based products and services.
Banks will gradually become technology companies with banking licenses, healthcare companies will be technology companies with healthcare license and the list goes on.”
While applauding the 5-Pillar focus of the Minister of Communications, Innovation and Digital Economy towards economic growth using technology, Dr. Onyeagwu pledged the bank’s collaboration with the Ministry in a bid to increase the GDP and add to the economic growth of the country.
