University of Ibadan VC Champions AI-Driven Business Growth

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 accept artificial intelligence (AI) as a strategic driver of innovation, competitiveness and sustainable economic growth.

They made the call 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 enhance productivity, business performance and accelerate national development, adding that Nigeria must put in place appropriate legal, ethical and regulatory structures to enable it fully harness 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 supported 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 AI. AI should not 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 maintain the momentum,” he said.
Earlier, the Head of the Department of Marketing and Consumer Studies, Dr. Samuel Orekoya, had said AI has become the engine of the emerging knowledge economy and called on organisations to move 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 driving efficiency, innovation and business transformation across sectors.”

The business environment is no longer only 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 about how it can be leveraged to help businesses survive, scale and thrive in an increasingly competitive environment,” Orekoya said.

The symposium, he said, was designed 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 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,” Orekoya said.

Also speaking, the Dean, Faculty of Economics and Management Sciences (FEMS), Prof. Abiodun Folawewo, described the symposium as timely, noting that AI is increasingly reshaping business operations, research and higher education.

“Technology is changing everything in the world. We see the growing influence of artificial intelligence even within the realm of academia. “It is therefore important that we understand its opportunities and implications,” he added.

Chief Executive Officer, BeamX Solutions Ltd., Obinna Nweke, in his keynote address, said AI would improve organisational decision-making by allowing businesses to analyze data efficiently and make informed strategic decisions.

Nweke urged organisations to invest in AI-powered solutions to boost productivity, operational efficiency and long-term competitiveness.

In another keynote, the Chief Executive Officer of Cynergy Solutions Ltd., Dr Oladipupo Sennaike, cautioned organisations against embracing AI without clearly defined governance structures and ethical safeguards.

We have to be ethical about 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 develop AI policies and strategies,” he said.

Sennaike described data as ‘the new oil’ and said companies that can use 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.

The Commissioner praised the department for providing a platform that provides students, entrepreneurs and professionals with the abilities needed to thrive in an increasingly digital economy.

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Industry leaders have called on entrepreneurs, professionals and Small and Medium Enterprises (SMEs) to adopt AI as a strategic business tool while building strong brand identities and investing in continuous skills development to stay competitive, during a panel session.

The panelists include 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; and Oyo State Government SME Consultant, Mr. Oladayo Bello.

They agreed that while AI is reshaping business operations and opening up new opportunities, lasting success will hinge on the ability of organisations to combine 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.