Legal experts have pointed out the significant economic opportunities presented by Artificial Intelligence (AI), saying that Nigeria’s AI market is projected to reach $4.64 billion by 2030.

They said AI has the potential to drive growth in Nigeria. According to them, the global AI market is expected to soar to $15.7 trillion by 2030, offering substantial growth potential for Africa with Nigeria poised to benefit significantly.

The experts disclosed this at the maiden edition of the Nigerian Bar Association, Ikeja Branch Business Forum (NBA-Ikeja) held in Lagos last week. A tech lawyer, Desmond Oriakhogba in his address on the theme: “The Future of AI and Corporate Governance for Companies,” said increasing awareness of AI will grow the economy and formation of strategic partnerships.

Oriakhogba said as Nigeria continues to adopt and integrate AI technologies, it will create jobs, enhance business efficiency, and improve service delivery in sectors such as healthcare and agriculture.

“The Nigerian government and private sectors are working together to harness the transformative power of AI, which is expected to drive economic growth and development across various sectors,” he stated. He said there is a need for robust regulatory frameworks to ensure ethical and responsible use of AI.
He added that AI is evolving and constantly being driven by advancements in information and communication technologies.

“We can define AI broadly as powerful algorithms, machines, or computer systems that mimic specific human activities using techniques like machine learning, neural networks, logic programming and fuzzy logic,” he said.

On AI’s influence in Africa, especially Nigeria, Oriakhogba said: “AI is making significant impacts in various sectors including legal processes, business ethics, governance, democracy, gender equality, human rights and the rule of law.”

According to him, AI could exacerbate social, political and economic inequalities, including vulnerable groups like persons with disabilities, the elderly, children and women.

“AI remains one of the top five most disruptive technologies. It can enhance decision-making processes, cybersecurity measures, and risk management, but it also poses risks such as cybersecurity threats, data breaches, and ethical dilemmas.

“Human oversight is essential to ensure ethical and unbiased decision-making,” he pointed out. Oriakhogba, therefore, commended the Federal Government’s stance on AI development, citing initiatives such as the establishment of the National Centre for AI and Robotics by the National Information Technology Development Agency (NITDA) and the development of a national AI policy.

He maintained that “a regulatory regime that ensures transparency, accountability, and ethical use of AI is crucial for fostering innovation while safeguarding ethical standards.”

Also, the Chairman of the Lagos Building Investment Company and a Corporate Governance expert, Dr. Hakeem Ogunniran, explained “critical aspects of corporate governance and the transformative impact of AI on business practices.”

He said the optimistic forecast reflects the country’s increasing investment in AI technologies and research. Dr. Ogunniran explained the crucial separation between ownership and control in corporate governance, noting that shareholders own the business, but the board and management control it.

“This separation raises critical questions about accountability and independence. AI will enable, assist, and enhance the processes, but the outcome should still be the focus of corporate governance,” he stressed. He emphasised the importance of transparency and ethical leadership, adding that decision-makers must have timely access to necessary information.

“A tax man must take the right information at the right time, but we know what happens in companies with multiple sets of accounts,” he said. The chairman of the NBA Ikeja Branch, Mr. Seyi Olawumi explained that the purpose of the Business Forum is to serve as a platform for sharing insights, fostering connections and exploring the evolving landscape of business law.

“This forum represents an incredible opportunity for us to learn from one another, to collaborate, and to envision the future of legal work and the value-addition, which in-house counsels would make to their boards and management,” he stated. He emphasised the contributions of in-house counsel in shaping corporate governance and strategy.

“I have no doubt that the delivery of our speakers will be invaluable, and we are grateful for your willingness to share your knowledge and experience with us,” he said.

Olawumi, therefore, urged participants to think beyond conventional boundaries, as collective creativity and resilience will drive the nation forward in this ever-evolving world.

The chairperson, NBA Ikeja Business Forum, Mrs. Ajoke Akinsola, emphasised the need to bridge the gap between in-house counsel and the larger bar. She highlighted the forum’s mission to unite in-house counsels and the broader legal community through programmes and activities aimed at addressing common challenges.

“The theme of this maiden event is particularly targeted at how legal counsel can advise their management on technological advancements in Artificial Intelligence and how today’s organisations can be guided using the governance framework as we navigate through a time of rapid change and unprecedented challenges,” she said.