By Esther Sangodele
The Vice-Chancellor of the University of Ibadan (UI), Prof. Kayode Adebowale, and the institution’s Department of Marketing and Consumer Studies have called on businesses, entrepreneurs and policymakers to embrace 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, themed: “Harnessing AI for Business Survival and Expansion in the Knowledge Economy,” held at the Kessington Adebukunola Adebutu Foundation (KAAF) Auditorium of the university.
Adebowale described AI as a transformative technology with immense potential to boost productivity, enhance business performance and accelerate national development, stressing that Nigeria must establish appropriate legal, ethical and regulatory frameworks to maximise its benefits.
The Vice-Chancellor advocated a national policy on AI and data sovereignty, noting that while the technology is reshaping industries globally, its deployment must be guided by responsible governance and human oversight.
“We need a national policy on AI and data sovereignty. We must develop ethical and legal frameworks for AI. AI must not replace the human element, and there must be human oversight. Government must create an enabling environment, and we are ready for collaboration to sustain the momentum,” he said.
Earlier, the Head of the Department of Marketing and Consumer Studies, Dr. Samuel Orekoya, said AI had become the engine of the emerging knowledge economy, urging organisations to move beyond conversations about the technology to its practical application in solving business challenges.
According to the Associate Professor, AI is no longer a futuristic concept but a present-day reality driving efficiency, innovation and business transformation across sectors.
“The business landscape is no longer merely competitive; it has become transformative. The knowledge economy is here, and at its heart is artificial intelligence.
“Our objective is not simply to discuss AI but to understand how it can be harnessed to help businesses survive, expand and thrive in an increasingly competitive environment,” Orekoya said.
He explained that the symposium was designed to bridge the gap between academic knowledge and industry practice by exposing participants to practical AI applications capable of driving innovation, competitiveness and sustainable enterprise growth.
Orekoya added that the department deliberately assembled experts from industry, technology and public policy to examine AI applications in supply chain optimisation, customer experience management, marketing analytics and business model innovation.
Also speaking, the Dean of the 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. Even within academia, we are witnessing the growing influence of artificial intelligence. It is therefore important that we understand both its opportunities and implications,” he said.
In his keynote address, the Chief Executive Officer of BeamX Solutions Ltd., Obinna Nweke, said AI would strengthen organisational decision-making by enabling businesses to analyse data more efficiently and make informed strategic choices.
Nweke urged organisations to invest in AI-powered solutions capable of improving productivity, operational efficiency and long-term competitiveness.
In another keynote, the Chief Executive Officer of Cynergy Solutions Ltd., Dr. Oladipupo Sennaike, cautioned organisations against adopting AI without clearly defined governance structures and ethical safeguards.
“We have to be ethical about AI. It enhances decision-making, saves time, improves productivity and creates new business models. Organisations must develop AI policies and strategies because you do not simply adopt AI without a roadmap,” he said.
Describing data as “the new oil,” Sennaike said businesses that leverage data responsibly and respond quickly to changing consumer expectations would enjoy significant competitive advantage.
Representing the Oyo State Commissioner for Local Government and Chieftaincy Matters, Hon. Ademola Ojo, the Director of Local Government Affairs, Mrs. Olanike Akanji, pledged the ministry’s readiness to collaborate with the department in promoting innovation and knowledge-driven development.
The commissioner lauded the department for providing a platform that equips students, entrepreneurs and professionals with the skills required to thrive in an increasingly digital economy.
During a panel session, industry leaders urged 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 remain competitive.
The panelists included General Manager (Commercial), UAC Foods, Dr. Ayo Awosika; Lead, Partnerships and Clusters, ProvidusUnity Bank, Amara Ifeanyichukwu-Njoku; Head of Engineering, MainStack, Seun Osuntoki; Founder of Mafio Creativille, Funmilayo Adebomi; and Oyo State Government SME Consultant, Mr. Oladayo Bello.
They agreed that while AI is transforming business operations and creating new opportunities, sustainable success would depend on organisations’ ability to combine technological innovation with human creativity, strategic thinking and strong brand positioning.
Highlights of the symposium included the presentation of awards to distinguished 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 attracted 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.
