By Merit Ibe
The Lagos Chamber of Commerce and Industry (LCCI) has called on entrepreneurs and businesses to convert technological advancements, particularly Artificial Intelligence (AI), into measurable economic benefits.
This charge was delivered at the LCCI AI Summit themed; “Adopting AI for Your Business: Nigeria Realities and Case Studies,” organised by the Chamber’s ICT Group and Young Business Leaders Group.
Speaking at the event, LCCI President, Leye Kupoluyi, described AI as a transformative general-purpose technology reshaping productivity, competitiveness, and global market structures. He stressed that Nigeria has a strong opportunity to harness AI to redefine its economic future if decisive action is taken.
Kupoluyi noted that about 88 per cent of Nigerian adults have interacted with AI tools, significantly above the global average of 62 per cent. However, only about one-third of businesses have achieved advanced, enterprise-level deployment, highlighting a gap between experimentation and full-scale adoption.
He added that Nigeria’s AI market is projected to exceed $430 million by 2026, driven by growth in fintech, logistics, and digital services, making AI a core economic driver rather than a peripheral tool.
According to him, AI is already delivering results across sectors—enhancing fraud detection and credit analytics in finance, improving demand forecasting in retail, supporting yield optimisation in agriculture, and boosting efficiency in logistics. In some cases, it has achieved up to 50 per cent improvements in operational efficiency.
To fully unlock these benefits, Kupoluyi advised businesses to adopt a disciplined, use-case-driven approach, supported by strong data systems, skill development, and phased implementation strategies.
He also emphasised the importance of collaboration among tech providers, startups, and research institutions.
He reaffirmed LCCI’s commitment to supporting innovation through advocacy for improved infrastructure, reliable power supply, and clear regulatory frameworks, as well as promoting partnerships and knowledge-sharing platforms.
Also speaking, Chairman of the ICT Group, Segun, said the summit’s theme highlights the need to move beyond global AI hype and focus on practical applications within Nigeria’s unique environment.
He acknowledged challenges such as infrastructure gaps, limited data availability, regulatory concerns, and talent shortages but noted that these constraints also present opportunities for innovation.
Segun pointed out that Nigerian businesses are already leveraging AI in areas such as financial services, retail, agriculture, and telecommunications, demonstrating that AI adoption is both relevant and achievable locally.
He outlined three key pillars for successful AI adoption in Nigeria: contextual innovation, capacity building, and collaborative ecosystems involving government, private sector, startups, and academia.
He added that Lagos, as Nigeria’s commercial hub, is well-positioned to lead in applied AI innovation across Africa.
Both speakers agreed that AI adoption is no longer optional but essential for business resilience and competitiveness, urging stakeholders to move from discussion to implementation.
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