Mrs Olatomiwa Williams, Chief Executive Officer (CEO), Microsoft Nigeria and Ghana, has highlighted the importance of embracing Artificial Intelligence (AI) to drive Nigeria’s economic growth and development.

Williams gave the advice on Thursday night in Lagos at the Chartered Institute of Directors (CIoD) new members induction ceremony.

She said that by leveraging Al technologies, Nigeria could unlock new opportunities, drive innovation, and improve the quality of life for its citizens.

The Microsoft CEO also revealed that AI could expand Africa’s economy by 50 per cent of its current Gross Domestic Product (GDP) by 2030 if the continent captured just 10 per cent of the global AI market.

Pope warns of negative impact of AI 

She added that in 2024, AI spending in the Middle East and Africa was projected to reach three billion dollars, and six billion dollars by 2026.

She also called for the incorporation of AI and innovative thinking in governance and leadership across all organisations and in various sectors of the economy.

She said that AI,  as a general purpose technology, had the potential to transform every part of the economy by enhancing  human productivity.

“Artificial Intelligence in Leadership enables data-driven decision making, boosts productivity and efficiency, fosters innovation and growth, drives effective communication and supports better risk management.

“It can be seen as a strategic boardroom tool, allowing leaders to reinvest more time in their people, strategy and innovative activities.

“In governance, Al can help organisations achieve higher standards of governance by enabling more transparency, accountability, and stakeholder engagement as it enhances policymaking, service delivery, operations, and ethical governance,” she said.

Williams, however, said that AI’s impact raised a host of complex and challenging questions about its safe use, reliability and privacy concerns.

To address this, she urged organisations to have guiding principles that support responsible and trusted use of AI such as fairness, reliability, inclusiveness, privacy, transparency and accountability.

Alhaji Tijjani Borodo, President, CIoD, said that AI had reshaped industries, redefined leadership, and challenged traditional approaches to governance.

Borodo said that directors were no longer expected to merely oversee but must now engage deeply with the forces driving disruption in order to secure long-term success for their organisations.

According to him,  in today’s fast-evolving business climate, directors must occupy a unique role at the intersection of strategy, innovation and execution to steer organisations through the complexity of technological advancement.

He described AI as one of the most powerful tools at our disposal.

“It has the potential to significantly enhance decision-making processes, streamline operations, and unlock new growth opportunities.

“But this technology also comes with challenges that we must carefully navigate, particularly regarding ethical governance, data privacy, and societal impact.

“As we embrace this new era, we must be cognizant of the responsibilities that come with deploying AI-driven solutions.

“Boards must ensure that AI systems are transparent, unbiased and ethically aligned with our organisational values.

“It is not enough to simply integrate AI into our businesses, we must also ensure that it is used responsibly and in a way that benefits not just shareholders but all stakeholders,” he said.