Sterling Bank CEO Advocates for Artificial Intelligence Development to Ensure Global Competitiveness
In a keynote address delivered at the Innovate AI Conference in Lagos, Mr. Abubakar Suleiman, the Managing Director and CEO of Sterling Bank Limited, emphasized the critical importance of prioritizing the development of Artificial Intelligence (AI) for both government and corporate entities to maintain competitiveness in the evolving global economy.
Suleiman cautioned that overlooking AI development could undermine efforts to enhance business efficiency and overall competitiveness. He stressed that nations and companies that fail to embrace AI risk lagging behind, as AI-driven technologies offer the potential for significantly higher productivity.
During his address, Suleiman emphasized, “If we fail to pay attention to artificial intelligence, all our efforts at ease of doing business, national competitiveness will come to nought because those who deploy technology on this scale will be able to deliver higher productivity than we do.”
Highlighting the transformative power of AI, Suleiman urged nations to formulate sovereign AI strategies and cultivate ecosystems conducive to AI investment. He warned against the concentration of AI-driven wealth and power, advocating for intentional efforts to ensure equitable distribution and stability in the future.
Suleiman raised thought-provoking questions about society’s control over AI and the wealth it generates, emphasizing the importance of fairness and stability in the face of inevitable wealth concentration resulting from technological advancements.
Addressing concerns about AI’s impact on employment, Suleiman reframed it as a catalyst for innovation and new opportunities rather than a threat to jobs. He challenged society to envision a future where access to AI redefines traditional notions of intelligence and reshapes human capabilities.
The CEO’s remarks underscored the need for proactive measures to adapt to the pervasive influence of AI on society and to leverage its potential for sustainable development and global competitiveness.
