Finance

Sterling Bank CEO Promotes AI Development to Sustain Global Competitiveness

In a thought-provoking address at the recent Innovate AI Conference in Lagos, themed “Adapting AI For Nigeria, Crafting Intelligent Solutions for Our Unique Landscape,” Mr. Abubakar Suleiman, the Managing Director and CEO of Sterling Bank Limited, emphasized the imperative for both governmental bodies and corporate entities to prioritize the development of Artificial Intelligence (AI) to ensure sustained competitiveness in the swiftly evolving global economy.

Suleiman issued a stark warning, asserting that neglecting AI advancement could undermine endeavours to bolster business efficacy and national competitiveness. He cautioned that nations and companies failing to embrace AI technology risk lagging as AI-driven innovations harbour the potential for substantial productivity gains.

He articulated, “If we fail to pay attention to artificial intelligence, all our endeavors toward ease of doing business and national competitiveness will be rendered futile. Those who harness technology at this scale will outperform us in productivity. Similarly, for private enterprises, the failure to embrace AI will result in decreased competitiveness and eventual demise.”

Underlining AI’s transformative capacity, Suleiman stressed countries’ need to formulate sovereign AI strategies and cultivate environments conducive to AI investment. He warned against the concentration of AI-generated wealth and power, advocating for deliberate actions to ensure equitable distribution and future stability.

He elucidated, “Nations lacking a sovereign AI strategy, those without ecosystems conducive to AI investment, and those failing to provide developmental roadmaps for this technology risk being left behind. If we do not domesticate this tool, there’s a high risk that while AI can enhance capabilities, it may exacerbate global inequality, impede healthcare advancements, and hinder access to quality education.”

Suleiman contemplated the level of societal control over AI and its resulting wealth. He questioned the fairness of AI’s impact, recognizing that unchecked wealth concentration could lead to global instability and inequality.

Addressing common apprehensions regarding AI’s effect on employment, Suleiman advocated for a shift in perspective, viewing AI not merely as a job threat but as a catalyst for innovation and novel opportunities. He emphasized AI’s potential to redefine human intelligence and pondered the future dynamics between humans and machines amid AI’s pervasive influence.

He queried whether traditional notions of intelligence would evolve as AI becomes more accessible, potentially altering societal interactions and skill requirements. Suleiman challenged society to envisage a future where AI accessibility fundamentally reshapes human capabilities, reminiscent of historical shifts in perception, such as the once-held belief that writing proficiency determined one’s intelligence and societal standing.

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