Sterling Bank CEO Urges Embrace of AI for National Competitiveness

Sterling Bank Limited’s Managing Director and CEO, Mr. Abubakar Suleiman, emphasized the imperative of prioritizing Artificial Intelligence (AI) development for both governmental and corporate entities to retain competitiveness in the evolving global economy. Speaking at the Innovate AI Conference in Lagos, Suleiman warned against overlooking AI’s significance, stressing its potential to enhance business efficiency and national competitiveness. He cautioned that failure to embrace AI could result in lagging behind, as AI-driven technologies offer avenues for heightened productivity.

Suleiman urged nations to craft sovereign AI strategies and foster AI-friendly ecosystems to attract investment. He emphasized the need to prevent the concentration of AI-driven wealth and power, advocating for equitable distribution and stability. Suleiman also addressed concerns regarding AI’s impact on employment, urging a shift in perspective to view AI as a driver of innovation and new opportunities.

He questioned the future dynamics between humans and machines in light of AI’s pervasive influence on society, challenging society to envision a future where AI alters traditional notions of intelligence and fundamentally transforms human capabilities. Suleiman highlighted the need for intentional efforts to rebalance wealth concentration brought about by AI advancements to ensure a stable future for all.

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Ikenna Churchill

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