Legal experts predict that the Nigerian AI market will reach $4.64 billion by 2030

Legal experts have highlighted the significant economic opportunities presented by artificial intelligence (AI), saying the artificial intelligence market in Nigeria is expected to reach $4.64 billion by 2030.

They said artificial intelligence has the potential to drive growth in Nigeria. According to them, the global AI market is expected to grow to $15.7 trillion by 2030, representing significant growth potential for Africa, and Nigeria stands to benefit significantly.

The experts disclosed this information at the first edition of the Nigerian Bar Association, Ikeja Branch Business Forum (NBA-Ikeja) held in Lagos last week. Technology lawyer Desmond Oriakhogba in his speech on ‘The Future of Artificial Intelligence and Corporate Governance for Businesses’ said the growing awareness of Artificial Intelligence will drive the economy forward and create strategic partnerships.

Oriakhogba said as Nigeria continues to deploy and integrate artificial intelligence technologies, it will create jobs, increase business efficiency and improve service delivery in sectors such as healthcare and agriculture.

“The Nigerian government and the private sector are working together to harness the transformative power of artificial intelligence, which is expected to drive economic growth and development across sectors,” he said. He said a robust regulatory framework was needed to ensure the ethical and responsible use of artificial intelligence.
He added that artificial intelligence is evolving and is constantly driven by the progress of information and communication technologies.

“We can broadly define artificial intelligence as powerful algorithms, machines or computer systems that mimic specific human actions using techniques such as machine learning, neural networks, logical programming and fuzzy logic,” he said.

On the impact of AI in Africa, especially Nigeria, Oriakhogba said: “AI is having a significant impact across various sectors, including legal processes, business ethics, governance, democracy, gender equality, human rights and the rule of law.”

According to him, artificial intelligence may deepen social, political and economic inequalities, including among vulnerable groups such as people with disabilities, the elderly, children and women.

“Artificial intelligence remains one of the five most disruptive technologies. It can improve decision-making, cybersecurity measures and risk management, but it also creates risks such as cybersecurity threats, data breaches and ethical dilemmas.

“Human oversight is essential to ensure ethical and impartial decision-making,” he noted. In this regard, Oriakhogba praised the federal government’s stance on the development of artificial intelligence, citing initiatives such as the establishment of the National Center for Artificial Intelligence and Robotics by the National Information Technology Development Agency (NITDA) and the development of a national policy on artificial intelligence.

He maintained that “a regulatory regime that ensures transparency, accountability and the ethical use of AI is crucial to supporting innovation while maintaining ethical standards.”

Additionally, the CEO of Lagos Building Investment Company and corporate governance expert, Dr. Hakeem Ogunniran, explained the “critical aspects of corporate governance and the transformative impact of AI on business practices.”

He said the optimistic forecast reflects the country’s growing investment in technology and artificial intelligence research. Dr. Ogunniran explained the key separation between ownership and control in corporate governance, noting that shareholders own the enterprise, but the board and management control it.

“This separation raises critical questions about accountability and independence. Artificial intelligence will enable, help and improve these processes, but corporate governance should remain focused on the result,” he emphasized. He stressed the importance of transparency and ethical leadership, adding that decision-makers must have quick access to the necessary information.

“The tax official needs to collect the right information at the right time, but we know what happens in companies with multiple sets of accounts,” he said. The President of NBA Ikeja Branch, Mr. Seyi Olawumi, explained that the aim of the Business Forum is to act as a platform for exchanging insights, fostering contacts and exploring the changing landscape of business law.

“This forum provides us with an incredible opportunity to learn from each other, collaborate and anticipate the future of legal work and the added value that in-house counsel would bring to their boards and management,” he said. He emphasized the contribution of the internal legal advisor in shaping corporate governance and strategy.

“I have no doubt that our speakers’ speech will be invaluable and we are grateful for their willingness to share their knowledge and experience with us,” he said.

Olawumi, therefore, urged participants to think beyond conventional boundaries as collective creativity and resilience move the nation forward in this ever-evolving world.

The Chairman of the NBA Ikeja Business Forum, Mrs. Ajoke Akinsola, stressed the need to bridge the gap between in-house legal counsel and the larger bar. She emphasized the forum’s mission to unite in-house counsel and the broader legal community through programs and activities to address common challenges.

“The theme of this maiden event is specifically focused on how general counsel can advise management on technological advances in artificial intelligence and how today’s organizations can guide governance frameworks as we navigate a time of rapid change and unprecedented challenges.” she said. he said.