The Vice-Chancellor of the University of Ibadan (UI), Prof.Kayode Adebowale, has urged businesses, policymakers and other stakeholders to embrace artificial intelligence (AI) responsibly, stressing that technology should complement, rather than replace human intelligence.

Adebowale, who stated this at the second annual symposium of the Department of Marketing and Consumer Studies of the university, themed: ‘Harnessing AI for business survival and expansion in the knowledge economy,’ described AI as a transformative technology capable of enhancing productivity, driving innovation, and accelerating national development.

He, however, warned that its deployment must be guided by ethical principles, appropriate regulations and human oversight.

According to him, Nigeria must develop a comprehensive national policy on artificial intelligence and data sovereignty to maximise the benefits of the technology, while safeguarding public interest.

Earlier in his welcome address, Head of the Department of Marketing and Consumer Studies, Dr Samuel Orekoya, said that artificial intelligence has become the driving force of the emerging knowledge economy.

He urged businesses to move beyond discussions about AI to its practical application in addressing contemporary business challenges.

Orekoya said AI is no longer a futuristic concept, but a present-day reality that is already reshaping business operations through improved efficiency, innovation and competitiveness.

“The business landscape is no longer merely competitive; it has become transformative. The knowledge economy is here, and at its heart is artificial intelligence. Our objective is not simply to discuss AI but to understand how it can be harnessed to help businesses survive, expand and thrive in an increasingly competitive environment.”

He explained that the symposium was organised to bridge the gap between academia and industry by exposing participants to practical AI applications that can drive innovation, improve customer experience, strengthen supply chains, and transform business models.

Also speaking at the event, the Dean of the Faculty of Economics and Management Sciences, Prof. Abiodun Folawewo, noted that AI is increasingly reshaping business operations, research and higher education.

“Technology is changing everything in the world. Even within academia, we are witnessing the growing influence of artificial intelligence. It is, therefore, important that we understand both its opportunities and implications,” Folawewo said.

Delivering the first keynote address, the Chief Executive Officer of BeamX Solutions Ltd., Obinna Nweke, said AI would improve organisational decision-making by enabling businesses to analyse data more efficiently and make informed strategic decisions.

He urged organisations to invest in AI-powered solutions that can boost productivity, operational efficiency and long-term competitiveness.

Similarly, the Chief Executive Officer of Cynergy Solutions Ltd, Dr OladipupoSennaike, cautioned organisations against adopting AI without clear governance structures and ethical safeguards.

“We have to be ethical about AI. It enhances decision-making, saves time, improves productivity and creates new business models. Organisations must develop AI policies and strategies because they do not simply adopt AI without a roadmap,” Sennaike said.

Describing data as “the new oil,” he said organisations that leverage data responsibly and respond swiftly to changing consumer expectations would enjoy a significant competitive advantage in the market.

Representing the Oyo State Commissioner for Local Government and Chieftaincy Matters, Ademola Ojo, the Director of Local Government Affairs, OlanikeAkanji, pledged the ministry’s readiness to collaborate with the department in promoting innovation and knowledge-driven development at the grassroots level.

During a panel discussion, industry leaders urged entrepreneurs, professionals and Small and Medium Enterprises (SMEs), to embrace AI as a strategic business tool.

They also called for investment in continuous skills development, innovation and strong brand positioning to enable businesses to remain competitive in the digital economy.

The symposium also featured the presentation of awards to distinguished scholars in recognition of their contributions to scholarship and national development.