The Chartered Institute of Directors (CIoD) Nigeria has charged directors on the need to be intentional in fostering a culture of innovation within their organisations, especially with how Artificial Intelligence (AI) and other emerging technologies could be harnessed for good governance and leadership.
The institute urged them that as directors, they are no longer expected to merely oversee, rather must now engage deeply with the forces driving disruption to secure long-term success for their organisations.
President and Chairman of Governing Council, CIoD, Tijjani Borodo, said this during the September 2024 new members’ induction ceremony, which had the theme, ‘Impact of Artificial Intelligence and Innovative Thinking on Governance and Leadership.’
Noting the theme was apt, he said directors stand at the crossroads of significant technological transformation as AI is reshaping industries, redefining leadership, and challenging traditional approaches to governance.
The CIoD boss, also noted that AI was one of the most powerful tools at directors’ disposal, which has the potential to significantly enhance decision-making processes, streamline operations and unlock new growth opportunities, however, he said the technology also comes with challenges that they must carefully navigate, particularly regarding ethical governance, data privacy and societal impact.
According to him, directors must occupy a unique role at the intersection of strategy, innovation, and execution, ensuring they remain relevant, resilient,t, and capable of thriving in a competitive global environment.
Urging that directors must be cognisant of the responsibilities that come with deploying AI-driven solutions; he urged that boards must ensure that AI systems are transparent, unbiased, and ethically aligned with their organizational values.
“It is not enough to simply integrate AI into our business; we must also ensure it is used responsibly and in a way that benefits not just shareholders but all stakeholders.
“Governance in the AI age is not about managing risks alone, it is about enabling growth through bold, forward-thinking leadership. We must be prepared to push boundaries, test new ideas, and embrace the disruptive forces that will inevitably reshape industries and markets,” he said.
Guest Speaker and Country Manager, Microsoft Nigeria, Olatomiwa Williams, explained that AI could expand Africa’s economy by 50 per cent of current GDP by 2030 if the continent captures just 10 per cent of the global AI market.
On its benefits to Nigerian businesses, she said it increased engagement in meetings, faster data analysis, quicker code writing and efficient chat box launches.
In leadership, the Microsoft chief said it enables data-driven decision-making, boosts productivity and efficiency, and fosters growth and innovation.
According to her, AI can be seen as a strategic boardroom tool, allowing leaders to reinvest more time in their people, strategy and innovative activities.
In governance, Williams said it could help organisations achieve higher standards of governance by enabling more transparency, accountability and stakeholder engagement, as well as enhance policy making, service delivery, operations and ethical governance.
