Hamzat Urges Nigerian Businesses to Adopt Innovative Technologies

Oluchi Chibuzor 

The Deputy Governor of Lagos State, Dr. Kadiri Obafemi Hamzat, has urged Nigerian businesses to adopt innovative technologies in order to remain competitive and avoid being left behind.

This is as he has stressed that Artificial Intelligence (AI) is poised to drive the global economy over the next two to three decades, 

Speaking at the 10th FATE Business Conference with the theme: “AI-Powered Business: Innovate, Automate, Accelerate,” Hamzat, noted that AI has moved from academic theory to everyday reality, redefining industries from agriculture and finance to healthcare, logistics, and entertainment.

“AI is the ultimate innovation multiplier. It allows us to take raw material or data and transform it into new products, new services, and new business models,” he said.

According to Hamzat, small entrepreneurs can now use AI tools to predict demand, manage inventory, and design campaigns, while farmers can apply AI to determine the best planting and harvesting periods. Politicians, he added, are even leveraging AI to anticipate public opinion.

He warned, however, that while AI accelerates innovation, it does not replace human thinking.

“In the AI age, playing it safe is probably the riskiest thing you can do. Businesses that dare to experiment and innovate faster than the competition will thrive,” he stated.

Earlier in her welcome address, President, FATE Foundation, Adenike Adeyemi reflected on the journey of the conference, which has now run for a decade.

“This conference started as an idea to bring entrepreneurs together. It was initiated by members of the FATE alumni community who wanted a space to connect, to network, to learn, to be inspired, and also to inspire,” she said.

Also, the President, FATE Alumni Executive Committee, Oluwatoyin Bakare described the 10th conference as a defining moment.