NBCC: AI Application Now Necessity for Business Competitiveness, Long Term Success

Dike Onwuamaeze

The Nigerian-British Chamber of Commerce (NBCC) has declared that the utilisation of Artificial Intelligence (AI) is now an imperative for business competitiveness.

This declaration was made on Tuesday by the Vice President of NBCC, Mr. Akin Osuntoki, in his opening address at the “2026 NBCC Professional Services Group Networking Event” with the theme “Leveraging Artificial Intelligence for Business Success.”

Osuntoki said: “Harnessing its power is not just an advantage. It is fast becoming a necessity for businesses seeking to remain competitive in an increasingly dynamic global economy,” adding that businesses should “remember that AI is a tool for growth and not a trend.

“With the right approach, combining human intelligence with artificial intelligence, we will improve efficiency, productivity, and competitiveness, leading to long-term business success.”

He likened the apprehension people have about AI to concerns shown at the turn of the millennium and what will happen as we go into a new era.

He said: “Such is the appreciation that we have today about AI. For most, the general perception is that AI is going to take away jobs from people.

“But the truth of the matter is that all we need to do is to dialogue and dialogue, and that perhaps we will see that there are so much benefits of embracing artificial intelligence.

“As we bring together industry leaders, AI experts, entrepreneurs, and decision makers to explore how AI can transform business operations, enhance efficiencies, and create new opportunities, artificial intelligence is no longer a distant concept.

” It is here, reshaping industries, disrupting traditional business models, and unlocking unprecedented potentials across sectors such as finance, healthcare, education and transportation.”

In his keynote presentation, the Chief Data Officer, First Bank Nigeria Limited, Mr. Steve Asemota, said that adopting AI could improve an organisation’s productivity by 40 per cent and save up to 50 per cent on administrative tasks, improve throughput, curtail errors that occur in manual activities.

Asemota also said that retailers using predictive analytics for customers’ needs could achieve up to 20 per cent reduction in churn as AI models could anticipate needs from purchase and behavioural signals to enable proactive engagements and up sell activities.

He warned that “ethical stewardship in AI is not just a technical challenge but a business imperative that safeguards trusts, reputation and fairness.”

In her welcoming remarks, the Vice Chairperson, Professional Services Group, NBCC, Mrs. Tewogboye Jegede, said that businesses are operating in an era that is “defined by rapid technological advancement, digital disruption, and transformative business models across sectors from finance and health care to education and transportation.
“So, AI is not just a tool, it is a game changer as it has the power to transform business efficiency, inspire innovation, and unlock once unimaginable opportunities.”

Jegede, who represented the chairman, Professional Services Group, said that unleashing AI’s potential required vision, adaptability, and a forward thinking mindset.