E-Business
Prof. Obadare Underscores Critical Role of Cybersecurity in Nigeria’s AI-Driven Digital Growth
Prof. Obadare Peter Adewale, founder and CVO of Digital Encode, represented by Oluwakayode O. Olatunji, CISO and Group Head of InfoSec & GRC Advisory, emphasized the need for Nigeria to understand the threat landscape and the critical role of cybersecurity in protecting against these threats.
Nigeria CommunicationsWeek reports that the emphasis made by Prof. Obadare is essential for driving sub-sectoral digital growth through Artificial Intelligence (AI).
In his presentation at the one-day ICT Growth Conference organized by the Nigeria Information Technology Reporters’ Association (NITRA) at the Citi Height Hotel, Lagos, he noted that many African countries lag behind in cybersecurity.
Read Also: Oluyemi Obadare Accepted into Forbes Business Council
Even in Nigeria, the financial sector has been at the forefront of leveraging AI and cybersecurity, contributing about 25%-30% of AI involvement based on local statistics.
He highlighted the potential of AI across various sectors, including finance, health, energy, transportation, defense, medical, and agriculture.
He underscored AI’s ability to predict productivity and its diverse benefits but quickly cautioned against the dangers of AI misuse, stemming from issues such as bias and fairness, inadequate transparency, security vulnerabilities, data privacy concerns, and ethical and moral dilemmas.
The cybersecurity expert discussed the use of AI in threat landscape profiling, crime detection and prevention, and reporting capabilities.
He stressed the importance of responsible AI usage and the need for continued investment in AI and cybersecurity.
Identifying AI Governance, Architecture, Implementation, Operations, and Monitoring (GAIOM) as key elements for effective cybersecurity strategies in responsible AI development, he emphasized the importance of AI architecture, including business and data architecture, technology-infrastructure architecture and the necessity of a security architecture which includes cybersecurity and data privacy protection respectively.
Data protection and privacy are crucial components of AI implementation. The process of implementing AI, from setting goals to security monitoring, is vital.
The role of education and investment in education for driving AI adoption and economic growth cannot be overemphasized.
To fully realize the impact of AI on national development, he advocated for explicitly defined governance objectives, an AI ethical framework, an interdisciplinary approach, robust local content data management, all-inclusive regulatory compliance, tailored best practice risk assessment and mitigation, transparency and explainability, sustained human capacity development, and robust processes to address AI implementation challenges.
He also argued that monitoring AI usage and ensuring its alignment with set goals during the implementation process is critical.
In addition, he called for increased public sector and government investment in education to drive AI adoption and economic growth, noting that the role of education in providing the necessary skills and knowledge for AI implementation cannot be ignored.
He introduced the concept of “knowledge banking,” where knowledge can be monetized to address various economic sectors.
He pointed out that in countries using AI to drive their economies, education is a fundamental prerequisite, and positively disruptive education leads to the needed transformation by developing tailored skill sets.
“When we examine this, it becomes evident that many challenges we face in this part of the world will become easier to address.
“As a country, we have the potential to be a leading light in the knowledge economy because Nigeria is blessed with brilliant men and women,” he said.
Prof. Obadare, who was recently appointed a Professor of Practice by MIVA Open University, Abuja, also proposed a disruption of the educational sector to improve data quality.
He emphasized that relying too heavily on outsourced data libraries can lead to AI biases and stressed the importance of maintaining excellent data quality as a local content treasure.
“To address this, we need to disrupt the educational sector, particularly from primary to tertiary institutions, to focus more on institutional or research-based education.
“For example, during the COVID-19 pandemic, much of the global data was sourced from Johns Hopkins Hospital research center, indicating the importance of local research centers.
“We should encourage partnerships with the private and public sectors to create local content hubs, which would attract global tech companies like Meta and Google to invest in our ingenuity.
“Our tertiary education sector should be research-oriented and local content-focused to improve data quality and upskill the workforce, adapting to the challenge of training AI rather than traditional skills,” he concluded.
E-Business
IDC Predicts Artificial Intelligence to Contribute $19.9 Trillion to the Global Economy through 2030
New research from IDC entitled, The Global Impact of Artificial Intelligence on the Economy and Jobs, predicts that business spending to adopt artificial intelligence (AI), to use AI in existing business operations, and to deliver better products/services to business and consumer customers will have a cumulative global economic impact of $19.9 trillion through 2030 and drive 3.5% of global GDP in 2030.
As a result, AI will affect jobs across every region of the world, impacting industries like contact center operations, translation, accounting, and machinery inspection. Helping to trigger this shift are business leaders who almost unanimously, 98%, view AI as a priority for their organizations.
AI’s Net Positive Global Economic Impact
According to the research, in 2030, every new dollar spent on business-related AI solutions and services will generate $4.60 into the global economy, in terms of indirect and induced effects. This is determined by:
- Increased spending on AI solutions and services driven by accelerated AI adoption
- Economic stimulus among AI adopters, seeing benefits in terms of increased production and new revenue streams
- Impact along the whole AI providers supply chain, increasing revenue for the providers of essential supplies to AI solutions and services providers
“In 2024, AI entered a phase of accelerated development and deployment defined by widespread integration that’s led to a surge in enterprise investments aimed at significantly optimizing operational costs and timelines,” said Lapo Fioretti, Senior Research Analyst, Emerging Technologies and Macroeconomics, IDC. “By automating routine tasks and unlocking new efficiencies, AI will have profound economic consequences, reshaping industries, creating new markets, and altering the competitive landscape.”
Impact on Employment — New Roles Emerge While Others Remain Resilient
The majority of respondents to IDC’s Future of Work Employees Survey expect some (48%) or most (15%) parts of their work to be automated by AI and other tech over the next two years, while only a minority (3%) of employees expect their jobs to be fully automated by AI.
While some work will be negatively impacted by the proliferation of AI, new positions such as AI Ethics Specialists and AI Prompt Engineers will emerge as dedicated roles within global organizations.
The research further indicates that a ‘human touch intensity,’ combined with the level of ‘task repetitiveness’ by which each job is characterized, will inform organizations about roles that are subject to a full AI and automation replacement, versus those where tech’s role will be to augment human capabilities. As such, positions where human social and emotional capabilities are critical, such as nursing and roles where decision-making encompasses ethics and comprehension beyond numbers will remain robust.
“Understandably, we’re all curious to know if AI will replace our jobs,” said Rick Villars, Group Vice President, Worldwide Research, IDC. “As a CEO interviewed by IDC’s Andrea Siviero said, ‘Based on this research it’s clear that we should be asking ourselves how our jobs can be made easier and better by AI. AI will not replace your job but someone who knows how to use AI better than you will.’”
Research Methodology
To estimate the overall economic impact of a technology or a service, IDC developed an economic impact methodology that combines IDC knowledge of the market and internal data with a standard analytical framework, known as an Economic Impact Analysis.
It leverages an input-output (I/O) framework, using the most updated input-output official tables of a specific economy: through I/O tables, specific multipliers are determined and applied to the specific technologies to calculate the related effect.
This IDC Economic Impact Analysis evaluates three types of impact on the economy. In this AI-specific model, these are:
Direct Effect — Includes revenues from artificial intelligence business solutions/services providers directly selling their products to end users.
Indirect Effect — Refers to the economic impact related to the AI supply chain and AI adopters’ benefits. It includes the effects that organizations/tech providers have on the region or country due to their operations related to AI provision.
Backward indirect effects refer to the economic effects on supply chains and industries that provide inputs to AI-driven sectors — in other words, revenues generated in local industries impacted by AI.
Forward indirect effects refer to the effects on AI adopters, excluding consumers, that benefit from the adoption of AI technology, in terms of productivity, revenue growth, and other business parameters.
Induced Effect — These are effects induced by the increase in production. It refers to the impact, due to economic stimulus, from an increase in household income, including existing and new employees linked to the AI value chain across direct and indirect effects layers. People will spend part of their wages in the economy, thus generating additional economic impact.
“The importance of economic impact models is increasing. This type of analysis can be of importance for any vendor who wants to understand the impact of its specific products or services in a short or medium-term period.
“It helps not only businesses but also governments and other stakeholders make informed decisions by evaluating the potential benefits of a technology investment, for example, to the economy,” said Carla La Croce, Research Manager, Data and Analytics, IDC.
The IDC report, The Global Impact of Artificial Intelligence on the Economy and Jobs: AI will Steer 3.5% of GDP in 2030 (Doc #US51057924), assesses the impact of artificial intelligence in terms of economic output and employment.
This assessment leverages IDC’s knowledge of the market and internal data, as well as IDC’s Economic Impact model, which considers the direct, indirect, and induced effects of AI in the economy.
“The study delves into the global impact of AI on the economy, diving deep into specific regions, technology layers, and industries. The goal is to assess AI’s cumulative contributions to the economy with respect to the forecast global GDP in 2030.
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E-Business
Konga Health To Appoint Resellers for L’Oreal Dermatological Beauty Products and others Nationwide
Konga Health in partnership with L’Oréal, a global leader in premium skincare, has announced the appointment of prospective authorized professional resellers of its high-demand products.
This exciting opportunity offers structured Nigerian retailers, wholesalers, healthcare professionals, and structured online sellers a chance to join the growing network of resellers for world-renowned brands such as CeraVe, La Roche-Posay and others.
The partnership between L’Oréal Dermatological Beauty and Konga Health has been instrumental in bringing genuine top-tier skincare solutions to the Nigerian market. With a commitment to providing access to premium, dermatologist-recommended skincare products, this new initiative is set to expand the brand’s presence while offering businesses a profitable opportunity to grow their offerings.
This initiative is open to various business models, whether you’re a retail store, an online seller, a wholesaler, or a healthcare professional—be it a dermatologist, pharmacist, or aesthetician.
The beauty industry has shown tremendous growth globally, and partnering with L’Oréal through Konga Health presents a unique chance to expand your portfolio with premium skincare brands that practically sell themselves.
L’Oréal Dermatological Beauty is known for its science-backed products, trusted by dermatologists and healthcare professionals around the world.
Joining this network of professional resellers means gaining access to some of the most highly regarded skincare products, enabling resellers to meet the growing demand for effective, high-quality skincare solutions.
As an authorized reseller, businesses will benefit from a number of advantages. These include high-profit margins, pre- and post-sales support, comprehensive marketing materials, and product training.
Additionally, the L’Oréal Dermatological Beauty brand enjoys strong nationwide recognition, ensuring that resellers can tap into a large and loyal customer base.
To apply, interested businesses and healthcare professionals should visit: konga.com/resellers, email – [email protected] or call 0907 003 8627 for more information. Applications are open to both new and existing businesses seeking to enhance their offerings and tap into the growing demand for premium skincare products.
E-Business
NOTAP to Strengthen IP Rights in Nigeria
National Office for Technology Acquisition and Promotion (NOTAP) has restated its commitments to strengthen the Intellectual Property Rights (IPRs) of Nigerian innovators and inventors to boost the creative ability of people to develop solutions to the many challenges confronting the people.
Dr. Obiageli Amadiobi, director general of NOTAP, made this known in a news conference in Abuja recently to commemorate the 2024 African Day for Technology and Intellectual Property Rights, with the theme “Leveraging Technology and IPRs to Drive the Renewed Hope Agenda”
The NOTAP boss said the commemoration, observed by all African countries on September 13 every year, is important because it will help to facilitate the domestication of technology and the development of IPRs in African states to assist people to develop solutions to the many challenges confronting the continent to eradicate poverty and drive sustainable development.
Amadiobi said that “NOTAP as an agency has the added responsibility of promoting inventions and innovations of Nigerian researchers and has not failed in pursuing the mandate especially in sensitising the research community and the general public on the vital role of IPR in Nigeria’s technological development.”
She noted that these responsibilities were carried out through the establishment of over sixty-five (65) Intellectual Property and Technology Transfers Offices (IPTIOs) across the length and breadth of Nigeria;
Processing of over one thousand (1,000) patent applications received and submitted to the Nigerian Patent and Design Registry; Granting of assistance to researchers at no cost in the acquisition of over three hundred (300) patent certificates from the Nigerian Patent and Design Registry.
She added that 70 of these patent certificates have been commercialised in the Nigerian markets and five (5) in the international markets; while the agency has also launched and distributed publication on “Guidelines for Commercialization of R&D results in Nigeria”; Identification and publishing of a compendium of viable R&D results from various research sectors in Nigeria and Sustained engagements with stakeholders in the National Innovation System (NIS) to facilitate the commercialization of viable R&D products.
She said that an initiative has been taken to develop market ready products and industry trained academia through NOTAP, Industry and Academia linkage project as NOTAP- Industry Technology Transfer Fellowship (NITTF) which has successfully witnessed the engagement of 21 fellows, viable products and generation of valuable Patents.
“To strengthen research and development infrastructure, NOTAP is also engaging the private sector to upgrade laboratories in various tertiary institutions across the country,” she added.
She also reaffirmed NOTAP’s commitment to guiding the process of technology transfer and promotion of IPRs to shore up indigenous inventors and innovators in order to drive progress and harness the benefits of innovation and creativity for the development of Nigeria to build a greater future for us all.
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