NGX Chairman calls for responsible AI adoption to drive Nigeria’s digital economy
Nike Popoola
The Chairman of the Nigeria Exchange Group (NGX), Alhaji (Dr.) Umaru Kwairanga, has urged Nigerian stakeholders to adopt Artificial Intelligence (AI) responsibly, emphasizing that the technology’s success in the country depends not only on innovation but also on governance, transparency, and trust.
Delivering the keynote address at the InnovateAI Conference 2026 held at the Landmark Centre, Victoria Island, Lagos, Dr. Kwairanga highlighted the critical role of AI in shaping Africa’s economic future and Nigeria’s position in the global digital economy.
“It gives me great pleasure to see so many young Nigerians ready and able to take our country to the forefront of the next technological revolution,” Dr. Kwairanga said. He noted that AI has moved beyond experimentation and is now integrated into Nigeria’s financial services, telecoms, media, agriculture, healthcare, and public administration.
Dr. Kwairanga warned that while AI offers significant opportunities, it also introduces vulnerabilities if not properly governed. “The real question before us is not whether Nigeria will adopt AI. That decision has already been made by market forces. The real question is whether we will adopt it responsibly,” he said.
According to him, responsible AI is not just an ethical concern but an economic imperative. “Capital flows toward markets that demonstrate predictability, governance, and trust. If AI systems are opaque, discriminatory, poorly governed, or vulnerable to data breaches, that risk is priced into companies, sectors, and ultimately the country itself,” he stressed.
Highlighting the capital market perspective, Dr. Kwairanga added: “Trust is the oxygen of the system. Every trade, every listing, every investment decision rests on confidence in market integrity. As AI tools become embedded in trading strategies, surveillance systems, credit scoring models, and investor analytics, we must ensure algorithms are explainable, fair, and subject to oversight.”
He emphasized that Nigeria’s approach to AI must be context-aware, solving local problems and driving inclusion, productivity, and public service efficiency. Dr.
Kwairanga outlined three pillars for Nigeria’s AI strategy: Trust, Talent, and Transparency, warning that getting these right would position the country as a credible digital economy.
“The future is not just about building intelligent machines. It is about building intelligent systems of governance around those machines. That is the responsibility before us,” he concluded.
The conference, which brought together technology innovators, investors, policymakers, and young professionals, aims to explore practical applications of AI in solving Africa-specific challenges and accelerating economic growth.
