Data Is the New Oil: Lagos Deputy Governor Urges Nigerian Businesses to Embrace AI Economy

Lagos State Deputy Governor, Dr. Obafemi Hamzat, has called on Nigerian businesses to embrace data as an asset, describing it as the “new oil” essential for success in the fast-evolving artificial intelligence (AI) economy.

Speaking at the 10th FATE Business Conference themed “The AI Powered Business: Innovate, Automate, Accelerate”, Hamzat noted that unlike oil, the value of data grows with refinement and proper use, positioning Nigeria to play a leading role in the global AI-powered economy.

“AI might look invisible, but it is shaping the visible world of business. Just like the internet defined the last 20 years, AI will define the next 20 to 30 years. The question is whether Nigerian businesses will lead the change or be left behind,” Hamzat said.

He emphasized that acceleration requires readiness — including investment in digital infrastructure, talent development, and agility — stressing that businesses must move fast to lead in the AI era.

Highlighting Nigeria’s youthful talent, entrepreneurial spirit, and large market of over 200 million people, Hamzat argued that the nation must ensure African input in AI datasets to avoid bias and ensure inclusivity.

“So how do businesses now position? You must embrace data as an asset; it’s the new oil. We must not be a people that make decisions in a biased or emotional way without interrogating the data,” he added.

Hamzat also urged collaboration between government, academia, startups, and corporations, saying ecosystems matter more than ego in the AI-driven world.

Earlier, Sunny Iroche, Chairman of GENAI Learning Concepts Limited, warned that infrastructure challenges, particularly access to reliable power supply, could hinder Nigeria’s AI adoption. Meanwhile, FATE Foundation Executive Director, Adenike Adeyemi, said the conference was designed to equip entrepreneurs with insights to thrive in a rapidly changing global landscape.