As concerns grow over the potential displacement of jobs by Artificial Intelligence (AI) globally, Nigeria is urged to devise practical policies to mitigate the consequences of this technology on employment.
The urgent need for such policies arises amidst Nigerian businesses’ increasing adoption of AI, raising fears that the country’s unemployment crisis could worsen with the continued evolution of AI.
This call for action was a vital resolution of the 2024 Company Secretaries and Registrars’ Forum, held on Thursday to discuss the impact of AI and cybersecurity on capital market operations.
The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) organised the forum to address potential job losses resulting from AI adoption through policy interventions.
Speakers at the forum highlighted the necessity of regulating AI operations to ensure that all relevant factors, including employment considerations, are adequately addressed.
They stressed that while AI offers significant benefits, its unchecked proliferation could adversely affect employment if not correctly managed.
Funmi Ekundayo, President of ICSAN, underscored the need for dedicated agencies or mechanisms to focus solely on AI-related issues within the framework of existing data protection laws.
She emphasised that the forum theme, “The Implications of Artificial Intelligence and Cybersecurity to Capital Market Operations,” was chosen due to its critical relevance to governance practices, particularly within the capital market.
Addressing cybersecurity concerns, Simon Araronu, Executive Director at the Bank of Industry, emphasised the transformative impact of AI on capital market operations globally.
While acknowledging AI’s potential benefits, he cautioned against the growing threat of cyber attacks, which could undermine financial performance and investor trust.
During panel discussions, speakers emphasised the importance of ethical considerations and regulatory frameworks to safeguard societal values and economic stability.
Hitender Mehta, providing insights from the Indian perspective, highlighted the effectiveness of AI regulations in mitigating losses and ensuring rapid recovery in the event of cybersecurity breaches.
