Lagos Deputy Governor Urges Businesses to Treat Data as a Key Asset

As the global economy becomes increasingly driven by artificial intelligence (AI), Lagos State Deputy Governor, Dr. Obafemi Hamzat, has called on Nigerian businesses to treat data as a vital asset and the new oil in order to secure the country’s place on the global stage.

Speaking at the 10th FATE Business Conference themed “The AI-Powered Business: Innovate, Automate, Accelerate”, Hamzat emphasized that unlike oil, data grows in value the more it is refined and utilized. He stressed that Nigeria has the talent, creativity, and market size needed to become a leader in the AI-powered economy.

“AI has the potential to help Nigerian businesses accelerate growth, reach more people, and create greater impact than ever before,” he said. “But acceleration requires readiness. Businesses must invest in digital infrastructure, develop the right talent, and embrace agility. Those who move quickly and intelligently will lead, while others will be left behind.”

Hamzat likened the rise of AI to the internet revolution of the last two decades, warning that businesses must act now or risk irrelevance. He pointed out that while countries like India are investing billions in AI, Nigeria can compete by focusing on data, ensuring African input shapes global AI systems to avoid bias and flawed outcomes.

He added: “Data must be seen as the new oil, but unlike oil, its value increases the more you refine it. We must not make decisions based on emotion or bias, but on interrogated data. In this AI economy, ecosystems matter more than ego — collaboration between government, academia, startups, and corporations is key.”

Also speaking, Chairman of GENAI Learning Concepts Limited, Sunny Iroche, highlighted infrastructure gaps, particularly unreliable power supply, as a major barrier to Nigeria’s ability to maximize AI opportunities. He urged the country to address these challenges or risk being left behind.

Executive Director of FATE Foundation, Adenike Adeyemi, explained that the conference theme was designed to reflect the realities of business growth in a rapidly changing global environment. “From inception, this platform has been about connecting entrepreneurs across programs and sectors to share, learn, and inspire one another,” she said.