Growing AI industry seen posing challenge for regulators

The rapidly evolving Artificial intelligence (AI) industry poses a challenge for regulators as they seek to foster public trust and confidence in AI while promoting innovation and competitiveness for local industry.

Artificial intelligence (AI) is the intelligence of machines or software, as opposed to the intelligence of humans or animals.

A session titled “Leaders of Change Through the AI Lens” at the Expand North Star event underscored the potential impact of AI and the need for its regulation.

Participants noted that to prevent technology from harming the public, the world must agree on a regulatory baseline, where legislation is possible, and how it can be implemented.

Conscious of AI’s immense power, the panellists stressed the need for AI regulation. However, the speakers also acknowledged technology’s vast potential to change and uplift the world, highlighting how various AI use cases can elevate small businesses and developing countries.

AI technology is widely used throughout industry, government and science. Some high-profile applications are: advanced web search engines like Google Search, recommendation systems used by YouTube, Amazon, and Netflix, understanding human speech such as Siri and Alexa, self-driving cars like Waymo, generative or creative tools like ChatGPT and AI art, and competing at the highest level in strategic games such as chess and Go.

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By Chinwe Michael • October 18, 2023

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.