By Sonny Iroche
Having spent over 35 years in investment banking in Nigeria before venturing into public service and eventually founding my own consulting firm in finance and infrastructure, I have witnessed several industrial and technological revolutions. Yet, none has been as sweeping or as consequential as the ongoing revolution powered by Artificial Intelligence (AI).
AI is no longer an emerging trend, it is the defining force of this century. It is transforming how we work, produce, think, and even how nations compete. The world of work is being redesigned before our eyes, and those who fail to adapt will, quite simply, be left behind.
A Global Reordering of Work
Across industries, banking and finance, insurance and actuarial services, consulting, media and advertising, legal services, manufacturing, logistics, healthcare, and even warfare, AI is rewriting the rules.
The Economist’s June 26, 2025 article titled “Who Needs Accenture in the Age of AI?” posed a provocative question: do corporations still need armies of human consultants when AI can analyze, strategize, and generate business plans faster and often better than humans? The answer reflects a wider truth, professionals across all fields must now coexist and collaborate with intelligent systems.
In finance and banking, AI is revolutionizing how we manage portfolios, detect fraud, predict credit risk, and ensure compliance. Algorithms now assess loans, optimize investments, and power customer service chatbots that never sleep. In insurance, machine learning automates claims processing, personalizes policies, and improves actuarial precision. Manufacturing firms deploy AI-driven robotics and predictive maintenance systems that drastically reduce downtime. Consulting firms are being forced to reinvent themselves as their clients adopt AI tools that replicate much of what consultants traditionally offered.
Even warfare has changed. The Russian-Ukrainian war is a case in point. What might have been a short conflict decades ago has stretched beyond three years, largely because of AI-driven warfare, drone swarms, battlefield surveillance systems, and algorithmic targeting have given Ukraine the resilience and adaptability to resist a far larger foe. In modern conflicts, the side that better integrates AI intelligence wins the advantage.
Africa’s Workforce at a Crossroads
For Africa, and Nigeria in particular, this moment presents a fork in the road. Our continent is young, with over 70% of our population under the age of 30. By 2030, Africa’s population could exceed three billion. This generation must be equipped with AI literacy, digital skills, and the ability to collaborate with intelligent systems.
Nigeria’s banking and insurance sectors, which I know intimately, are especially exposed. Back-office and compliance roles are already being automated. Middle-office risk analysis, audit, and financial modelling are next. Unless workers in these sectors retrain and become AI-ready, many will find themselves displaced, not by machines directly, but by peers who have mastered how to use AI effectively.
The statement that I often repeat is now truer than ever:
“AI will not take your job. But the person who learns to use AI will.”
The Harsh Lessons from Companies That Failed to Innovate
History provides painful examples of what happens to organizations that ignore innovation or fail to reposition themselves:
• BlackBerry: Once the gold standard of business communication, it collapsed when it refused to adapt to the touchscreen smartphone era led by Apple and Samsung.
• Nokia: A market leader that dismissed the potential of smartphones, only to lose nearly all its market share to more adaptive rivals.
• Kodak: The inventor of digital photography that ironically went bankrupt because it refused to abandon its film-based legacy business model.
• Blockbuster: Ignored the digital streaming trend that Netflix pioneered. The rest is history.
• Yahoo: Failed to modernize its search and advertising business, allowing Google to dominate.
• MySpace: The original social network that stagnated while Facebook innovated and scaled.
• Sears: Once the largest U.S. retailer, it couldn’t transition from mail-order catalogs to e-commerce, and was destroyed by Amazon’s data-driven model.
These are cautionary tales for individuals, corporations, and nations alike. The lesson is clear: those who fail to innovate or embrace technological evolution are consigned to irrelevance. The same applies to today’s professionals, not just companies. Failing to become AI-literate is the equivalent of failing to learn how to read and write in the 20th century.
Imperatives for the Workforce and Leaders
The path forward is both urgent and achievable.
1. Upskill and Reskill: Every professional, banker, actuary, manufacturer, lawyer, consultant, teacher, must learn the fundamentals of AI. Take courses, earn certifications, and seek hands-on experience. Renowned institutions like Oxford, Stanford, MIT, Imperial College, and the University of Toronto offer world-leading AI programmes.
2. Apply AI Within Your Domain: Knowledge of AI must be practical. Whether in credit analysis, insurance claims, or production systems, the goal is to use AI to amplify your expertise.
3. Promote AI Governance and Ethics: AI must be used responsibly, with fairness, transparency, and accountability. Regulators and boards must insist on these safeguards.
4. Corporate Repositioning: Organisations must build AI-ready cultures, invest in digital infrastructure, and train their people. Those that fail to do so will become the next Nokia or Blockbuster.
5. Policy and National Imperatives: African governments must integrate AI into national development strategies, from education reform to census, infrastructure planning, and anti-corruption analytics.
AI or Die: The New Professional Reality
“AI or Die” may sound extreme, but it is a truth of the labour market; not physical death, but professional extinction. Those who resist this technological shift risk losing relevance, income, and influence. Those who embrace AI will multiply their productivity, creativity, and market value.
This transformation is not optional. Just as the Industrial Revolution replaced manual labour with machines, the AI Revolution is replacing manual cognition with machine intelligence. The survivors will be those who collaborate with AI, not compete against it.
The age of AI is here. It is democratizing knowledge, optimizing decisions, and redefining efficiency. For the Nigerian and African workforce, the challenge is clear: get AI-ready, or get left behind.
Final Thoughts
From my journey in investment banking to public service and now to AI leadership, I’ve learned one consistent truth; those who see the future early and prepare for it, win. AI is the greatest equalizer of our time. It will empower those who embrace it, and bypass those who don’t.
For our youth, the message is one of hope and opportunity. For our corporations and policymakers, it is one of urgency and vision. Together, we must ensure that Nigeria and Africa do not remain consumers of AI, but become creators, innovators, and global competitors in this transformative age.
Note: Sonny Iroche is the Chief Executive Officer of GenAI Learning Concepts Ltd, a pioneering artificial intelligence consulting company in Nigeria. He is a Postgraduate Scholar in Artificial Intelligence for Business at the Saïd Business School, University of Oxford, and a member of Nigeria’s National AI Strategy Committee and UNESCO’s Technical Working Group on AI Readiness Assessment in West Africa.
A former Senior Academic Fellow at the African Studies Centre, University of Oxford, and Board Director at Heirs General Insurance and the Transmission Company of Nigeria, Sonny is an AI policy advocate, speaker, and strategist championing Africa’s readiness for the AI-driven future of work.
