In an interview on Arise TV's Global Business Report, Femi Odewunmi, Group CEO of Creative Intelligence Group, expressed optimism about the impact of AI on Nigeria's creative economy while highlighting the need for its strategic adaptation.
Odewunmi emphasized the catalytic role of social media in business strategies, enabling connections with existing audiences and reaching new ones across various sectors. However, he cautioned about potential disruptions, such as the possible TikTok ban in the US, which could economically impact businesses and content creators who have monetized their content on the platform.
"The potential ban on TikTok in the US could disrupt businesses and content creators who have monetized their content on the platform, leading to economic repercussions," Odewunmi stated. "It is robbing them of access to their existing audiences and causing an economic disruption."
Odewunmi also highlighted the political influence of social media platforms like TikTok, which has raised concerns about data privacy and national security, leading to the desire for US ownership.
Discussing the impact of AI on traditional politics, Odewunmi noted that while AI is creating new opportunities for underdogs in elections, it also presents challenges like misinformation. "Strategies need to be developed to combat misinformation and manage reputations effectively in this new landscape," he advised.
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Regarding the implications of AI on Nigeria's creative economy, Odewunmi pointed out that AI tools like Sora can open up opportunities for new content creators, enable professionals to upscale and work faster, but may also make some traditional roles obsolete.
He emphasized the need for individuals to adapt to AI technology by upscaling skills or becoming creative engineers to tailor AI-generated content to directorial needs.
Odewunmi also stressed the importance of embracing agile strategy for creative solutions, which he and his team adopt in dynamic situations.
While maintaining a cautious yet optimistic outlook on Nigeria's creative economy, Odewunmi acknowledged the importance of robust implementation to realize ambitious plans, citing the need for strategic planning and mitigating disruptive factors like fluctuating exchange rates.
