In a rapidly changing job market, Lanre Basamta, co-founder and CEO of Optimus AI Labs, has offered a fresh perspective on the impact of Artificial Intelligence (AI) on employment. Speaking at the FirstBank Nigerian Fintech Festival, Basamta emphasized that while AI is transforming industries, it is not the technology itself that threatens jobs, but the skills gap between those who can leverage AI and those who cannot.
Basamta’s remarks come against the backdrop of growing concern about AI’s potential to displace workers. According to the International Monetary Fund (IMF), nearly 40 percent of global employment is exposed to AI in 2024. A separate Goldman Sachs report warned that AI could replace the equivalent of 300 million full-time jobs. However, Basamta’s outlook suggests a more optimistic scenario, where AI will enhance the workforce rather than diminish it.
AI Won’t Replace People—People with AI Skills Will
Contrary to the popular belief that AI will eliminate jobs, Basamta argues that AI is not about replacing humans but rather about upskilling. “AI will not replace people, but people with AI skills will replace those without them,” he stated. He explained that while AI technology is advanced, it still lacks the nuanced understanding of human context. “The most intelligent machines are still not as intelligent as the dumbest humans because humans have the privilege of context,” Basamta added, underscoring the importance of human judgment in AI decision-making processes.
Basamta also likened AI to earlier technological advancements, such as the calculator. Just as calculators did not replace the need to learn math, AI, he suggests, will serve as an assistive tool that improves productivity without eliminating the need for human expertise. “When I talk about AI or train people on AI, they often think it’s going to transform the world entirely. But if you think of AI as a scientific calculator, you’ll realize it doesn’t replace learning; it assists it,” he said.
The Economic Potential of AI
While concerns about job displacement are widespread, the potential economic benefits of AI cannot be ignored. McKinsey & Company recently predicted that AI will add $13 trillion to the global economy by 2030, contributing an additional 1.2 percent GDP growth per year. This positions AI as a major driver of global economic growth, with the potential to enhance industries and create new opportunities across sectors.
Alex Okosi, Google’s Managing Director for Sub-Saharan Africa, shared a similar sentiment in his article titled “How AI is Accelerating Africa’s Pursuit of the Sustainable Development Goals.” Okosi highlighted the inclusive nature of AI, stressing that the technology presents opportunities for startups and entrepreneurs, not just large corporations. “AI has the potential to help power economic growth… It is not just an opportunity for big businesses, but it also creates incredible opportunities for startups and entrepreneurs,” Okosi wrote.
The Key to Success: Skills and Adaptability
For Basamta, the critical takeaway is that skills will determine who benefits from AI. “The biggest winners will be those with the requisite skills,” he explained. Simply having access to powerful AI tools won’t translate into success unless users possess the know-how to apply them effectively. “You can give the most powerful capability to the most unskilled guy, and he won’t be able to do anything because he lacks the know-how,” Basamta noted, emphasizing the need for education and training.
This view aligns with broader economic forecasts, as many experts agree that equipping the workforce with AI skills will be essential to navigating the changes brought by the Fourth Industrial Revolution. As businesses continue to adopt AI-driven technologies, the demand for skilled workers who can manage and optimize these systems is expected to surge.
Challenges for AI Adoption in Africa
While the benefits of AI are clear, Africa faces several challenges that could slow its adoption of the technology. One major hurdle is the continent’s digital infrastructure gap, which limits access to reliable internet, data centers, and AI tools. Additionally, the lack of comprehensive training programs in AI is creating a skills deficit that may leave Africa trailing in the global AI race.
Okosi of Google also pointed out that for Africa to compete globally in AI, a multifaceted approach is needed. “For Africa to catch up in the global AI race, a multi-faceted approach is required. This involves not only investment in infrastructure and education but also cultivating a culture of learning, innovation, and entrepreneurship amongst the civil service who are core to the transformation of the continent,” he stated.
Despite these challenges, Africa is well-positioned to leverage AI for economic development, particularly in areas such as agriculture, healthcare, and financial services. The African Union has already recognized AI as a key driver for its Agenda 2063, a strategic framework for the socio-economic transformation of the continent.
Conclusion: Embracing AI for Growth and Innovation
As AI continues to reshape industries, the future of work will increasingly depend on the ability of individuals and businesses to adapt. Lanre Basamta’s assertion that “people with AI skills will replace those without them” underscores the importance of upskilling in the age of AI. Both public and private sectors will need to collaborate on strategies that prepare the workforce for this new reality.
The potential for AI to drive economic growth and innovation is vast, but the key to unlocking these benefits lies in providing access to education, infrastructure, and resources that allow all individuals and businesses to thrive in a digital economy.