ADOPTION OF AI IN CORPORATE REPORTING IN NIGERIA: OPPORTUNITIES, CHALLENGES AND WAY FORWARD

Abstract

The rapid evolution of Artificial Intelligence (AI) has significantly reshaped business operations globally, with 
corporate reporting emerging as a vital area of transformation. In Nigeria, where corporate governance and financial 
accountability are central to stakeholder trust, the adoption of AI offers promising opportunities and critical 
challenges. This study explores the concept, applications, opportunities, and barriers to AI integration in corporate 
reporting within Nigerian banks and other financial institutions. AI-driven systems such as natural language 
processing, predictive analytics, and machine learning are increasingly being leveraged to enhance transparency, 
detect fraud, improve regulatory compliance, and strengthen decision-making processes. However, issues such as 
inadequate digital infrastructure, regulatory uncertainty, ethical concerns, high costs, and limited professional 
expertise pose significant challenges to adoption. The study emphasizes the need for updated regulatory 
frameworks, professional training, affordable AI tools, and collaborative stakeholder engagement to ensure 
successful implementation. The findings highlight that AI adoption in Nigeria’s corporate reporting landscape can 
enhance investor confidence, promote efficiency, and align with global best practices, provided the challenges are 
strategically addressed.