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ARTIFICIAL INTELLIGENCEADOPTION IN FINANCIAL MANAGEMENT OF TERTIARY INSTITUTIONS IN NIGERIA

ABSTRACT

This study examined artificial intelligence adoption in financial management of tertiary institutions in Nigeria. The adoption of Artificial Intelligence (AI) is transforming financial management across various sectors, including higher education. In the context of carrying out this research, the following subheads were taken into consideration among many others: concept of artificial intelligence and concept of financial management. The roles of artificial intelligence in financial management of tertiary institutions as mentioned in the study included automation of financial processes, predictive analytics/financial forecasting and fraud detection/risk management. Automating financial operations and enhancing budget planning/forecasting, among many others, were mentioned as the strategic ways of using artificial intelligence in financial management of tertiary institutions. The challenges of using artificial intelligence for financial management of tertiary institutions as mentioned in the study included high implementation costs, data privacy/security risks and lack of technical expertise. Furthermore, the study provided ways to mitigate the challenges of using artificial intelligence for financial management of tertiary institutions to include securing adequate funding for AI implementation and enhancing data security/privacy measures, to mention but a few. The study concluded that the adoption of Artificial Intelligence (AI) is revolutionizing financial management in tertiary institutions by enhancing efficiency, reducing errors, and improving decision-making. One of the recommendations made was that the Nigerian tertiary institutions should prioritise investment in AI infrastructure, including high-performance computing systems and secure cloud-based platforms.

KEYWORDS: Artificial Intelligence, Financial Management, Tertiary Institutions, Nigeria

Sakiru Abiola LAWAL, Ph.D. AND Victor Ajibayo ADEYEYE Ph.D.

INTERCONTINENTAL JOURNAL OF EDUCATION, SCIENCE AND TECHNOLOGY VOL 9. NO. 1