The vice chancellor of Victoria University Dr Lawrence Muganga has emphasized the need for training students especially those at higher institutions of learning in Artificial Intelligence (AI) technologies as this will prepare them for the growing digital economy.
According to Muganga, the global equity market capitalization is forecast to be at $300 trillion by 2030, up from $100 trillion in 2023 with the traditional economy contributing only 30 percent and the disruptive innovation technologies contributing 70 percent.
"If we are confronted with the world economy that looks like that, where do you invest your money? How do you train students? Do you take them to an economy that is expiring day by day and is shrinking or you go with an economy that is expanding and growing every day? If you are looking for job creation and better productivity, you invest in disruptive innovation or the digital economy now," he said.
He, therefore, revealed that Victoria University in collaboration with different partners around the world like the Next Train Academy, they have built and set up an AI education platform where effective this October, all students will be able to access AI training for free until they complete their studies.
He further revealed that the university is setting up an AI computer laboratory where Ugandan universities will be able to developed their own Artificial Intelligence systems that speak our languages and understand our business practices.
"We are setting up an AI computer lab for research and development with the strongest Graphics Processing Units (GPUs) on the market. To us, AI is something we are not going to compromise on because we know what it can do to improve our students, communities and the economy."
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Muganga said these during Victoria University's 8th graduation ceremony which took place on September 20, 2024 at Speke Resort Munyonyo under the theme "Preparing Students for the Age of AI."
The graduation saw a total of 1470 students; 692 males and 778 females graduate in masters, bachelors, Diploma and Certificate levels of education in different courses.
The deputy speaker of parliament, Thomas Tayebwa, who was the guest of honor at the graduation ceremony, also urged students to swiftly adapt to the digital world because we are moving towards a world where everything is going to be controlled by technology.
"Some people are misunderstanding AI that it will take away their jobs. No, it won't, but if you don't play along and catch up, then you won't fit in and, therefore, you have to take advantage of it fast," he told the graduands.
Tayebwa further implored universities to invest more in carrying out groundbreaking research and innovations as this will help in finding tailor-made solutions to Uganda's and Africa's problems.
"Most of the research we have in this country is funded by foreigners but they can only fund that which serves their interests. So, I want us as a government and the private sector to invest in research that is tailor-made to address our issues as Uganda and Africa because that is the only way we shall be transformative and make a magical contribution to the transformation of our country."
