THE IMPACT OF ARTIFICIAL INTELLIGENCE ON NIGERIAN COMMERCIAL LAW: A STUDY OF THE LEGAL AND ETHICAL IMPLICATIONS OF AI-DRIVEN CONTRACTS AND TRANSACTIONS

Abstract

This study examines the impact of Artificial Intelligence (AI) on Nigerian commercial law, with a focus on the legal and ethical implications of AI-driven contracts and transactions. The increasing integration of AI in commercial transactions has significant implications for Nigerian commercial law, and this research aims to critically analyze the existing legal framework governing commercial transactions in Nigeria and identify the gaps and challenges posed by the emergence of AI-driven contracts and transactions. Using a doctrinal/analytical research methodology, this study conducts a comprehensive review of relevant literatures, statutes, case laws, and regulatory frameworks to examine the extent to which Nigerian commercial law accommodates the unique features of AI-driven contracts and transactions. The study reveals that while Nigerian commercial law provides a framework for regulating commercial transactions, it lacks specific provisions addressing the challenges posed by AI-driven contracts and transactions, including contract formation, liability, and dispute resolution. The study identifies key areas of concern, including the potential for bias in AI decision-making, the need for transparency and explainability in AI-driven contracts, and the implications of AI-driven contracts for traditional notions of contract law. The study concludes by recommending reforms to Nigerian commercial law to address the challenges posed by AI-driven contracts and transactions, including the development of guidelines and regulations that address the unique features of AI-driven contracts and transactions. Ultimately, this research aims to contribute to the development of a robust and adaptive legal framework for regulating AI-driven contracts and transactions in Nigeria, and to inform policymakers, lawyers, and industry stakeholders on the need for a proactive and adaptive regulatory approach to AI-driven contracts and transactions in Nigeria.