In a significant step towards harnessing the power of Artificial Intelligence (AI) in Nigeria, eTranzact International Plc, in partnership with the Enterprise Development Centre at Pan-Atlantic University, has launched a groundbreaking report on “AI Readiness of Nigerian SMEs”.
This comprehensive study provides valuable insights into the state of AI adoption among Nigeria’s vast Small and Medium-sized Enterprise (SME) sector.
The report offers a strategic roadmap for SMEs to assess their AI readiness, guiding informed investment and capacity-building decisions.
According to Mr. Niyi Toluwalope, Managing Director and Chief Executive Officer of eTranzact, “This research bridges the knowledge gap by helping SMEs understand their AI adoption status and what they need to compete locally and globally”.
The study highlights the enthusiasm for AI among SME entrepreneurs, but also identifies critical gaps in awareness, access, and tailored solutions necessary to harness AI’s full potential.
The study, conducted across key regions including Enugu, Kano, Lagos, Abuja, and Port Harcourt, reveals the state of AI adoption readiness among Nigeria’s over 39 million SMEs and Micro, Small, and Medium-sized Enterprises (MSMEs). The report provides a range of recommendations, including:
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- Developing practical AI solutions that address real business needs
- Enhancing awareness and access to AI technology among SMEs
- Fostering an inclusive and intelligent digital economy in Nigeria
The report is the result of a collaborative effort between eTranzact and the Enterprise Development Centre, involving a mixed-method research approach with both quantitative and qualitative data collection and analysis methods. The study gathered insights from over 5,290 SME responses across the 36 states of the federation, including the Federal Capital Territory, and 212 participants in focus group discussions/summits.
The report’s findings will empower policymakers, financiers, and educators to design support programs that cater to the specific needs of SMEs.
According to Dr. Olawale Anifowose, Director of Programs & Partnerships at the Enterprise Development Centre, “The study adopted a mixed-method research approach, providing rich, in-depth information about issues in the study.” The report offers a strategic blueprint to enhance competitiveness, job creation, and innovation-driven growth in Nigeria.
