eTranzact, EDC Partner to Boost AI Adoption Among Nigerian SMEs
eTranzact International Plc has joined forces with the Enterprise Development Centre (EDC) of Pan-Atlantic University to launch a groundbreaking report titled “Artificial Intelligence Readiness of Nigerian SMEs.” The initiative aims to accelerate the adoption of Artificial Intelligence (AI) across Nigeria’s Small and Medium Enterprises (SMEs), enabling them to compete effectively in a rapidly evolving digital economy.
The report was unveiled at the EDC headquarters in Lagos and explores AI’s potential to transform industries, improve operational processes, and enhance customer engagement for businesses.
The Role of SMEs in Economic Growth
Managing Director and CEO of eTranzact, Niyi Toluwalope, emphasized the importance of supporting SMEs, stating:
“As a super fintech enabling inclusive growth in Nigeria, we recognise the vital role SMEs play in driving economic development, employment, and innovation. Our partnership with EDC reflects our commitment to their growth and resilience.”
With over 39 million SMEs contributing significantly to Nigeria’s GDP, the study aims to bridge the gap between AI’s promise and its practical adoption in everyday business operations.
Findings from the AI Readiness Study
The research reveals that while awareness of AI is increasing, especially in ICT and creative industries, adoption remains low in sectors like agriculture and fashion.
Key insights include:
Strong interest in AI-powered tools but low awareness of practical applications.
Limited access to affordable and context-specific AI solutions.
Need for AI policies that address data privacy, tax incentives, and simpler regulations.
According to Olawale Anifowose, Director of Programmes and Partnerships at EDC:
“The AI Readiness Study reveals both challenges and opportunities. We see growth in awareness, but more effort is needed to encourage adoption across diverse sectors.”
The study was drawn from over 5,500 participants across 36 states and the FCT, combining surveys and focus group discussions.
“With the right policies, investments, and training, Nigerian SMEs can harness the power of AI to transform their operations, create new opportunities, and compete on a global scale.”
Recommendations for the Future
The report calls for:
Government investment in locally relevant AI tools.
Promotion of indigenous AI innovations.
Private sector partnerships to create affordable, user-friendly AI solutions.
AI skills development through training programmes and educational initiatives.
The eTranzact–EDC collaboration marks a major step towards empowering Nigerian SMEs with AI. With the right policies, investments, and training, small businesses can harness AI to boost productivity, improve customer service, and thrive in the digital age.
