Transforming Agriculture with AI: The Online Business Community in Nigeria Leads the Way

Nigeria’s agriculture is undergoing a remarkable transformation. The online business community is at the forefront of this transformation. They are using artificial intelligence (AI) to address long-standing challenges in the agricultural sector. 
This unique approach is changing how farmers work for the business community in Nigeria and creating new opportunities for economic growth and food security.

The Present Agricultural Landscape in Nigeria 

Nigeria faces significant agricultural challenges. With limited access to information, small-scale farmers struggle with low productivity and unpredictable environmental conditions.
Traditional farming methods of community platforms in Nigeria have often resulted in low yields and economic instability for rural communities.
Right now, AI is emerging as a powerful tool to overcome the barriers. To support Nigerian farmers online platforms and tech-savvy entrepreneurs are developing solutions. These innovations are making agriculture more efficient, profitable, and sustainable.

Crop Monitoring and Prediction With AI
One of the most exciting developments is AL-powered crop monitoring technology. This development includes:

• Using satellite imagery
• drone technology
• machine learning algorithms.
  With the help of all these farmers can now:
• Detect crop diseases early
• Predict potential yield outcomes
• Monitor soil health in real-time
• Identify the ideal time for planting and harvesting.

Farmers can have some actionable insights with these technologies that were previously unavailable
For the business community in Nigeria, young Nigerian tech entrepreneurs are creating mobile applications. 
These can translate complex data into simple and understandable recommendations.

Precision Agriculture Takes Center Stage
Farming practices are now revolutionizing through precision agriculture. AI systems help farmers optimize resource usage by:

• Calculating exact water requirements
• Determining precise fertilizer needs
• Mapping crop health across different field sections
• Reducing waste and improving overall farm efficiency

Farmers can now produce more with fewer resources with these targeted approaches. All these are particularly crucial in regions with limited agricultural infrastructure.

Market Access and Price Optimization
The online business community in Nigeria powered by AI is bridging the gap between farmers and markets. 

• These innovative solutions help farmers:
• Understand real-time market prices
• Connect directly with buyers
• Predict market trends
• Make informed selling decisions
   

By providing transparent and accessible market information, these platforms empower farmers to negotiate better prices and reduce intermediary costs.

Training and Skill Development

The business community in Nigeria is not just providing technological solutions but focuses on education and skill development. 
AI-driven learning platforms offer:

• Personalized agricultural training modules
• Video tutorials on modern farming techniques
• Interactive workshops
• Language-specific content for diverse Nigerian communities.

These educational resources are helping farmers adapt to new technologies and improve their agricultural practices.

Overcoming Challenges and Limitations
Despite the progress, challenges remain. Limited internet connectivity, high technology costs, and digital literacy barriers can slow adoption. However, Nigerian entrepreneurs are addressing these issues through:

• Low-cost technology solutions
• Offline-capable applications
• Community training programs
• Partnerships with local governments and international organizations.

Economic and Social Impact
The integration of AI in agriculture is creating significant economic opportunities. Young Nigerian entrepreneurs are:

• Creating jobs in the tech and agricultural sectors
• Attracting investment to agricultural technology
• Improving food security
• Empowering rural communities.

Conclusion

All the business community platforms in Nigeria are demonstrating how AI can transform traditional agricultural practices. Entrepreneurs are creating a more efficient and sustainable also prosperous agricultural ecosystem. To create these they are combining technology and innovation with local knowledge.
The journey has just begun, but the potential is immense. Nigerian agriculture stands at the cusp of a technological revolution as AI continues to evolve. These can serve as a model for agricultural transformation worldwide.

The Impact of Nigeria's Online Business Community on AI Framework Creation

In the heart of West Africa, a digital revolution is unfolding, and Nigeria stands at the forefront of this transformation. Just imagine a bustling marketplace where traditional commerce meets cutting-edge technology; this is the essence of Nigeria's online business community. With a population eager to embrace digital solutions and a vibrant startup ecosystem, Nigeria is poised to become a powerhouse in AI development on the African continent. This community post explores how Nigeria's burgeoning online business ecosystem is influencing the creation of AI frameworks, focusing on several key areas: digital entrepreneurship, regulatory development, and collaborative efforts. Let’s dive in to find out the impact of the online business community in Nigeria and AI on the commercial arena. 

The Role of Nigeria's Online Business Community in AI Development

Emergence of digital entrepreneurship and AI adoption

Initiatives like the Inclusive Digital Entrepreneurship in the Agri-Food Sector (IDEAS) project have empowered small business owners with minimal technical skills to leverage AI tools for improving their market presence. Entrepreneurs are learning to create compelling product descriptions and engaging social media content using generative AI, which has helped them expand their reach beyond local markets. Such a shift in business practices is shaping the trajectory of Nigeria in a new manner, and it aims to weaponise the opportunities that are brought out by agreements like the African Continental Free Trade Agreement, which opens new avenues for trade across the continent. Here the best Nigeria business community remains at the forefront and encourages such initiatives; even in some cases, the hackathons and brainstorming sessions are organised by these communities. 

Development of regulatory framework

The Nigerian government is actively working on its National Artificial Intelligence Strategy, which aims to establish guidelines for ethical and responsible AI integration into various sectors. This initiative is crucial as it seeks to address potential risks associated with data privacy, security, and ethical use of AI. The reputed online community in Nigeriais also imparting knowledge regarding the regulatory frameworks that can help in navigating AI frameworks in an efficient manner and, at the same time, can hone the existing skills of the youth population. 

Collaboration and Knowledge Sharing

Collaboration within the online business community in Nigeria is vital for fostering innovation in AI. The establishment of networks that connect entrepreneurs with global experts allows for knowledge sharing and collaborative projects that can drive technological advancements. For instance, by engaging with diaspora networks, the entrepreneurs can facilitate access to expertise and funding necessary for scaling AI initiatives. The best part of the online community in Nigeria is that it is a platform for gathering the different individuals to share and exchange valuable thoughts and knowledge. On the other hand, these community platforms are also instrumental in offering huge opportunities for networking to the youth. To alleviate the social evils like poverty and unemployment, AI and online communities can come to rescue. 

Final Thoughts

The impact of Nigeria's online business community on the creation of an AI framework is profound and multifaceted. As we look ahead, it’s clear that Nigeria’s commitment to integrating artificial intelligence into its economic fabric will not only transform individual enterprises but also redefine what is possible on a national scale. To get more insights on the AI framework and to become a part of the AI revolution, connect with the best online community today! 
 

Building the Future Together: The Nigeria Startup Act and the Rise of Thriving Startup Communities
Imagine a continent pulsing with some untapped potential and young minds are ready to transform bold ideas into revolutionary technologies!
This is Nigeria, where a vibrant nation is standing at the precipice of a digital revolution.
In this changing scenario, the Nigeria Startup Act stands out not merely as legislation but as a beacon of hope for the best community platforms in Nigeria. This strategic initiative is poised to harness the entrepreneurial spirit of millions. This also transformed the bureaucratic challenges into powerful platforms for opportunity and growth.
This isn't just policy—it is a national declaration that Nigeria is ready to claim its place on the global technological stage.

Breaking Down Barriers: The Path to Transformation
Before the Startup Act, Nigerian entrepreneurs of community for startups faced a labyrinth of challenges. Bureaucratic red tape, limited funding access, and complex regulatory environments stifled creativity and discouraged potential investors. 
Brilliant minds struggled to transform innovative ideas into viable businesses, with the startup ecosystem fragmented and potential largely untapped.

A Comprehensive Framework of Support
Through three important pillars, the act introduces a detailed method to nurturing entrepreneurship of the community for startups in Nigeria:

Financial Empowerment

• Tax breaks for startup companies
• Reduced corporate tax rates
• Targeted grants and funding opportunities
• Simplified tax compliance mechanisms.

Regulatory Streamlining

• Accelerated business registration processes
• Reduced bureaucratic barriers
• Establishment of a dedicated startup support office
• Enhanced access to government contracts.

Talent Development

• Scholarship programs for tech education
• Robust skill development initiatives
• Encouragement of local and international collaborations
• Promotion of STEM education.

Transformative Financial Incentives

The Act's financial framework is particularly compelling. It introduces:

• Tax holidays for qualifying startups
• Innovative funding mechanisms
• Comprehensive investment support programs.

To attract both local and international investment, these incentives are strategically designed for the community of startups in Nigeria. 
All these are signaling Nigeria's ambitious vision of becoming a global tech hub.

Regulatory Simplification: Removing Roadblocks

The Act dramatically, perhaps most significantly simplifies business registration. Startups of community for startups in Nigeriacan now:

• Register businesses more rapidly
• Navigate streamlined compliance procedures
• Operate within a more transparent regulatory environment.

Cultivating Human Capital
This Act recognizes that talent is the most critical resource. So it provides comprehensive support for:

• Skills development programs
• Strategic talent attraction and retention strategies
• Collaborative initiatives between educational institutions and the tech industry
• Visa and immigration support for tech professionals.

Ripple Effects Across the Ecosystem
The Act's impact extends far beyond bureaucratic reforms:

• Innovation Hubs

Major Nigerian cities like Lagos, Abuja, and Port Harcourt are transforming into vibrant tech clusters. These ecosystems are becoming breeding grounds for ground breaking solutions in education, healthcare, fintech, and beyond.

• Global Investment Attraction

International investors are taking notice. Venture capital firms and angel investors increasingly view Nigeria as a prime destination for technological investments. They are drawn by the stable and supportive environment.

Challenges on the Horizon

Despite the promising framework, challenges remain:

• Sustaining investment momentum
• Developing robust digital infrastructure
• Bridging skills gaps
• Ensuring inclusive growth across different regions.

The Journey Ahead
As this transformative journey unfolds, the future looks incredibly promising. The Nigeria Startup Act stands for the best community platforms in Nigeriaas a testament to the power of collaborative entrepreneurship, a beacon of hope that illuminates the path toward digital excellence and economic reinvention.
The story of Nigeria's startup ecosystem is just beginning, and the world is watching with anticipation.
 

Nigeria's Online Business Community Leads the Way in AI Framework Development

After the emergence of the COVID-19 pandemic, digital transformation has become the only reality everywhere all across the globe, and in Nigeria, it is going on full swing to alter the industrial trajectory of this country. With a concerted effort from the government, private sector, and educational institutions, Nigeria aims to harness AI's potential for economic growth and societal improvement. In recent years, the global landscape of AI has undergone a huge shift, and it is compelling the young enthusiasts to come up with avant-garde ideas that go well with this AI-driven environment. Nigeria boasts one of the largest populations of tech-savvy youth in the world, many of whom are eager to harness their skills to create solutions that can impact various sectors, from agriculture to healthcare and beyond. As we delve deeper into this topic, we will explore how the community platforms in Nigeria are at the forefront of this AI revolution. 
The Role of the Online Business Community
The online business community in Nigeria plays a pivotal role in shaping the landscape of artificial intelligence and digital transformation across various sectors. This community encompasses a diverse array of stakeholders, including startups, established enterprises, tech enthusiasts, and educational institutions, all of which contribute to a vibrant ecosystem that fosters innovation and collaboration.
The best online business community in Nigeria plays a vital role in empowering the SMEs by providing access to AI tools and resources that were previously unavailable. On the other hand, initiatives in Nigeria, such as the IDEAS project, have demonstrated how generative AI can help small businesses enhance their marketing efforts by creating compelling product descriptions and eye-catching images. The objective of this project is to help the youths of Nigeria in honing their existing knowledge and skill set for delivering better outputs. 
Besides, the reputed business community in Nigeria also takes part in and is instrumental in fostering educational opportunities related to AI technologies. For instance, the youth population in Nigeria, especially the fresh graduates who are lacking the pertinent skills to grab a job in the tech sector, can effortlessly get better opportunities and make a prosperous career ahead. 
One of the most significant contributions of the online business community in Nigeriais its ability to drive innovation through collaboration. For instance, organisations like AI in Nigeria are actively localising AI solutions to meet the specific needs of Nigerian companies, ensuring that innovations are both relevant and impactful. 
Future Prospects
The Nigerian government in the present context is investing in the field of AI to derive the desired outputs in the tech sector. By fostering an environment conducive to AI development through regulatory support, investment in infrastructure, and capacity building, Nigeria is poised to lead the way in responsible AI adoption.
Conclusion
When Nigeria is excelling with its National Artificial Intelligence Strategy, the collaboration between government entities, private businesses, and educational institutions will be vital in shaping a robust AI ecosystem. Weaponising its rich pool of talent and fostering innovation through ethical practices, the business community in Nigeriais set to lead the way in AI framework development not just within Africa but on a global scale. 
 

Connecting Farmers with AI: The Impact of Nigeria’s Online Business Community

Agriculture plays a crucial role in food supply availability and socioeconomic growth in Nigeria. The country has an immense potential to use Artificial Intelligence, AI for developing agricultural issues and food security. Being the most populated country in Africa, Nigeria is facing a considerable number of challenges in meeting the food supply demand of its natives. The online business community in Nigeria brings a budding solution to the scenario. AI-based farming methods and practices, automating tasks via integrated data analytics can be a boon to the Nigerian farmers.  
Several Agricultural tech companies are now offering AI-driven farming knowledge and solutions to the farmers by ensuring food supply sustainability for the coming days in Nigeria. The Nigerian business community is highly appreciating and evolving with such initiative.
Farmers benefit from AI-driven insights:
While conventional farming is unable to meet the growing food and nutrition demand of the mass of Nigeria, AI-driven farming techniques can be a savior. AI can connect farmers to direct marketers. It can also determine the exact input of needed crops to the farmers through AI applications. 
Informative Insights/ AI data:
Many Agro-tech companies provide agronomic analysis to the farmers like advance crop and soil health analysis, yield optimization and recommending inputs. AI-driven insights are collected and analyzed from satellites, drones, pesticide usage, and soil sensors, to anticipate yields.  This also minimizes waste, and guides the farmers to customize their finances, farm inputs, and insurance.  
Optimization of food supply:
Online community in Nigeria are letting the farmers to connect with the buyers. The AI-driven platform align the supply chain following the market demand for both parties.Nigeria Business Community incorporates with generative business solutions and evolving with AI-based agricultural practices.
New edge farming:
AI solutions are highly impacting the farming structure of Nigeria by upgrading the usage of resources and crop yields increasing. An online community in Nigeria benefiting agronomic advisory platforms for the farmers. This can ensure a stable income for the farmers. Many Agro-startups are providing AI-driven platform services that can determine soil and crop health by using remote sensing in the process.

The Nigerian Government also provides ample support for adopting AI in the agricultural sector. The Government is supporting financially to facilitate sharing knowledge and working together among organizations and individuals in AI-based solution in Agriculture. The highest authority of the country also initiated several training programs and capacity building to equip researchers, entrepreneurs and farmers to propel AI among farmers. Now, Nigerian farmers can get access of AI-driven data, information, and solutions from agro-tech start-ups, capacity-building programs and government initiatives. As AI can deal with upcoming challenges like climate issues, soil conditions and resource management, it is high time to upgrade the farming scenario with AI solutions across the country. Advanced program like leveraging AI tools, machine learning and AI farming solutions helps to get topics like data analytics, and precision farming for farm management. Nigeria’s business community is highly welcoming several schemes and proposals to promote AI in the agricultural sector for the economic betterment of Future Nigeria!
 

AI revolutionising startups: A leap forward for Nigeria and Africa
The impact of AI is already felt all over the world, while Africa as an emerging hub is currently working as a vibrant hub of innovation. Overall, Nigeria these days is gaining popularity among the young population who have an entrepreneurial spirit in them. That is why they are coming up with progressive solutions for pressing challenges like global food scarcity and climatic changes. This technological revolution is not merely about adopting new tools; it represents a fundamental shift in how businesses operate, solve problems, and create value. Through community platforms in Nigeria, here in this community for startups, we are going to discuss how Nigerian startups are revolutionising AI to leave a positive impact on the community as a whole.
The Rise of AI Startups in Nigeria

In recent years, Nigeria has witnessed a surge in AI startups, driven by a combination of entrepreneurial spirit, educational initiatives, and supportive government policies. The Nigerian government is actively promoting technological innovation, integrating AI across various sectors to enhance public services and economic growth. This has led to collaborations with global tech companies and academic institutions, fostering research and development in AI. Here is the list of the key players in this domain that are also ramping up the community for startup in Nigeria and inviting the youth population to take part in the significant knowledge-sharing process.

Greenbii

Greenbii places its emphasis on asset financing and software management for SMEs. It takes pride in AI-driven recommendations on necessary software and devices while facilitating funding for business tools. Even assessing businesses quickly, Greenbii assists and guides SMEs to find suitable repayment plans for the technology they need, fostering growth in this critical sector of the economy.

Jamborow

Jamborow stands out as a B2B AI and blockchain-driven platform focused on financial inclusion. It primarily targets unbanked populations across Africa by automating credit checks through a proprietary scoring algorithm. AI in Nigeria is enabling this kind of innovative startup to create a new horizon of opportunities for farmers. That is why Jamborrow is offering tailored services and providing farmers the advanced insights regarding the Jamborow AgTech initiative. It is anticipated that later on it will improve the decision-making capability of the farmers.

Nomba

Although Nomba started its journey as Kudi.AI in the year 2017, it has taken part in transforming a chatbot into a comprehensive payment solutions provider. The focus of this company is on empowering varied businesses via accepting payments, managing operations, and improving customer interactions. Utilising the community for startups, such business endeavours are not only making full use of AI but also creating job opportunities for skilled youth. Presently, Nomba provides a suite of services including point-of-sale terminals, sales management tools, and banking solutions tailored for different business sizes. In 2023, Nomba raised $30 million in pre-Series B funding to expand its offerings further, including a new POS device called Nomba MAX, which aims to integrate various business functions into one platform.

Aibanc

AI and job creation are always allied together and due to this reason, new-age startups are becoming popular among the skilled job-aspirant youths in Nigeria. Aibanc is an emerging player that capitalises on AI for digital lending solutions. On the other hand, it allows users to access credit via a mobile app, employing machine learning models to personalize the lending experience.

Conclusion

The rise of AI-based Nigerian startups represents a transformative shift towards a tech-driven future. While underlying challenges such as funding and talent shortages persist, the growth opportunities are substantial. However, with continued governmental support and investment in education and infrastructure, Nigeria is predicted to become a key player in the global AI landscape. By leveraging the community for startup in Nigeria, these businesses can amplify their impact, foster innovation, and engage in meaningful knowledge-sharing that benefits the broader society.

The Human Touch: Balancing AI with Traditional Skills in Nigerian Agriculture

Agriculture since the inception of the society has remained to be the foundation. When it comes to Nigeria, it is found that nearly 40% of its population relies on it as a significant source of livelihood. Amidst the challenges related to food security, climate change, and poor agricultural practices, it has become mandatory to weaponize the full potential of AI to derive the best quality outputs. On the other hand, the high-quality yields in adequate amounts can also address the pressing challenges like food scarcity. Nowadays, the Nigerian startups that specialize in the development of agri-tech solutions are influencing the process of upliftment of the communities positively. This community post aims to dive deep into balancing AI with traditional agricultural practices for top-quality yields, while also exploring the role of the Nigeria business community in fostering innovation in this space.  

Balancing AI with Traditional Skills in Nigeria  

Agriculture in Nigeria has witnessed a shift in the present time. Leveraging the potential of AI solutions, the farmers of this country are indulging in data-driven decision-making. Despite such modern innovations in place, there is a population of farmers who are far away from proper digital knowledge and the right skills. AI in Agriculture is allowing farmers to provide actionable insights on soil health and crop conditions and minimize resource wastage. Here are the ways through which the farmers in Nigeria integrate AI with traditional skills, often supported by initiatives from the Nigeria business community.  

Integrating Knowledge Systems

 When it comes to achieving optimal outcomes in the agricultural sphere, it is of paramount importance to embrace an integrated approach. Here are the several ways through which the farmers in Nigeria can possess a profound understanding of the local ecosystem and can shape their local practices accordingly to come up with the desired outputs.  

 Weather Patterns

Traditional farmers are presently relying on indigenous knowledge to interpret seasonal changes and weather patterns. This expertise aids in making the right prediction of rainfall, drought, and other climatic conditions that may influence the crops. Precision farming in Nigeria is coming forward to analyze the weather-related data sets for the best decision-making practices.  

Local Ecosystem Insights  
The farmers and the people hailing from agricultural backgrounds are well aware of the unique characteristics of the land, including soil types, water availability, and biodiversity. This deep-rooted understanding comes in handy in making informed decisions related to crop types and others.  

Crop Management Techniques  

The knowledge about pest control, crop rotation, and others is invaluable in agricultural practices. The most intriguing part is that Nigerian farmers now have the liberty to amalgamate organic or low-cost solutions with high-tech approaches.  

Training Programs  
By designing comprehensive training programs, farmers can be empowered with the right set of AI knowledge and at the same time integrate it with traditional practices to derive optimal outcomes in the long run. Even the online community in Nigeriais educating entrepreneurs and farmers with the right set of digital knowledge that is congruent with modern-age agricultural practices.  

Community-Based Approaches  
The community-based initiatives can also be considered by the policymakers of Nigeria for the dissemination of knowledge more effectively. Local agricultural cooperatives enable the farmers to gain exposure to new technologies.  

Final Thoughts  
The future of agriculture in Nigeria lies in the strategic integration of AI and traditional norms. However, the Nigeria business communityis coming ahead with the initiative of knowledge dissemination that can prove to be beneficial for both the people and the country as a whole. This balanced approach not only addresses immediate challenges such as food security but also ensures that the rich agricultural traditions of the nation are preserved. To navigate the complex agricultural environment, the participation of tech-based Nigerian startups is an absolute must-have action.  

From Farmhand to Foreman: How AI is Empowering Nigerian Farmers

In recent years, Nigeria has been brimming with endless possibilities especially when it comes to agriculture and at the same time, it is enabling the farmers to ensure the availability of food. AI in Nigeria is contributing to the smart farming practices that stand for the integration of data analytics with AI to enhance productivity and bless the farmers with top-quality crops. With over 200 million people, Nigeria is Africa's most populous nation, and its agricultural sector plays a vital role in sustaining livelihoods and ensuring food availability.

Overview of AI in Nigerian Agriculture 

Traditional farming falls short of mitigating this rising demand for food items and streamlining the required degree of nutrition among the growing population of Nigeria.  However, from precision farming techniques that tailor inputs to specific crop needs to AI-driven platforms that connect farmers directly with markets, the applications of AI are diverse and impactful. As per the statistical data, the AI market in Nigeria is projected to rise by 28.1%. On the other hand, Nigerian farmers have reported a 70% increase in income and a 35% increase in yields due to the presence of climate-smart technologies. Here in this community post, we are going to encompass how AI in business is empowering Nigerian farmers and enabling them to diversify their income stream. 

Data-Driven Insights

AI solutions are crafted uniquely to collect and analyze vast amounts of data from various sources like drones, satellites, and IoT devices that can offer actionable insights. Companies like AirSmat are capitalising on this data to improve water, fertilizer, and pesticide usage, anticipate yields, and hone overall farm management. This results in minimizing waste and environmental impact. Nigeria business community in the current scenario is integrating agricultural practices with innovative business solutions to help the farmers in retrieving the best outputs ever. 

Disease Detection and Management
AI-powered agricultural solutions in the present time are enabling the farmers to diagnose the diseases of the crops. Farmers are weaponising smartphone applications to capture pictures of the infected plants. This advanced process of diagnosis aids the process of prevention of the spread of infection and in this process, the high quality of crops can be derived.  

Supply Chain Optimization
Nowadays, the renowned community platforms in Nigeria are helping the farmers to get connected with the buyers and in this process, the interruption of the intermediaries gets reduced. Usage of AI here comes in handy and it takes part in aligning the supply with that of the market demand. 

Precision Farming

Last but not least, AI technologies are influencing precision farming and allowing farmers to improve the usage of resources and increase crop yields. For instance, startups like Kitovu offer AI-driven agronomic advisory platforms that analyze soil and crop health using remote sensing. Even the Nigeria business community is offering platforms for these budding agricultural endeavours so that the farmers can make their income stream stable. 

Final Words
AI has the potential to change the course of agriculture in every possible manner and allow farmers to get better access to the market. It is expected that the participation of the online communities and AI in the upcoming future will take part in dealing with climate issues more wisely so that it leaves no detrimental impact on the farmers. 

Discussing the role of AI in streamlining operations and enhancing customer experiences in Nigerian banks and fintech companies

The arrival of AI in the commercial sector has changed the entire course of business and it has even left an indelible impact on the way the brands communicate with the consumers. The banking sector in recent times has witnessed a major change under the spell of AI as it has already started to make the process more efficient than ever. Forget those days of accepting the long queue in banks, when AI in business is cutting down the waiting time. Let's dive into this post to discover how AI is shaping the trajectory of banking for an automated future. 

The Potential of AI in Transforming the Nigerian Banking Sector 

The Nigerian banking sector in the present scenario is gradually moving towards complete digitalisation by deviating from the trajectory of conventional banking. Even the online community in Nigeria is also shedding light on the ongoing AI revolution in the banking sector that is optimising the customer experience as a whole. AI in Nigeria is serving the role of catalyst and opening up the outlets of endless scopes. 
As per a recent survey, 77% of banking professionals in Nigeria have faith in AI which can determine the success of financial institutions in the upcoming years. Here are the ways through which the banking sector and even financial Nigerian startups are adding perfection to their operational process. Here are the ways through which AI is revolutionising the banking sector. 

Fraud Detection and Prevention

The rise of digital banking activities is giving rise to the chances of fraud everywhere. In Nigeria, banks and financial organisations are relying on AI to address the enhanced risk of fraud. The best part is that banks in Nigeria can promptly activate security protocols when suspicious behaviour is detected, significantly reducing potential losses from fraud. Joining the community for startups can also be of help for the business owners. 

Personalized Services

AI enables Nigerian banks to offer personalized services tailored to individual customer needs. Through sophisticated data analysis, financial institutions including Nigerian startups can segment customers based on their behaviors and preferences, allowing for targeted marketing and customized product offerings. For instance, banks can use AI to provide personalized financial advice or suggest relevant financial products based on a customer's transaction history. 

Improved Degree of Customer Engagement

Ai-reinforced solutions enable an enhanced degree of engagement via proactive communication. In the presence of AI chatbots, Nigerian banks can receive alerts of unusual financial transactions directly on the mobiles of the customers. These practices keep the customers informed and consolidate the commitment to security. Community for startups help the ethusiasts and the business owners to gain more insights regarding the customer engagement.

 Automation of Routine Tasks

In the banking sector, repetitive routine tasks like transaction processing, account management and resolving customer-related enquiries make the process more complex. That is why by embracing AI chatbots, banks in Nigeria can minimise the workload on the banking staff and focus on more complex issues that require human intervention. The best business community in Nigeria here can arm you with significant knowledge regarding automation of the routined tasks and others.  

Enhanced Credit Risk Management

Utilizing machine learning algorithms, Nigerian banks can evaluate borrower creditworthiness more accurately by analyzing vast amounts of data to predict default probabilities. This shift towards data-driven decision-making enhances lending processes and minimizes credit losses for financial institutions.

Final Thoughts

The role of AI in the Nigerian banking sector is enhancing customer experiences and at the same time making this sector more resilient. The adoption of AI in banking and fintech is anticipated to bring a trail of positive changes in future. To know more about AI in the Nigerian banking sector and its impact on customer experience, join the best business community Nigeria today!
 

An overview of the challenges and opportunities for startups in Nigeria, including funding, mentorship, and networking

The Nigerian landscape of business and startups is becoming more vibrant these days as young youth entrepreneurs are coming up with unique business ideas in their minds. With over 200 million of population, Nigeria is taking pride in its status of being Africa's economic powerhouse. However, when it comes to business endeavours, the path to success is strewn with hindrances. Alongside the challenges, there are endless opportunities that are there for Nigerian startups. Here in this community post, we are going to explore the key opportunities and challenges for startups in Nigeria with special emphasis on funding, mentorship and networking. 

Challenges for  Startups in Nigeria 

The challenges and opportunities always go hand in hand and when it comes to digital transformation in Nigerian businesses, there is absolutely no exception. Here are the potential challenges that intend to put the entrepreneurial spirit of the youths to the test. 

Limited access to funding

Access to capital appears to be a grave challenge to Nigerian entrepreneurs as they are striving to get secured funding from reliable sources. Even traditional banking organizations are often found to be too reluctant to offer loans to entrepreneurs due to perceived risk factors. 

Infrastructural deficiencies

Despite the high potential, the infrastructure here in Nigeria is still insufficient to encourage the business's smooth flow. For tech startups, it can hinder growth or may turn the flow of business to be stagnant. 

Gap in skill

Although the youth population has the enthusiasm to launch innovative endeavours, startups are still struggling to find the skilled human resources to fuel innovation. The best business community in Nigeria in this way is helping the youths to rise over the unemployment problem.

 Opportunities for Startups in Nigeria

Nigeria in the heart of Africa is undergoing huge traction in startup activities due to the entry of the youth population in the commercial arena. The participation of the youth in both the sphere of business and community is paving the path for tech innovation in Nigeria. Here have a look at the below opportunities and challenges to take your Nigerian startup business to a new height. 

Growing investment landscape

The emerging possibilities associated with Nigeria are attracting both international and domestic investors to invest in the startups. Besides that, Nigerian startups and entrepreneurs now have more scope to receive secure funding from angel investors, venture capital and crowdfunding platforms. 

Youthful demographics

Nigeria's youthful population is not only tech-savvy but also innovative. This demographic is driving the demand for new technologies and solutions that can be tailored to local needs. Startups that focus on solving specific problems within their communities can tap into this growing market and create impactful products. Even now with the strategic mentorship and networking from the best online community in Nigeria , the entire youth population can get direction of where to move. 

Supportive ecosystem

The emergence of tech hubs in major Nigerian cities like Lagos and Abujan is providing startups with adequate resources, mentorship, and networking opportunities. This suitable environment of commerce in Nigeria is allowing the youths to thrive with their unique startups that are aimed at resolving some specific issues. 

Digital transformation

As commercial endeavors across various sectors are embracing digital transformation, startups are getting the opportunity to provide innovative solutions. For instance, the fintech startups in the present context are using AI to offer assistance to the underserved population of this country. 

Final Thoughts 
The Nigerian startup landscape is marked by both challenges and opportunities, but by deriving mentorship and networking opportunities from the best business community in Nigeria , innovative efforts can thrive. To rise above the challenges and steer the business towards a progressive direction, it is vital to join online communities and indulge in the practices of knowledge-sharing. 

Discussing the role of AI in enhancing agricultural productivity and efficiency in Nigeria

Agriculture has remained the pillar of society in every civilization and Nigeria is no exception. Nigeria is blessed with rich agricultural resources and a diverse climate that supports a wide range of crops. Despite its vast agricultural potential, like that of other countries, this country has also strived to meet the huge demands for food items. As per the statistical records,  the population of Nigeria is predicted to exceed 400 million by 2050. The emergence of the online community in Nigeria is currently shaping the entire arena and it is allowing agricultural endeavours to derive varied valuable insights regarding how to overcome the agrarian hindrances. Here have a look at the overview of the Nigerian agricultural sector that is closely associated with the total GDP of this country. Let’s begin. 

Overview Of The Importance of Farming in Nigeria

Agriculture is a cornerstone of Nigeria's economy, accounting for approximately 22-25% of the nation's GDP in recent years. As per the latest data, in the second quarter of  2023, the agricultural sector generated around 21 percent of Nigeria’s GDP. If you consider it from the perspective of employment, the agricultural sector of Nigeria is one of the most important employers as it offers 36 percent of job opportunities to the overall population of this country. The proliferation of Nigerian startups , especially the ones that rely on agricultural offerings is opening up new avenues for the young population. These statistical data items are the clear witness of the fact that farming is essential in Nigeria from ensuring food security to the overall growth of the nation.

Roles of AI in enhancing the agricultural productivity in Nigeria

Artificial Intelligence or AI is one of the most transformative technologies that is reshaping the multiple industries across the globe and at the same time, it is cultivating hope for the agricultural domain of Nigeria. The developmental power of AI is enabling the agricultural sector of Nigeria to break free from the shackles of seasonal and climate-related issues. Here we have mentioned some of the roles of AI that can prove to be game-changing for Nigerian agriculture.  

Precision Agriculture

Precision agriculture is an integral area where AI has continued to make significant strides. Technologies like drones and IoT sensors take part in the collection of real-time data on crop health and environmental conditions. AI processes this data to offer tailored recommendations on irrigation, fertilization, and pest management. For instance, organisations like AirSmart are capitalising on AI for water optimisation and fertilizer usage based on specific field conditions. In the best online community in Nigeria , precision agriculture, backed by AI is now in top trend and it is helping the modern youths to experiment with these technologies to reap the best results. 

Supply Chain Optimization

AI is conducive to enhancing the agricultural supply chain. Analyzing logistics related to transportation routes, market demand, and storage conditions, AI systems can help farmers make informed decisions. This optimization approach certainly reduces post-harvest losses, which are significant in Nigeria due to inadequate infrastructure. For instance, platforms like Crop2Cash are making complete use of AI to improve market access for smallholder farmers by connecting them directly with buyers. In this process, the reliance on the middlemen will reduce consequently. 

Capacity Building and Training

For the utilization of AI, it appears to be vital to equip the farmers with the relevant knowledge and capacity-building activities are required to be launched for this reason.  Programs like NITDA AI Developers Group are aimed at training thousands of individuals, including farmers on AI and machine learning applications that are pertinent to agriculture. These training sessions focus on practical skills that can be directly applied in farming practices.

Pest and Disease Management

Lastly, AI applications are revolutionizing the way of managing pests and diseases across the agricultural segment of Nigeria. The best part is that AI technology allows agricultural analysts to get a clear picture of the affected part of crops and to come up with a course of action accordingly. 

Wrapping Up 

The integration of AI into Nigerian agriculture is presenting a promising pathway towards enhanced productivity and sustainability. Utilization of AI for farming in Nigeria is no longer in the piloting phase, rather it is continuing to alter the whole trajectory with ease.  As these innovations continue to develop and expand, they hold the potential not only to increase food security but also in future they will uplift the agriculture-based Nigerian startups. 
 

AI-Driven Growth: How Nigerian Businesses are Increasing Revenue

As the competition all across the globe is getting intense, it is becoming crucial to seek new ways of thriving and here AI tools come in handy. These tech solutions are also known for their proven quality of changing the game of commerce. Countries like Nigeria which have emerging economies and a high potential for development are in dire need of utilising AI tools to double their GDPs in comparison to previous years. One of the benefits of AI is that its potential is not merely limited to enhancing operational efficiency. Still, it also takes part in opening up new revenue streams for established and budding business endeavours. Here have a look at the below points to find out how Nigerian businesses are capitalising on the power of AI for diversifying the revenue stream. 

4 Ways Through which AI in Nigeria is increasing the Revenue

 The Nigerian economy is among the rapidly growing economies in Africa, and this allows businesses to utilize advanced technologies like AI to propel growth through new-age strategies. AI in business appears to nations like Nigeria as a major weapon that can assist in coming up with creative solutions to critical problems. As per recent statistics, around 47% of Nigerian business endeavours have started to reap the advantages after incorporating AI. Another survey has suggested that 94% of Nigerian companies are making strategic use of AI in cyber security and 93% of companies are planning to implement AI in IT services for outstanding operational efficiency and high-quality outputs. Here are 4 ways through which the Nigeria business community is revolutionising the business operation, deriving the help of AI. 

Informed decision-making at the fingertips

AI has its proven ability to analyze vast amounts of data quickly. And this feature is adding a new edge to the decision-making processes in Nigerian companies. Through the employment of AI-driven analytics, commercial endeavours can derive actionable insights that inform strategic planning and resource allocation. This capability of AI in sectors like finance and retail is simplifying the process of service delivery and saving the time of the end users or consumers.  For instance, financial institutions are relying on AI to analyze customer data and predict spending patterns. These approaches not only enhance customer satisfaction but also drive revenue growth by aligning the offerings with consumer needs.

Transforming the way of customer engagement

Be it the bustling streets of Lagos or the landscapes of Abuja, in Nigeria, conversational AI is an absolute game changer. From the Healthcare to the banking sector, AI chatbots in Nigeria are prevalent everywhere and it is reshaping the trajectory of business. As reported by Gupshup, the BFSI sector's chatbot market alone was valued at $600 million in 2021. As per the projections, in the coming years, all the industrial verticals of Nigeria are likely to witness substantial growth under the impact of the rapid adoption of AI. 

Offering support to small businesses and startups

The Nigerian government and private sector in the current context are recognizing the significance of creating an environment conducive to innovation. Even initiatives like the Google AI Fund are aimed at supporting local startups by developing AI solutions for addressing Nigeria's unique challenges. These initiatives are empowering entrepreneurs with funds and rewards. On the other hand, the community platforms in Nigeria are encouraging new-age business enthusiasts to come up with a store full of innovative products. However, AI integration across all sectors is solidifying Nigeria's commitment to becoming a leader in AI-driven innovation on the continent.

Changing the ways of business operation 

One of the most profound impacts of AI in Nigerian businesses is the ability to optimize business operations. Here the best part is that the implementation of AI chatbot in every part of the business is resulting in cost reduction and enhanced the degree of productivity that can hardly be achieved through the manual process.  As the majority of the population is inclining towards the community platforms in Nigeria , they are offering an impetus to the widespread adoption of AI for boosting the bottom line of businesses. 

Wrapping Up

As Nigerian businesses continue to explore the possibilities of AI, it is important to remember that this technology is a mighty tool for unlocking new avenues for growth and prosperity. AI-driven growth in Nigerian businesses is not just a trend but a testament to the resilience and creativity of the Nigerian youth. However, before embarking on the business race, it is a must-have idea to connect with an eminent Nigeria business community to stay updated with the current knowledge of business and the usage of AI. 

Exploring how startups in Nigeria are leveraging AI technologies to innovate and improve their services

Like that of the other countries of the globe, the landscape of Nigeria in the present context is buzzing with the innovative ideas of start-ups, and it is culminating in the integration of AI. The key trend in Nigeria is now that start-ups and small businesses are diving into AI to shake things up across different industry verticals. AI in Nigeria has emerged as a potential weapon that is allowing the business endeavors to come up with exclusive product or service offerings. Let’s take a look at the below pointers to identify how the startups in Nigeria are capitalising on the potential of AI for optimizing their service offerings. 

The ways through which Nigerian startups are revolutionizing the services

Transformation of the healthcare 

In Nigeria, AI in the healthcare market is anticipated to reach $0.13 Bn by 2030, and on the other hand, in 2022, the market growth rate is around $0.01 Bn. It clearly depicts the huge growth of AI in the emerging market like Nigeria, and it demands investment from both the public and private sectors. When the rise of AI and its thriving condition have given rise to a sense of fear among the professionals, 67.5% of healthcare professionals have accepted AI as a benevolent force. If you look at the recent data, you will end up with a complete list of the healthcare startups that are continuing to thrive in the commercial sphere. EpochZero, Octosoft, Hub Care Health, Mpharma, and others have remained at the forefront of the healthcare sector of Nigeria, ensuring the right care and treatment for the ailing. The eminent online community in Nigeria is also acting as a major platform to the startups for flaunting their innovative product and service offerings to the targeted segments. 

Enhancement of the agricultural practices

As agriculture has turned into a major part of the Nigerian economy, the startups are capitalizing on AI to help farmers grow more. In turn, it also reduces waste. Through the AI tools and solutions, farmers can monitor soil health, track crop conditions, and even predict yields. Zenvus in Nigeria is relying on the smart irrigation systems for analysis of the soil data to help them in making informed decisions. In return, you can experience higher productivity and top-quality crops. As a result, the chances of food scarcity will vanish automatically, and even the condition of Nigeria will continue to improve in the coming days. 

Implementation of AI in Education 

Artificial Intelligence Nigeria has reached such an extent that it has even taken part in optimizing the quality of education, and the startups in the present context are personalising the lessons for a unique learning experience. In Nigeria, edtech companies like Edves, Schoola, EduWidget, Proctorme, and so on have occupied the domain of education in the current scenario and delivered the custom learning experiences to the new-age learners. Nigerian startups this way are focussing on different niches like education and others to make the process of service delivery more fun-filled and engaging. 

Amping up the standard of financial services

The tech industry in Nigeria, under the veneer of startups, is utilising AI for various applications such as fraud detection, risk assessment, personalised banking experiences, and other significant financial activities. Through the analysis of customer data, these companies can come up with custom financial products that meet individual needs. On a contrary note, AI algorithms help in the identification of unusual transaction patterns. In turn, it enhances security and trust in the system of financial transactions. Nigerian tech startups are mitigating the dread of financial fraud and ascertaining a high standard of security at the same time. 

Bottom Line

As the landscape of AI in Nigeria is rapidly evolving, it is compelling Nigerian startups to remain at the forefront of this transformation. Through the utilisation of AI technologies, these start-up companies can not only improve their services but also address pressing challenges across varied industry verticals. Teaming up with the best online community in Nigeria , the budding business endeavours can stay ahead of the curve. 

Highlighting emerging AI startups in Nigeria and their contributions to the tech ecosystem

With a population of over 200 million, in the present time, Nigeria is emerging as the powerhouse of Africa. Nigeria's tech ecosystem has witnessed a surge of promising AI startups in recent years, with entrepreneurs capitalising on cutting-edge technological solutions to resolve not only the local maladies but also to drive innovation. The proliferation of the youth demographics and the increased degree of penetration are opening up new avenues for innovation and at the same time fuelling the growth of Nigerian startups . Here we are going to probe deep into the innovative breakthroughs that these promising and new startups are bringing to the forefront and they are leaving an indelible impact on the entire tech arena.

Overview of the growth of Nigerian 

From the beginning, the Nigerian economy has continued to depict resilience and growth and in the last few years, it has touched the zenith. As per recent statistics, the GDP of Nigeria has expanded by 3.19% in the second quarter of this current year. On the other hand, 50% of Nigeria's GDP stems from the service sector overall of this country and the information technology domain is also one among them. In addition to that, the tech sector of Nigeria is considered the fastest-growing sector. That's why if you are a business enthusiast or planning to start a venture with like-minded partners, tech startups will be the best option, to begin with, and to get the pulse of the Nigerian market effortlessly. Let's move to the next section to discover more. 

Top Emerging startups that are shaping the tech ecosystem

If you are on the quest to come up with some innovative startups that revolutionize the tech domain, this is your go-to destination. Here we have listed down the details of some startups that are making strategic use of AI to produce desired outputs. Let's dive.

Zindi

In the list of Nigerian tech startups, Zindi comes first and it paves the path for resolving real-world problems seamlessly. Being a pan-African marketplace of data science, Zindi is connecting companies, non-profit organizations, and government institutions with AI talent to address the pressing challenges across the continent. In reality, it is a platform for the data scientists to compete, coordinate and showcase their potential leading to fostering the exponential growth of the AI ecosystem in Nigeria. Such innovative business endeavours can now rely on the best community platforms in Nigeria for the better recognition in both national and international markets. 

MyCover.ai

Embarking on the commercial journey in 2021, MyCover.ai has continued to capitalise the innovative insurance solutions. This endeavour has resulted in making insurance policies more accessible to the commoners who were previously far away from it. Besides that, MyCover.ai is also shaping the market of insurtech and deepening the insurance penetration. 

Awarri

Awarri, another promising Nigerian startup that launched its AI research lab in 2023, is currently collaborating with the Nigerian government, Data.org. Behind this collaboration, there lies a noble intent of building the country's first large language model. Although relatively a new entrant in the domain of technology companies in Nigeria, Awarri has the potential to become a major force in the AI industry and to alter its trajectory for the betterment of human existence as a whole. 

Ubenwa Health

Last but not least, Ubenwa, has appeared as a Nigerian startup with an innovative intent.  It is developing an AI-powered solution to understand infants' health and needs from their weeping sounds. Collaborating with doctors in Nigeria, Canada, and Brazil, Ubenwa is working towards clinical validation studies to improve infant healthcare outcomes. As the rate of infant deaths in Nigeria is escalating at a rapid pace, this AI-driven healthcare initiative is expected to bridge the void between theory and practice and culminate in a top-notch degree of child care. 

Closing Thoughts

The growth of AI-driven initiatives in Nigeria is a dynamic process that reflects the country’s ongoing journey toward economic and social development.  Amidst such a booming position of AI in Nigeria, the initiative of enthusiastic entrepreneurs ultimately can steer the tech industry towards a new horizon and put an end to societal gloom. The best community platforms in Nigeria are also assisting these new startups to fetch targeted customers effortlessly.

Equity Merchants

Most startup equity is worthless until ONE of these happens:

Successful exit (rare)
Acquisition (also rare)
IPO (even rarer)
Until then? It's just numbers on paper. No dividends. No real value. Just promises.And most startups never reach these milestones. I have advised over 500 founders and seen first-hand how the allure of equity can lead both entrepreneurs and employees down a dangerous path. Today, and over the next few editions of this newsletter, I will explore the equity dilemma facing early-stage startups. I’ll explain why the common practice of dishing out equity like sweets is a recipe for disappointment and conflict. From overvaluation to governance nightmares, from vesting schedules to dividend discussions, we'll cover the critical issues that every founder and potential equity holder needs to understand. Our startup ecosystem is overdue for a reality check. Whether you're a founder looking to build a sustainable company or an employee considering an equity offer, I am about to challenge everything you thought you knew about startup equity.

The Equity Illusion
Imagine promising your unborn child to marry someone's son when your wife is just one month pregnant. You don't even know if you're expecting a boy or a girl. You don't know if they’ll grow up to like each other. You don’t know if the pregnancy will be successful. There's so much uncertainty around it. But then, the other person who you are making the commitment to, you are asking him to give you clear assurances and pay the bride price in advance. This is what early startup equity often represents.

We've all heard the story: the person who painted Facebook's first office took equity instead of cash and became a millionaire. It's a great story, but it's also incredibly rare. For every Facebook painter, there are thousands of employees who accepted below-market salaries for equity that never materialised into anything of value. They traded real work NOW for potential value LATER, and often ended up empty-handed. But the harsh truth is that the vast majority of startups never reach the milestones that would make their equity valuable:

Successful exits: These are rare. Most startups don't make it to this stage.
Acquisitions: Also uncommon. Even if a startup is acquired, the terms may not benefit all equity holders equally.
IPOs: The rarest of all. Going public is a dream that few startups achieve.
Until one of these events occurs, startup equity remains just numbers on paper. No dividends, no real value, just promises of a potential future payoff.

The hidden costs of early equity distribution
When founders dish out equity like it's sweets at a children’s party, they're often unaware of the hidden costs that come with this approach. Equity-holding employees are equally unaware of

For Founders
Startup founders often fall into one of two traps:

Overvaluation: Caught up in their vision, founders might say, "My company is worth a million dollars!" But based on what metrics? This optimism can lead to inflated expectations and future disappointment.
Undervaluation: Some founders, eager to attract talent, might undervalue their company. "What's 5% now? We'll make it big later!" This can result in giving away too much control too soon.
Both scenarios lead to problems down the line. Overvaluation can lead to disappointed employees when reality doesn't match expectations. Undervaluation can leave founders with little control over their own company. Meanwhile, as your startup grows and takes on more funding, early equity holders often face dilution. That 2% that seemed so valuable at the start might become 0.2% after a few funding rounds. Have you communicated this possibility to your equity holders?

The Motivation Mirage
Many founders use equity as a tool to create a sense of ownership among employees. The idea is that equity holders will be more motivated to contribute to the company's growth. It’s all well and good, but what happens when years pass and that equity still holds no real value? What happens if:

The company is acquired before they're fully vested?
The startup shuts down?
They leave after the cliff period?
Most equity agreements don't clearly address these scenarios, leading to confusion, disputes, and often worthless equity.

For Employees
When you offer equity, especially to early employees, you're asking them to trade certain work NOW for uncertain value LATER. The employee accepts a below-market salary for equity, works tirelessly for years, only for the company not to break even.

Meanwhile, most equity-holding employees never see:

Audited company accounts
Regular financial reports
Annual General Meetings (AGMs)
So, as an equity-holding employee, you are an "owner" without owner's rights. You have no say in major decisions, no insight into the company's true financial health, and often, no real way to benefit from your equity until a major event occurs.

Equity in early-stage startups is not a golden ticket. It's a complex tool that needs careful handling. But what if there was a way to address these issues and provide more immediate value to equity holders?

Why startups should consider paying dividends
When we talk about “startup equity”, the conversation usually revolves around future value—the big exit, the IPO, the acquisition. Almost no one ever mentions dividends.

You might be thinking, "Dividends? In a startup? That's crazy talk!" But hear me out. Paying dividends as a startup is a good idea because:

It proves business viability: Paying dividends shows that your business model works and generates real cash.
It gives immediate value to shareholders: Instead of always deferring value to some hypothetical future, dividends provide tangible returns now.
It forces financial discipline: When you have to consider dividend payments, you're forced to manage your finances more carefully.
I believe that any startup serious about long-term sustainability should initiate the dividend conversation after five years of operation.

Why five years? Most businesses that fail do so within the first five years. Surviving five years suggests you've built a sustainable framework and your business is a "going concern" with reduced likelihood of major challenges. After five years, if you're not considering dividends, you need to ask yourself why. I can hear the objections already: "But we need to reinvest all profits for high growth!" In the next newsletter edition(s), I'll dive deeper into how startups can implement dividend strategies without sacrificing growth. We'll explore innovative approaches to balancing shareholder value and reinvestment, challenge conventional wisdom about startup finances, and highlight the legal considerations.

Credit: Omoruyi Edoigiawerie

Discuss The Skills And Competencies Needed For The Nigerian Workforce To Thrive In An AI-Driven Business Environment 

No matter whether you are an established business owner or an enthusiast who is planning to venture into the dynamic commercial landscape, getting the right pulse of the market is mandatory. In 2024, you might have noticed how fast and dramatically things keep altering at a lightning pace. Digital transformation in the present context is no longer just a buzzword; it’s a reality that’s reshaping how companies will continue to operate, especially in Nigeria. With the rise of exponential growth in the arena of AI, businesses are finding innovative ways to streamline processes, hone the degree of customer experiences, and make smarter decisions. In this writing piece, we are going to delve deeper into the key skills that the Nigerian commercial sector requires now to reap the advantages of AI and it can also help in upliftment of the online community in Nigeria 

The Importance of Artificial Intelligence in Nigerian Business 

Nowadays AI’s integration has reached beyond mere automation and when it comes to Nigerian business, it has become a catalyst for innovative roles. As AI continues to weave its way into various industries such as finance, healthcare, agriculture, and others, there’s a growing need for employees to develop a fresh set of skills and competencies. As per Statista, the market size of AI is anticipated to reach USD 1.05 bn in 2024. So entrepreneurs hailing from Nigeria have the complete liberty of utilising AI technology for yielding the humongous profit results. 

Economic Impact of AI in Nigeria

As per a recent report of PwC, AI in the upcoming year is projected to add up to  $15.7 trillion to the global economy by the year 2030, for emerging economies like Nigeria, AI integration and full-fledged adoption of it will boost the GDP significantly and at the same time, it will end up generating more employment scopes for the citizens of this country. 

Industry-Specific Benefits 

Agriculture is a pivotal sector in Nigeria and owing to that, 36% of the total population of this country is associated with this sector.  AI technologies with innovative features like predictive analytics and machine learning are accelerating the process of yielding good crops and improving the process of resource allocation. On the other hand, in the healthcare sector, AI-powered diagnostic tools can improve diagnostic accuracy by 20-30%, leading to better patient satisfaction. 

Key Skills and Competencies Required for the Nigerian Workforce

Critical Thinking and Problem-Solving- 

In an AI-driven environment, it becomes essential to indulge in the process of critical thinking to fuel the development of innovative solutions for the business community in Nigeria. Here the conventional approach will no longer work to produce the desired standard of outputs. 

Decision Making-

To accommodate AI, it appears to be highly important to rely on the consolidated decision-making skill that aids in analyzing the variety of critical and complex ideas to come to a final decision for creating a win-win scenario. 

Effective Communication-

Communication skills are essential for employees to work effectively in teams, share knowledge, and coordinate with members across varied departments and organizations. An online community in Nigeria is facilitating effective communication among the youths and encouraging them to present creative ideas in the workplace. 

Adaptability-

Most importantly, employees must have the urge to learn in a new environment and adapt to it effortlessly.  

Digital Literacy-  

Last but not least, the digital literacy of the employees must be on point to make strategic use of AI and capitalize on its benefits.  

Final Thoughts

As the commercial landscape is rapidly evolving, to thrive in this sphere, it has become mandatory to stay informed and connected with the business community in Nigeria. To get a pulse on the AI industry trends, new entrepreneurs must train their employees with the required soft skills for superior business experience.  This holistic approach to workforce development will prove to be key in ensuring that Nigerian businesses remain competitive in the global economy.

Lagos State Disburses ₦‎25 Billion As Grants, Loans To SMEs 

Lagos State Government has disbursed about N25 billion in grants and loans to Small and Medium Enterprises, SMEs, through the Lagos State Employment Trust Fund, LSETF, to enhance productivity and economic growth in the state.

Governor Bababjide Sanwo-Olu disclosed this at a parley on Thursday during the 2024 Business Day Newspaper CEO Forum, with the theme “Governors in Conversation-Innovative Governance: Steering States through Economic Turbulence,” at Victoria Island, Lagos.

The Governor, who was represented by the Deputy Governor, Dr. Obafemi Hamzat, stated that the grants and loans have helped to empower entrepreneurs to flourish in doing their businesses and stimulate the economy.

According to Sanwo-Olu, “The Lagos State Employment Trust Fund over the past six years has given out close to twenty-five billion in terms of grants and assisting people with loans.

“In this case, single-digit loans were offered to them to sustain and train them on how to manage their businesses.”

more: https://www.vanguardngr.com/2024/07/lagos-govt-disburses-n25bn-as-grants-loans-to-smes/

ARTICLE: THAT SMALL BUSINESSES MAY THRIVE
EDITORIAL 

Globally, the Micro, Small and Medium Scale Enterprises (MSMEs) sector constitutes the spine of any country’s economy.  As small industry operators, they weather and overcome stiff competition from foreign operators to grow and keep jobs for locals. Today,

MSMEs account for 90 per cent of businesses, 60 to 70 per cent of employment and 50 per cent of the Gross Domestic Product (GDP) worldwide, according to the World Bank. In Nigeria, the Small and Medium Enterprises Development of Nigeria (SMEDAN) reports that MSMEs currently represent 96 per cent of the businesses in the country and contribute 75 per cent of the national employment. Unfortunately, this is a sector that has been neglected in Nigeria. On a day set aside by the United Nations for the MSMEs, it is important that all relevant authorities in the country move from rhetoric to concrete actions on how to lift the majority of our people out of poverty

https://www.thisdaylive.com/index.php/2024/07/01/that-small-businesses-may-thrive/#google_vignette

How SMEs in Nigeria, others can be drivers of growth – UNCTAD

Small and Medium-sized Enterprises (SMEs) are seen as important players in the global market, despite facing increased competition for large projects and a growing focus on regional markets.
A recent report by the United Nations Conference on Trade and Development (UNCTAD) said SMEs have a pivotal role in achieving sustainable development and can significantly contribute to cross-border economic growth, innovation, and job creation.

“In developed economies, notably in Japan and the Republic of Korea and in Europe, SMEs have been active international investors, especially in the period ranging from the 1990s until the financial crisis of 2008,” the report said.

It said while inward Foreign Direct Investments by SMEs is important, promoting outward FDI in developing countries can also bring development benefits, helping them grow, improve productivity and strengthen their resilience to external shocks.

https://businessday.ng/companies/article/how-smes-in-nigeria-others-can-be-drivers-of-growth-unctad/

Credit: Olamide Ologunagbe

Tax Relief for Small Businesses as Nigeria Overhauls Withholding Tax System

The Federal Government has announced significant tax reforms aimed at alleviating the burden on small businesses, manufacturers, and farmers by exempting them from withholding tax. This decision, approved by President Bola Tinubu and set to be formalized in the official gazette soon, marks a departure from the previous withholding tax system introduced in 1978. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, highlighted that the old system posed challenges such as ambiguity and inequity, particularly burdening businesses with low-profit margins.

Under the new regime, withholding tax rates will be reduced for businesses facing financial constraints, while measures to combat tax evasion and clarify deduction timelines are set to be implemented. Withholding tax, deducted at rates ranging from 5% to 10% on transactions, will no longer apply to qualifying small businesses, manufacturers, and farmers. Late filing penalties are set at N25,000 initially and N5,000 per subsequent month of non-compliance.

These reforms aim to streamline the tax system, enhance equity, and support economic growth by easing financial pressures on businesses. The announcement has been welcomed as a step towards fostering a more favorable business environment amidst ongoing economic challenges.

FMO, FCMB Sign $25 Million Agreement To Aid Small Businesses In Nigeria 

In a move aimed at bolstering Nigeria’s economic landscape, the Dutch Entrepreneurial Development Bank (FMO) and First City Monument Bank (FCMB) have inked a transformative $25 million NASIRA guarantee agreement. This initiative, funded by the European Commission, marks a pivotal step towards supporting agricultural ventures, youth initiatives, and women-owned small and medium enterprises (SMEs) in Nigeria, without the traditional requirement of collateral.

The NASIRA program, renowned for its innovative approach, empowers local banks to extend financial support to entrepreneurs typically considered too risky for conventional loans. This agreement highlights a strategic effort to stimulate job creation amidst Nigeria’s daunting economic challenges, including high unemployment rates and currency depreciation

Credit:Chioma Kalu