eTranzact International Plc has teamed up with the Enterprise Development Centre (EDC) of Pan-Atlantic University to release a groundbreaking report titled Artificial Intelligence Readiness of Nigerian SMEs. The study aims to encourage the adoption of artificial intelligence by Small and Medium Enterprises (SMEs) across Nigeria and to highlight how AI can transform business operations, customer engagement, and industry structures.
The report was unveiled at the EDC head office in Lagos, drawing attention to AI’s potential to reshape business models and boost efficiency. It stressed that AI could help SMEs improve competitiveness in a fast-changing digital economy.
Managing Director and Chief Executive Officer of eTranzact International Plc, Niyi Toluwalope, described SMEs as vital to Nigeria’s economic growth, employment, and innovation. He noted that there are over 39 million SMEs in Nigeria contributing significantly to the economy, and this partnership with EDC reflects eTranzact’s commitment to supporting their growth and resilience. Toluwalope said the research showed a growing interest in AI-powered solutions among entrepreneurs but also revealed gaps in awareness, access, and relevance to local needs.
Director of Programmes and Partnerships at EDC, Olawale Anifowose, said the study found that awareness of AI is increasing, especially in ICT and creative industries, but adoption is still low in sectors such as agriculture and fashion. He stressed the need for targeted strategies to close these gaps.
Stanley Ibeku, Lead for Monitoring, Evaluation, Research & Learning at EDC, explained that the research combined surveys and focus groups in all 36 states and the Federal Capital Territory, gathering insights from more than 5,500 participants.
The report recommended that the government invest in locally relevant AI tools, promote indigenous innovations, and create AI-friendly policies such as tax incentives, simpler regulations, and data protection measures. It also encouraged the private sector to develop affordable, easy-to-use AI solutions and support skills training through educational programmes and partnerships.
