Rome Business School Unveils Landmark Report on Nigeria’s Digitalisation and AI Landscape

Rome Business School Unveils Landmark Report on Nigeria’s Digitalisation and AI Landscape

 

Nigeria’s digital economy is undergoing a revolutionary transformation, driven by the rapid adoption of digital technologies, artificial intelligence (AI), and government-backed initiatives aimed at fostering innovation. However, despite significant progress, challenges such as inadequate infrastructure, digital literacy gaps, and regulatory roadblocks continue to pose hurdles.

A new report by Rome Business School, a leading international business education institution, takes a deep dive into this evolving landscape, analyzing how digitalization is reshaping industries like finance, telecommunications, agriculture, and education. It also outlines critical obstacles that must be overcome to unlock Nigeria’s full digital potential.

According to Asunmo Olakunle, General Manager of Rome Business School Nigeria, digitalization is no longer a choice but a necessity for economic growth. “We are witnessing impressive transformations across key sectors. However, to fully capitalize on these opportunities, Nigeria must improve its digital infrastructure, bridge the skills gap, and establish clear regulatory frameworks,” he stated.

The report highlights how AI, blockchain, and cloud computing are becoming indispensable tools for businesses. In the financial sector, AI-driven solutions are now widely used for fraud detection, credit scoring, and customer service automation, with 32% of financial institutions leveraging these innovations to streamline operations and enhance security. Similarly, the agricultural sector is seeing a shift with the adoption of IoT solutions and mobile applications that enable farmers to monitor crop health, access larger markets, and reduce reliance on middlemen.

Professor Antonio Ragusa, Founder and Dean of Rome Business School, commended the private sector’s role in accelerating digital growth. “From fintech to agritech and e-commerce, businesses are leveraging AI and digital solutions to enhance efficiency, improve service delivery, and create new economic opportunities,” he said.

Despite these advancements, Nigeria’s digital transformation is not without obstacles. Infrastructure deficits, including inconsistent power supply and unreliable internet connectivity, continue to hinder widespread adoption, particularly in rural areas. Many businesses and individuals struggle with the affordability of digital tools, limiting their ability to embrace new technologies. Furthermore, concerns about data privacy, ethical AI usage, and regulatory uncertainty remain key areas that require urgent attention.

The government has been proactive in advancing digitalisation through initiatives like the National Digital Economy Policy and Strategy (2020–2030) and the 3MTT (Three Million Technical Talent) program, which aims to train three million technology professionals by 2030. These efforts are crucial for bridging the digital skills gap and preparing Nigeria’s workforce for the future.

With over 150 million internet users, Nigeria is poised to emerge as a leading digital economy in Africa. However, achieving this vision will require a coordinated effort between the government, private sector, and academia to invest in digital infrastructure, capacity-building programs, and well-defined regulations.

To further contribute to this effort, Rome Business School will release a series of industry-specific reports covering finance, agriculture, healthcare, and manufacturing. These reports will offer actionable insights for businesses, policymakers, and investors seeking to navigate Nigeria’s digital economy.

Beyond research, the institution is actively engaged in training programs, workshops, and professional certifications designed to equip individuals and businesses with the knowledge and skills necessary to thrive in the digital age.

“Our goal is not just to analyze trends but to empower Nigerian businesses and individuals with the knowledge and tools they need to succeed,” Olakunle concluded.

The full report is available on Rome Business School’s official website, offering valuable insights for industry leaders, entrepreneurs, and policymakers shaping Nigeria’s digital future.

 

 

Despite these advancements, Nigeria’s digital transformation is not without obstacles. Infrastructure deficits, including inconsistent power supply and unreliable internet connectivity, continue to hinder widespread adoption, particularly in rural areas. Many businesses and individuals struggle with the affordability of digital tools, limiting their ability to embrace new technologies. Furthermore, concerns about data privacy, ethical AI usage, and regulatory uncertainty remain key areas that require urgent attention.

Business Networking and Connection Part of Attending Churches Today

Business Networking and Connection Part of Attending Churches Today

In today’s highly evolving and competitive world, the need to be smart and find the right vibe becomes imperative for anyone to survive. Ability to key into opportunities and rock solid network becomes imminent for everyone including Christians and going to churches in Sundays should only be about worshipping of God but create life changing networking experience.

Certainly, the role of a church in an individual’s life extends far beyond the act of worship, raising the question of whether your church can contribute to your personal and professional growth. Worshiping God is not confined to the physical church building, for God’s presence is believed to be omnipresent. In fact, according to religious doctrine, God has transcended the physical temple, like that of Jerusalem, and now resides within each of us, with his commandments etched into our souls.

In many cases, people attend church not only for spiritual devotion but also for the valuable opportunities it offers in terms of socialization and networking. Consider, for instance, the Catholic church near Falomo, in proximity to the Dangote Headquarters. Here, you may find a congregation that includes board members, managing directors, CEOs, and other influential figures. By consistently attending such a church for a couple of years, you may witness significant changes in your life, both personally and professionally.

What’s particularly appealing about certain churches, like the Catholic and Anglican denominations, is the quality of the congregation they attract. These churches often have a significant presence of individuals with substantial financial resources, which can provide you with valuable connections. Worshipping in such environments can lead to recognition and acknowledgment within influential circles. As an example, the CEO of Air Peace began his journey in my parish, St. Ferdinand. Even after moving on, he maintains a connection with the parish, and individuals within the congregation have secured job opportunities through their parish affiliations.

Therefore, it’s worth pondering what your church can offer you beyond the regular requests for offerings, tithes, and seeds. Can it provide you with the capacity to grow, facilitate meaningful connections, and support your business networking and development? If your church isn’t fulfilling these aspects, it might be time to explore other congregations that can better align with your goals, as doing so can foster personal and professional growth while complementing your faith with tangible actions.

 

Anthony Emeka Nwosu

Africa Investment Forum showcases $1.475 billion in green and renewable energy deals at African Development Bank 2023 Annual Meetings

Africa Investment Forum showcases $1.475 billion in green and renewable energy deals at African Development Bank 2023 Annual Meetings

The Africa Investment Forum presented four renewable energy and sustainability projects worth nearly $1.5 billion to investors on the sidelines of the African Development Bank Group’s (www.AfDB.org) 2023 Annual Meetings.

 

The curated projects, which are drawn from all of Africa’s regions, are sourced from the Africa Investment Forum’s pipeline. They reflect gathering urgency in Africa, the world’s most vulnerable region to climate change, to accelerate climate action, including closing financing gaps by securing an ever-increasing share of global capital for the continent.

The African Development Bank’s 2023 Annual Meetings are being held under the theme, Mobilizing Private Sector Financing for Climate and Green Growth in Africa.

The investment roundtable, held in Sharm El Sheikh, attracted a range of private investors, including venture capital and private equity firms.

From hydropower to plastic recycling green projects showcase ample opportunities on the continent

The transactions included a hybrid hydrogen feedstock/ ammonia project in North Africa that will source 400 MW of renewable energy to produce—without Co2 emissions— 183 tons of hydrogen feedstock daily to generate 1,000 tons a day of green ammonia via electrolysis. Additional investment of $27 million is needed to move the project towards bankability.

The second transaction, in West Africa, is a 27 MW hydropower project that has successfully undergone feasibility assessments. It has also attracted funding support from a number of international entities and multilateral development agencies.  Among projected benefits, the deal will service 700,000 households, generate 600 direct and indirect jobs over the life of the project, and reduce Co2 emissions by 81,000 tons each year. The project represents an increase of 10% in the country’s total electricity generation capacity.

The investment roundtable, held in Sharm El Sheikh, attracted a range of private investors, including venture capital and private equity firms

The investment roundtable also featured an opportunity to invest in a $73 million plastic recycling and sustainability company’s expansion drive into seven African countries across West, Central and Southern Africa. The project has attracted the interest of several funders of project preparation and technical assistance to conduct feasibility studies in the target countries. It promises important benefits: creation of 16,000 jobs as well as opportunities for 20,000 waste pickers in targeted countries. It will also divert 214,000 metric tons of plastic waste (PET,PP,PE) from landfill dumps and reduce carbon emissions by 149,000 metric tons. Currently only 10% of Africa’s plastics are recycled.  The project resonated positively with growth capital investors that attended the roundtable.

The transaction incorporates important technological features, including cutting-edge processing lines and app-based collection and payment options. These features were viewed as enhancing the project’s scalability across Africa  and the project resonated positively with growth capital investors that attended the roundtable..

The fourth transaction is an opportunity to invest in a $440 million Southern Africa hydropower independent power producer that will generate 544,000 MWh/year of energy. It will also include water distribution and flood prevention elements. Other benefits include 3,000 construction jobs through project completion. The transaction sponsors are seeking $12.5 million to finalize the project’s development phase.

Africa Investment Forum Senior Director, Chinelo Anohu, hosted the event. She said, “there is a need for the Africa Investment Forum on the continent. We can’t overemphasize both the convening power and the strength of the platform.” She said the transactions showcased represented only a small part of the platform portfolio.

In addition to the African Development Bank, representatives of the Africa Investment Forum founding partners Africa Finance Corporation, Africa50, Islamic Development Bank, Development Bank of Southern Africa, Trade and Development Bank and Afreximbank attended.

Investors present asked follow-up questions to learn more about the projects presented.

The event also included an update on the Africa Investment Forum’s current pipeline, comprising 90 deals valued at $62.9 billion and classified as either in the capital raise phase or the bankability phase.

The Africa Investment Forum’s flagship Market Days event, to be held in November 2023, will bring together international deal sponsors, investors and government leaders to showcase transactions that are ready to progress toward closure.

Championed by the African Development Bank and seven other founding partners (Africa50, Africa Finance Corporation, Afreximbank, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank and Trade and Development Bank), the Africa Investment Forum is Africa’s investment marketplace to accelerate transactions to close Africa’s investment gaps.

New Research Shows Mobile Finance Can Increase National Gross Domestic Product (GDP)

New Research Shows Mobile Finance Can Increase National Gross Domestic Product (GDP)

New research from Vodafone Group, Vodacom Group (https://www.Vodacom.com/), Safaricom, and the United Nations Development Programme (UNDP) indicates that the successful deployment and adoption of mobile financial services is associated with a positive impact on GDP growth in developing markets as it helps businesses to reduce cost, access credit to invest, and to connect with consumers that were previously excluded from financial services.

 

 

The econometric modelling research[1] – which examined 49 countries in Africa, Asia, and Latin America – found that countries with successful mobile money services had an annual GDP per capita growth rate up to 1 percentage point higher than countries where mobile money platforms had not been successful or not introduced.

 

Based on previous World Bank research on the relationship between economic growth and reductions in the number of people living in poverty[2], this GDP per capita growth implies that countries with successful mobile money adoption could reduce poverty by around 2.6%.

 

The analysis was conducted as part of the companies’ Africa.Connected (https://bit.ly/3SGqW6l) campaign, an initiative to drive sustainable development through collaboration and help close the divides that prevent progress in Africa’s key economic sectors. The findings are part of a new research paper, Digital Finance Platforms to Empower All, the fourth research paper developed and released under the Africa.Connected umbrella.

 

Sitoyo Lopokoiyit, CEO of M-Pesa Africa and Chief Financial Services Officer at Safaricom, said:

 

Mobile financial services platforms like M-Pesa are vital drivers of financial inclusion in society which can improve individual life chances

“Mobile financial services platforms like M-Pesa are vital drivers of financial inclusion in society which can improve individual life chances and enable enterprises to launch and expand, bringing wealth and jobs into developing economies. There remains though barriers both to accessing platforms – including digital literacy and smartphone accessibility – and to developing them – with an un-level regulatory playing field for non-traditional financial services providers in many countries.”

 

As part of the Africa.Connected research, consumer surveys were conducted focusing on users of M-Pesa in Kenya and Tanzania, and results were extrapolated to Ghana and Mozambique. A business survey was also conducted in Kenya. The resulting research underpinned the continuing importance of the world’s first mobile money service 15 years after it launched in 2007. The researchers estimated that:

 

  • 17.6 million current users in the four countries did not have access to any formal financial services before using M-Pesa;
  • 98% of businesses surveyed said that M-Pesa helps them to do business, with the main benefits of M-Pesa being its facilitation of faster and safer payments and enabling the sale of goods and services online; and
  • 95% of businesses surveyed indicated that they use M-Pesa for at least half of their business transactions.

 

Ulrika Modeer, UN Assistant Secretary-General and Director of the Bureau of External Relations and Advocacy at UNDP, said:

 

“Financial inclusion is both a pre-condition and a key enabler for meeting many of the UN’s Sustainable Development Goals, including reducing poverty, boosting economic growth, promoting market access and championing investment in key sectors like education, agriculture, and healthcare. But more importantly, it is about putting people at the center, empowering them with more agency over their money and increasing their resilience. Eliminating financial exclusion in Africa, and across the globe, must be a priority if we are to deliver on inclusive, sustainable prosperity for all on a healthy planet.”

 

Click here to read the full Africa.connected financial inclusion paper:https://bit.ly/3U4QAmp

[1]The econometric model made use of data covering the period 2003 – 2019. More recent data was not included in the modelling due to the effects of the pandemic.

[2] Adams, 2003, Economic Growth, Inequality, and Poverty: Findings from a New Data Set. World Bank. Available online:  https://bit.ly/3TQWoQi

Machine learning can solve some of Africa’s biggest challenges

Machine learning can solve some of Africa’s biggest challenges

From better healthcare access to improved food security, machine learning could tackle a wide range of challenges in developing countries.

In 2020, a study published in Nature showed that Google’s machine learning artificial intelligence programme, DeepMind AI, outperformed radiologists in detecting breast cancer. After being trained on thousands of mammograms, the system was able to accurately identify 89% of breast cancer cases, compared to radiologists’ 74%. Just imagine what a difference the deployment of such a system could make in sub-Saharan Africa, where there are 0.2 doctors per 1000 people, according to the World Bank.

And that’s just the start. Marilyn Moodley, Country Leader for South Africa and WECA (West, East, Central Africa) at SoftwareONE, says machine learning can help with some of the region’s most pervasive problems, from reducing poverty and improving education to delivering healthcare and addressing sustainability challenges such as food demand. “Machine learning democratises access to innovative and productivity-boosting technology to fuel the growth the continent needs. It’s fundamentally reshaping how work is done, allowing for a more efficient allocation of resources leading to increased productivity and, in the case of government, improving the delivery of services to citizens.”

Agricultural improvements

The agriculture sector employs over 65% of Africa’s labour force and accounts for 32% of gross domestic product (GDP), says Moodley. “The World Bank estimates that African food markets will be worth US$1 trillion by 2030, up from the current $300 billion. Demand for food is projected to at least double by 2050, yet the sector is burdened with limitations. Land is degrading, soil is becoming less fertile, water tables are dropping, pests are becoming more resistant, and the climate is more vulnerable and unpredictable. All this could have disastrous effects on food availability in the future.”

Machine learning has the potential to improve productivity and efficiency at all the stages of the agricultural value chain, she says. “These technologies can empower small-holder farmers to increase their income through higher crop yield and greater price control. For example, analytics of crop data can help identify diseases, enable soil health monitoring without the need for laboratory testing infrastructure, and facilitate the creation of virtual cooperatives to aggregate crop yields and broker better prices with suppliers.”

Healthcare developments

Machine learning can not only analyse tests and images to suggest diagnoses, but also aggregate data and update patients’ charts. It’s also rapidly expanding into other healthcare areas, including early detection of diseases, treatment and research, says Moodley. “This would free up physicians’ workloads, allowing them to spend more time with patients and on actual patient care. Japan is already looking at augmenting their doctors with artificial intelligence to combat their doctor shortage.”

In Africa, machine learning could plug the same gap, but also address other challenges, she says. “Health systems in Africa face several structural challenges such as shortages of qualified professionals or supplies, resulting in divergent outcomes for patients. Even when facilities and staff are available, affordability and rural/urban disparities can put needed services out of reach of patients.”

Machine learning can enhance these outcomes in the following ways, she says:

· Improve healthcare delivery: Advanced data analytics can help practitioners identify potential problems early and tailor better preventive care. Early interventions make healthcare more affordable and easier for the patient, with better outcomes.

· Better diagnostics and detection: Analysing patterns in data, such as machine vision analysis of x-rays, can make diagnoses faster and more accurate.

· Improved access: Tools such as online conversation agents can extend access to millions of people and remotely diagnose various health conditions using images from the cameras of everyday smartphones.

Moodley concludes: “Machine learning is a powerful tool that can benefit multiple industries, including Marketing; Financial services; Transportation and Manufacturing. Possible use cases are boundless and clearly demonstrate the importance of innovative technology for ensuring efficient business processes.”