Advancing technology is heavily impacting Nigerian businesses in a positive way; and is predicted to continue this 2023. A rapid advancement of the latest technology trends affecting businesses in Nigeria is already taking place without reversal. Nigerian entrepreneurs and businesses refuse to be left behind in the race to apply cutting-edge modern technologies to improve their business performance.
This trend is powered by the increasing numbers of entrepreneurs with vast ICT knowledge. Also, the availability of technology and ICT tools is improving, moving swiftly across the nation. It is also noteworthy that the Nigerian government is now more interested in supporting technology and business startups than ever. This is happening by way of available business funding, investment in ICT infrastructure, and favourable national policy adjustments. The government even allows tech startups to be listed on the Nigerian Exchange Group (NIGEX) to encourage growth and innovation.
The ICT sector contributed no less than 18.4 percent to Nigeria’s GDP in Q2 of 2022, according to the Nigerian Bureau of Statistics. This is in spite of well-known challenges facing the Nigerian business sector. Key problems include multiple taxation, unstable and expensive power supply; and restricted access to ICT infrastructure in rural environments.
The year 2023 witnessed a definite shift of mobile telephony from 4G to 5G. The adoption of 5G technology and its super-fast data transmission (at least 10 times faster than 4G) is also spreading fast. We can see that the major Nigerian mobile network operators (like MTN and Airtel) are leading the rollout of 5G operations.
Without doubt, 5G technology is revolutionizing and powering the rapid adoption of cutting-edge technologies worldwide. Entrepreneurs and businesses in Nigeria can now leverage on the latest technology trends to improve their business operations with 5G connectivity. These include artificial intelligence, machine learning, Blockchain technology, enhanced e-commerce operations, and efficient fintech operations, telemedicine and Internet of Things.
The knowledge of big data analytics (combined with artificial intelligence) is helping Nigerian (and global) businesses to create personalized customer interventions and solutions. Big data technology is now effectively used to track and gather customer information across social media channels, mobile apps, browsers, websites and smart devices. The end-result is enhanced and individualized offers and assistance being made available in order to better satisfy customers.
Fintech companies have come to the rescue of millions of Nigerians who have little or no access to banking (and other financial) services. This is especially true of dwellers in remote and rural centers. A bright future lies ahead for both business owners and consumers, as more and more fintechs are emerging across Nigeria and Africa.
Additionally, many fintech companies are eager to support operations in other business sectors. That includes agriculture, healthcare, real estate, insurance, education, entertainment and more. Well over 200 fintech companies now exist in Nigeria; of which Paystack, Interswitch, PiggyVest, Flutterwave, Paga, and E-tranzact are leading players.
Believe it when we say e-commerce has become a dominant means of accessing products and services in Nigeria. More Nigerian consumers are now turning to e-commerce for speedy access to goods and services without necessarily leaving their comfort zones. Virtually every available product or service in Nigeria can now be sourced from the online marketplace. Name it: foods, airtime, internet data, repair services, medical intervention, e-books and courses, home and office appliances and more.
For this reason, more Nigerian businesses are turning to the online marketplace to attract and service the needs of consumers. The competition is increasing, leading to refined service delivery and better products and services offerings. E-commerce is one of the latest technology trends affecting businesses in Nigeria, without any option of slowing down in the near future.
Artificial Intelligence & Machine Learning
One of the latest technology trends affecting business in Nigeria with spectacular results is the progressive application of Artificial Intelligence and Machine Learning. Artificial intelligence is capable of studying (and predicting) consumer behaviour and preferences. As such, it is helping businesses to provide quick, responsive, and custom personalized solutions and assistance to their customers. This is further powered by fast internet infrastructure. We see more of artificial intelligence being applied in business sectors such as e-commerce, social media, agriculture, medicine, transportation and fintechs in Nigeria.
One of the latest technology trends with a very profound effect on the business and technology world is Blockchain technology. Before now, Blockchain technology was typically applied to securing cryptocurrency transactions. However, this awesome technology has now evolved so much that it has widened its applications. Blockchain technology can now be applied by many businesses and individuals to enforce data security and privacy, as well as peer-to-peer transparency of transactions between end-users.
Some other growing technology trends affecting businesses in Nigeria include:
– Outsourcing of business services/operations
– Increased adoption of cloud computing services
– More acquisition of digital skills nationwide: Programming, Data Science, Cyber security, Robotics, Web development amongst others
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