Business
The Transformative Impact of Technology and Innovation on Nigeria’s Business Landscape.√√√Newzspy
The Transformative Impact of Technology and Innovation on Nigeria’s Business Landscape
By Oluwole Asalu
In today’s rapidly evolving world, technology and innovation are at the forefront of reshaping business and economic landscapes across the globe. Nigeria is no exception. The integration of digital solutions has revolutionised traditional operations, enhanced market penetration, and significantly improved productivity across various sectors. This article explores the transformative impact of technology on Nigeria’s business and economic environments, highlighting both the opportunities and challenges that come with this digital revolution.
Driving Efficiency and Growth
The adoption of technology has brought about unprecedented efficiency and growth in Nigeria. Businesses are leveraging digital tools to streamline operations, reduce costs, and enhance customer experiences. From e-commerce platforms enabling small businesses to reach a broader audience, to fintech solutions facilitating seamless transactions, technology is driving economic activity in ways previously unimaginable.
The COVID-19 pandemic acted as a catalyst for digital transformation. Lockdowns and social distancing measures forced businesses to adapt quickly, leading to an accelerated adoption of digital solutions. Remote working, online education, and virtual meetings became the norm, highlighting the critical role of technology in maintaining continuity and driving progress during challenging times.
Enhancing Market Penetration
Digital innovation has enabled Nigerian businesses to penetrate new markets and expand their reach. With the internet breaking down geographical barriers, companies can now offer their products and services to a global audience. This increased market penetration not only boosts revenue but also fosters international collaboration and partnerships.
Moreover, social media platforms have become powerful marketing tools. Businesses can engage with customers directly, build brand loyalty, and drive sales through targeted advertising. This direct interaction with consumers also provides valuable insights into market trends and customer preferences.
Improving Productivity Across Sectors
Various sectors in Nigeria have witnessed significant productivity gains due to technological advancements. In agriculture, for instance, digital tools are being used for precision farming, helping farmers increase yield and reduce waste. In healthcare, telemedicine platforms are providing access to medical services in remote areas. Education, too, has benefited from e-learning solutions that offer flexible and accessible learning opportunities.
A notable example of technology’s positive impact is Quomodo System Africa’s initiatives, such as the TestMi platform. This innovative solution addresses the challenges of conducting examinations and tests by providing a reliable and efficient digital platform. TestMi not only ensures the integrity of assessments but also fosters collaboration among educational institutions, students, and employers.
The Challenges of Digital Transition
Despite the many benefits, the transition to a digital economy is not without its challenges. One of the primary obstacles is the need for widespread tech adoption. Many businesses, particularly SMEs, lack the resources and expertise to implement digital solutions effectively. There is also the concern of potential job displacement as automation and digitalisation replace traditional roles.
Cybersecurity is another significant challenge. As businesses move online, they become targets for cyberattacks. Ensuring robust cybersecurity measures is essential to protect sensitive data and maintain customer trust. This requires investment in security infrastructure and continuous monitoring to identify and mitigate threats.
Furthermore, there is a digital divide in Nigeria, with rural areas having limited access to high-speed internet and digital devices. Bridging this gap is crucial to ensure that the benefits of technology are equitably distributed across the country.
Intentional Investment and Skill Development
To maximise the long-term benefits of a tech-driven economy, intentional investment and skill development are paramount. Government and private sector collaboration is essential to create an enabling environment for digital innovation. This includes investing in infrastructure, such as broadband connectivity, and providing support for startups and tech-driven enterprises.
The Nigerian government has made strides in this direction with initiatives like the National Digital Economy Policy and Strategy (NDEPS) and the establishment of tech hubs and innovation centres across the country. These efforts aim to foster a conducive environment for technological innovation and entrepreneurship.
Furthermore, there is a critical need for skill development to ensure that the workforce is equipped to thrive in a digital economy. This involves upskilling and reskilling initiatives to prepare individuals for new roles created by technological advancements. Education systems must also adapt to include digital literacy and technical skills as core components of the curriculum.
Private sector companies can also play a role by partnering with educational institutions to offer internships, mentorship programs, and training workshops. These initiatives can bridge the gap between academic learning and industry requirements, ensuring that graduates are job-ready.
Embracing a Tech-Driven Future
Despite the challenges, the long-term benefits of embracing a tech-driven future are immense. A digital economy promises sustained growth and development, positioning Nigeria as a competitive player in the global market. By fostering innovation and investing in technology, we can build a resilient economy capable of withstanding future uncertainties.
For businesses, embracing technology is not just about survival; it’s about staying competitive. Companies that leverage digital tools and innovative solutions will be better positioned to adapt to changing market dynamics and customer expectations. This agility is crucial in a rapidly evolving business environment.
Conclusion
Technology and innovation are fundamentally reshaping Nigeria’s business and economic landscapes. While the transition presents challenges, the opportunities for efficiency, collaboration, and growth are boundless. By prioritising intentional investment and skill development, we can harness the full potential of a tech-driven economy, ensuring long-term benefits for all Nigerians. It is imperative that we embrace this digital revolution and work together to build a prosperous and inclusive future.
Oluwole Asalu is a thought leader in the tech field in Nigeria, dedicated to advancing the nation’s tech ecosystem and fostering innovation and growth.
Oluwole Asalu, Founder and Chief Executive Officer, Quomdo Systems Africa
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Business
Landmark Dollar Bond Secures $900M for Nigeria’s Infrastructure and Economic Growth.√√√Newzspy.
Landmark Dollar Bond Secures $900M for Nigeria’s Infrastructure and Economic Growth.√√√Newzspy.
Nigeria has successfully launched its first domestic dollar-denominated bond, raising an impressive sum exceeding $900 million. This historic financial move marks a significant turning point in the country’s approach to economic development, signaling a shift towards greater resilience and sustained long-term growth.
The bond, spearheaded by the Africa Finance Corporation (@africa_finance), received overwhelming interest from both local and international investors. This high level of engagement underscores global confidence in the administration of President Bola Ahmed Tinubu and his administration’s economic policies, which aim to rejuvenate the nation’s financial standing while accelerating development.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, praised the successful bond issuance. As Chair of the African Caucus, he noted that this initiative goes beyond bolstering Nigeria’s economic position, setting a benchmark for other African countries seeking to expand their financial footprints. “I am particularly pleased that as Chair of the African Caucus, we have launched an initiative that not only strengthens Nigeria’s economic resilience but also expands the horizon for capital markets of African economies,” said Mr. Edun in a statement.
A Landmark Achievement for Nigeria
This dollar-denominated bond issuance is a remarkable achievement for Nigeria, positioning the country as a financial leader in Africa. It not only deepens Nigeria’s access to international capital markets but also highlights the vast potential that African economies offer to the world. The interest from investors reflects increasing confidence in Africa’s emerging markets, with Nigeria leading the charge in financial innovation.
The bond’s success also comes at a crucial time, as the country seeks to diversify its economy and reduce dependence on oil revenues. The funds raised through this initiative will be allocated to critical infrastructure projects and essential development programs across key sectors of the Nigerian economy. These sectors include transportation, energy, agriculture, and digital technology, all of which are critical for ensuring sustainable economic growth and improving the livelihoods of millions of Nigerians.
A Beacon for African Economies
This monumental bond issuance sets a new precedent for other African nations, showcasing the untapped potential of Africa’s financial markets. Nigeria’s success demonstrates that African economies, when properly managed and strategically aligned with global financial standards, can attract substantial foreign and local investment.
Many economists and financial analysts have lauded this bond as a step in the right direction for Nigeria, as it highlights the country’s commitment to deepening its financial markets and providing opportunities for investors. Additionally, this development may prompt other African countries to explore similar strategies for raising capital, which could further integrate Africa into the global financial ecosystem.
Driving National and Regional Growth
In addition to strengthening Nigeria’s national economy, the success of this bond issuance is likely to have far-reaching effects across the region. As a trailblazer in financial innovation, Nigeria is expected to continue driving regional growth through strategic economic measures. By investing in critical infrastructure and development programs, the country aims to stimulate job creation, enhance industrial productivity, and improve the overall economic outlook for its citizens.
As Africa’s largest economy, Nigeria’s ability to raise such significant capital domestically sends a powerful message to the international community about the maturity and potential of African financial markets. This bold move underscores the country’s determination to build a robust and diversified economy, capable of withstanding global economic shocks while maintaining strong growth trajectories.
In the months ahead, stakeholders will be keenly observing how the raised funds are deployed and the subsequent impact on Nigeria’s infrastructure, business environment, and overall economic health. Investors, both foreign and domestic, are expected to keep a close watch on the opportunities presented by this new chapter in Nigeria’s financial journey, which could serve as a catalyst for further financial innovation across the continent.
This milestone not only reflects Nigeria’s growing financial sophistication but also affirms Africa’s potential as a key player in the global economy.
Credit X Federal Ministry of Finance; Newzspy;
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African Report
Africa’s Digital Future Rests on Strategic Innovation and Infrastructure Development, Says Remita MD, ‘Deremi Atanda. √√√NewZspy.
Africa’s Digital Future Rests on Strategic Innovation and Infrastructure Development, Says Remita MD, ‘Deremi Atanda.
Africa’s prosperity is inextricably tied to the quality of its digital infrastructure, says Mr ‘Deremi Atanda, Managing Director of Remita Payment Services Limited (RPSL). Speaking at the Hyperscalers Convergence Africa Conference during a panel session themed ‘Innovating Towards Africa’s Digital Future,’ Mr Atanda emphasised that Africa’s development depends on innovative strategies that cater to the continent’s unique challenges and opportunities.
The panel session brought together key industry leaders, including Wabo Majavu, Executive, Strategy & Business Operations at Africa Data Centres; Ifeanyi Akosionu, Managing Director, INQ Digital; and Frank Eleanya, Senior Writer, Infrastructure, Business and BigTech at TechCabal. The discussions centred on how digital infrastructure could unlock new possibilities for Africa’s economic growth and sustainability.
“Africa’s prosperity is fundamentally tied to the quality of its digital infrastructure,” Mr Atanda remarked. “Solving Africa’s problems within its context will yield multidimensional benefits. Improved digital infrastructure will enhance the quality of life across the continent, connecting Africa in unprecedented ways. Moreover, expanding digital infrastructure will significantly enhance skills development in Africa, connecting more people and creating vast opportunities. This capacity building is crucial for our continent’s growth.”
“Africa’s digital transformation requires a unified vision and a comprehensive infrastructure agenda, driven by dedicated promoters and community involvement. By integrating diverse skills and fostering collaboration, we can accelerate trade, expand local economies, and enhance the quality of life across the continent. Continuous monitoring and evaluation will ensure sustainable progress, making Africa a significant player in the global digital landscape,” he added.
Echoing this sentiment, Wabo Majavu, Executive, Strategy & Business Operations at Africa Data Centres, stated, “We are building for a future we have not yet seen, and this requires constant collaboration and communication. Adopting a DevOps culture is essential for our success. We must focus on interconnected solutions and collaborate with government programmes to execute our plans effectively.” Her call for collaboration underscores the need for a unity of vision in Africa’s digital transformation, highlighting that innovation cannot exist in isolation.
In Nigeria, digital adoption has grown significantly, with internet penetration reaching 52% of the population in 2023, according to the Nigerian Communications Commission (NCC). The country also witnessed a rise in mobile broadband subscriptions, which surpassed 92.3 million users in 2022, reflecting the increasing demand for digital services across the nation. Despite these advancements, significant gaps remain, particularly in rural areas where infrastructure development and digital inclusion are still lagging. Expanding digital infrastructure to unserved and underserved regions will be key to addressing these challenges and driving sustainable growth.
Olusola Teniola, Director of Strategic Business Initiatives at IPNX, reinforced this perspective by stating that, “With Africa’s population projected to reach 2.4 billion by 2050, the urgency of investing in digital infrastructure has never been more evident. This investment is not just about laying fibre-optic cables or expanding data centres; it is about building a foundation for collaboration, future growth, innovation, and economic prosperity.” This sense of urgency adds a compelling dimension to the need for swift and strategic investment across the continent.
Mr Atanda further emphasised the critical role that innovation plays in addressing Africa’s challenges. He noted that while there have been significant advancements in the digital payment space, there is still much work to be done, particularly in creating intra-African payment systems that facilitate trade and economic collaboration without relying on external channels. He affirms that Remita is at the forefront of this innovation, redefining the ease of connected payments digitally.
“Pan-African payments have been a long time coming. It’s time to take ownership of our digital future and ensure that our solutions are designed by Africans, for Africans. We need to build capacity at scale and create opportunities for the continent to thrive,” he quipped.
One of the key messages Remita’s Managing Director delivered during the session was the importance of community involvement in shaping Africa’s digital future. He called for a collective effort from various stakeholders, including governments, businesses, and educational institutions, to promote and implement a unified digital infrastructure agenda.
“To succeed, we need to engage communities at all levels—whether it’s local communities, governments, or the investment community. This will ensure that Africa’s digital infrastructure meets the unique needs of each region while driving sustainable development,” he explained.
Mr Atanda concluded by advocating for the creation of an African digital infrastructure investment bond, which would encourage both local and international stakeholders to invest in the continent’s digital future.
“Africans must take responsibility for shaping our digital destiny. If we don’t, others will do it for us. We need to start framing the conversation around digital infrastructure in a way that highlights the immense opportunities available and encourages investment in this critical sector,” he said.
About Remita Payment Services Limited (RPSL)
Remita is a payment company on a mission to empower everyone everywhere to do more by simplifying payments. Remita plays a pivotal role in Nigeria’s financial ecosystem, offering innovative payment solutions that simplify the way individuals, organizations, and government entities manage their financial transactions.
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Categories: Arts And Culture, Breaking News, Business, CrimeControl, CSR, EMPOWERMENT, ENLIGHTENMENT, Environment, General News, Headlines, Health, Humanitarian, INTERVIEWS, Judiciary, LEADERSHIP, PERSONALITY, Property, Safety, Security, Technology, TRANSFORMATION Tags: #Abia, #Adamawa, #AkwaIbom, #Algeria, #allLGAallocationspaidToFGaccounts, #Anambra, #Angola, #Argentina, #Australia, #Bangkok, #Bauchi, #Bayelsa, #Belgium, #Benue, #Bharian, #Bolivia, #Borno, #Brazil, #Bulgaria, #Canada, #Chile, #China, #Congo, #Croatia, #CrossRiver, #Cuba, #Delta, #Dubai, #Ebonyi, #Edo#Ekiti, #Enugu, #Europe, #Finland, #Georgia, #Ghana, #Gombe, #Greece, #Guinea-Bissau, #Hungary, #Imo, #India, #Indonesia, #Israel, #Italy, #Jamaica, #Japan, #Jigawa, #JusticeEmmanuelAgim, #Kaduna, #Kano, #Katsina, #Kebbi, #Kogi, #Kuwait, #Kwara, #Lagos, #Laos, #Lesotho, #Liberia, #Libya, #Malaysia, #Mauritania, #Namibia, #Nasarawa, #NewZealand, #Niger, #Norway, #Ogun, #Oman, #Ondo, #Osun, #Oyo, #Pakistan, #Plateau, #Portugal, #Qatar, #Rivers, #Russia, #SaudiArabi, #Sokoto, #SouthAfrica, #StateOfPalestine, #Supremecourt, #Switzerland, #Taraba, #Thailand, #Togo, #Turkey, #U.S, #Yobe, #Zamfara @jidesanwoolu @drobafemihamzat @Lamataonline @gbenga_omo @gboyegaakosile @BSaluHundeyin @Mr_JAGs #LASG #AGreaterLagosRising @NigeriaGov @NGRSenate @HouseNGR @TradeInvestNG. #Flip #Filminthepark
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CSR-in-Action Hosts Industry Leaders at its PIA Webinar.√√√Newzspy.
CSR-in-Action Group, a leader in sustainability-driven initiatives globally, successfully convened prominent industry leaders at its recent webinar to discuss the implementation of the Petroleum Industry Act (PIA). Themed “Navigating the Shift – Essential Implementation Insights for Businesses”, the event provided a platform for key stakeholders to examine the PIA’s impact on community stakeholders.
Meka Olowola, Director of CSR-in-Action, opened the webinar by highlighting the importance of the event. He said, “We recognise that all stakeholders, particularly businesses, are navigating new territory with the PIA, and their ability to do so effectively is key to the Act’s successful implementation. This is the basis for this event as a part of our constructive engagement process.”
He referenced the research conducted by CSR-in-Action, supported by the Ford Foundation, which underscored critical aspects of the PIA’s implementation. These include a substantial gender imbalance in leadership roles, a lack of comprehensive needs assessments by oil companies, and overall low awareness of the Host Community Development Trust (HCDT) framework within communities. This crucial research highlights the need to include these groups in the broader narrative of Nigeria’s oil and gas reform.
The event featured esteemed panellists, including Dr. Orji Ogbonnaya Orji, Executive Secretary, NEITI; Mr. Dayo Okusami, Partner, Templars; Akinbambo Ibidapo-Obe, General Manager and Head of Commercial at Oando Energy Resources; Glory Alexander Thomas, Secretary Management of the Ibeno HCDT; and Eugenia Onyiriuka, Chairperson of the Board of Trustees for the Assa North HCDT. These leaders shared valuable insights on how implementing the PIA is reshaping Nigeria’s oil and gas sector, particularly in promoting transparency, inclusivity, and environmental responsibility.
A key highlight of the webinar was the discussion about the governance challenges of the PIA. Dr Orji Ogbonnaya stated “The PIA is being implemented agency by agency without a coordinated, comprehensive strategy to guide the process. This is a major concern, as a stakeholders-driven, coordinated implementation plan, involving civil society, companies, and government is key to ensuring transparency and accountability. Without such coordination, agencies may avoid pushing the boundaries of transparency and accountability.”
Q & A Session at the PIA Webinar.
Dayo Okusami also highlighted the critical role of transparency in the governance of the petroleum sector, noting that “Before the PIA of 2021, the last major legislation in the oil and gas sector was almost 60 years old. The PIA represents progress, but we must focus on realistic and sustainable implementation. No law is perfect. The PIA needs time, proper implementation, and patience.”
The importance of community consultation was also underscored by Glory Alexander Thomas, who stated, “Projects without diligent consultation with the host communities tend to lead to failure.” This sentiment was echoed by Mrs. Eugenia Onyiriuka, who remarked, “The PIA has changed a lot of things, including how women are involved in community affairs”.
According to Akinbambo Ibidapo-Obe, “The PIA presents a unique opportunity for HCDT to empower women and promote women-owned businesses as key service providers to the industry. At Oando, we are intentional about expanding our supply chain to include more women-owned businesses, ensuring they play a significant role in driving the sector forward.”
Meka Olowola concluded by emphasising CSR-in-Action’s leading role in sustainability reporting, showcasing their pioneering work in developing the first IFRS S1&S2 compliant sustainability report for a leading organisation in the oil and gas sector.
For more information on the PIA Implementation Research Report, visit https://www.sitei.org/pia-research
About CSR-in-Action Group:
CSR-in-Action Group is a sustainability-driven global consortium with a presence in Nigeria, Canada, and internationally. We specialise in consulting, advocacy, and training services, focusing on organisational development, corporate governance, and sustainability management. Our mission is to deliver solutions for sustained business development through ethical professionalism, flexibility, innovation, and global partnerships.
Signed:
CSR-in-Action
Contact:
Chinonso Vincent
CSR-in-Action Group
Email: comms@csr-in-action.com, sitei@sitei.org
Telephone: +234 906 263 4122
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MISSION STATEMENT
To provide an exceptional news, balance our stories and shine a positive light on our society.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake. If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Categories: Arts And Culture, Breaking News, Business, CrimeControl, CSR, EMPOWERMENT, ENLIGHTENMENT, Environment, General News, Headlines, Health, Humanitarian, INTERVIEWS, Judiciary, LEADERSHIP, PERSONALITY, Property, Safety, Security, Technology, TRANSFORMATION Tags: #Abia, #Adamawa, #AkwaIbom, #Algeria, #allLGAallocationspaidToFGaccounts, #Anambra, #Angola, #Argentina, #Australia, #Bangkok, #Bauchi, #Bayelsa, #Belgium, #Benue, #Bharian, #Bolivia, #Borno, #Brazil, #Bulgaria, #Canada, #Chile, #China, #Congo, #Croatia, #CrossRiver, #Cuba, #Delta, #Dubai, #Ebonyi, #Edo#Ekiti, #Enugu, #Europe, #Finland, #Georgia, #Ghana, #Gombe, #Greece, #Guinea-Bissau, #Hungary, #Imo, #India, #Indonesia, #Israel, #Italy, #Jamaica, #Japan, #Jigawa, #JusticeEmmanuelAgim, #Kaduna, #Kano, #Katsina, #Kebbi, #Kogi, #Kuwait, #Kwara, #Lagos, #Laos, #Lesotho, #Liberia, #Libya, #Malaysia, #Mauritania, #Namibia, #Nasarawa, #NewZealand, #Niger, #Norway, #Ogun, #Oman, #Ondo, #Osun, #Oyo, #Pakistan, #Plateau, #Portugal, #Qatar, #Rivers, #Russia, #SaudiArabi, #Sokoto, #SouthAfrica, #StateOfPalestine, #Supremecourt, #Switzerland, #Taraba, #Thailand, #Togo, #Turkey, #U.S, #Yobe, #Zamfara @jidesanwoolu @drobafemihamzat @Lamataonline @gbenga_omo @gboyegaakosile @BSaluHundeyin @Mr_JAGs #LASG #AGreaterLagosRising @NigeriaGov @NGRSenate @HouseNGR @TradeInvestNG. #Flip #Filminthepark
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Military to Capture Bandit Leader Bello Turji Soon, Says Defence Chief.√√√Newzspy.
Landmark Dollar Bond Secures $900M for Nigeria’s Infrastructure and Economic Growth.√√√Newzspy.
Rotary District 9111 Organizes Public Image Seminar. √√√Newzspy
Glovo and SPAR Market Announce Partnership to Enhance Grocery Delivery in Nigeria.
Tragic Plane Crash Near São Paulo Claims Lives of 62 Passengers. Newzspy.
Moses Babatope Unveils Multi-Million Dollar Investment/Funding Film Venture – Nile Media Entertainment Group.√√√Newzspy.
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Business1 month agoGlovo and SPAR Market Announce Partnership to Enhance Grocery Delivery in Nigeria.
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Art and Life1 month agoMoses Babatope Unveils Multi-Million Dollar Investment/Funding Film Venture – Nile Media Entertainment Group.√√√Newzspy.
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Sports1 month agoCity Avenges FA Cup Defeat with Community Shield Triumph Over Rivals United. √√√Newzspy.
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