Speaking on the report during the launch, the Managing Director/CEO of eTranzact International Plc, Mr. Niyi Toluwalope, said as a leading fintech company, eTranzact views Artificial Intelligence not as a distant prospect but as an immediate opportunity for Nigerian businesses.

“This research bridges the knowledge gap by helping SMEs understand their current AI adoption status and what they need to compete both locally and globally,” he stated. The study also reinforces eTranzact’s expanding role as an enabler of digital growth and innovation beyond just payments, he noted. 

Explaining further, eTranzact CEO said the report offers SMEs a fact-based assessment of their AI readiness, guiding informed investment and capacity-building decisions. 

For Nigeria, he said, the findings serve as a strategic blueprint to enhance competitiveness, job creation, and innovation-driven economic growth.

Mr. Toluwalope highlighted that policymakers, financiers, and educators will be better equipped with data in the report to design support programs tailored to SME needs.

The comprehensive study, conducted over several months across key regions including Enugu, Kano, Lagos, Abuja, and Port Harcourt, highlights the current state of Artificial Intelligence adoption readiness among Nigeria’s over 39 million Small and Medium Enterprises (SMEs) and Micro, Small and Medium Enterprises (MSMEs). 

While there is evident enthusiasm for AI among SME entrepreneurs, the study also identifies critical gaps in awareness, access, and tailored solutions necessary to harness AI’s full potential.

The managing director emphasized that the report offers more than just data, it provides a strategic roadmap to foster an inclusive and intelligent digital economy in Nigeria. 

He said, “Through direct engagement with entrepreneurs across diverse geo zones, we have gained invaluable insights into their hopes and challenges. 

“At eTranzact, innovation is core to our values, and we are committed to collaborating with policymakers, innovators, and SME leaders to develop practical AI solutions that address real business needs.”

The organizations also noted that both electronic copies and hard copies are available.

Director of Programs & Partnerships at the Enterprise Development Centre (EDC), Pan-Atlantic University, Dr. Olawale Anifowose,stated, “The study adopted a mixed-method research approach, involving the use of both quantitative and qualitative data collection and analysis methods.

“The quantitative approach was implemented through a sample survey of SMEs with 5,290 responses across the 36 states of the federation, including the Federal Capital Territory. 

“The qualitative aspect was implemented through focus group discussions/summits with 212 participants across five states in the country, aimed to collect rich, in-depth information about issues in the study.”

This innovative initiative has successfully empowered thousands of young female entrepreneurs and aspiring businesswomen across Nigeria, offering both online and in-person training sessions in various states and locations nationwide.

Since its inception, the Transforming Nigerian Youth program has significantly impacted women aged 18-35 years by fostering entrepreneurial skills and providing the necessary tools to succeed.

With a focus on online accessibility and inclusivity, the program has already trained over 141,000 women and counting.

“We are incredibly proud of the impact the Transforming Nigerian Youth program has had over the past four years,” said Dr. Nneka Okekearu, director, the Enterprise Development Centre. “Our collaboration with the Mastercard Foundation has enabled us to reach and empower many young women, equipping them with the skills and confidence needed to thrive in their entrepreneurial journeys.”

The fifth year of the program promises to build on past successes, offering an enhanced curriculum that covers critical areas such as business planning, financial management, marketing, and digital skills. Participants will also benefit from mentorship opportunities, networking events, and access to resources that can help turn their business ideas into reality.

For the first time, the program will offer an expanded suite of online resources, including virtual workshops, webinars, and an interactive community platform.

This digital component ensures that women from even the most remote areas of Nigeria can participate, overcoming geographical barriers and allowing for greater flexibility in learning.

“We are calling on all female entrepreneurs and aspiring businesswomen between the ages of 18-35 to seize this opportunity and register for the Transforming Nigerian Youth program,” added Dr. Nneka. “This is a unique chance to join a community of like-minded individuals and gain the knowledge and support needed to succeed in today’s competitive business environment.”

Registration is now open, and interested participants are encouraged to visit [bit.ly/tnypapply]  to apply and start learning immediately.

The Partners

The Enterprise Development Centre (EDC) is committed to building and supporting the capacities of entrepreneurs across Nigeria. Through various initiatives, EDC aims to foster economic growth and development by empowering individuals with the skills and knowledge needed to succeed in business.

Also, the Mastercard Foundation seeks a world where everyone has the opportunity to learn and prosper. Through its partnerships and initiatives, the Foundation works to advance financial inclusion, education, and entrepreneurship, particularly for young people and women in Africa.