Mastercard Foundation – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Mon, 01 Jun 2026 11:47:20 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png Mastercard Foundation – Tech | Business | Economy https://techeconomy.ng 32 32 TheBoardroom: Trends Show Structural Shifts Redefining How African Markets Operate https://techeconomy.ng/theboardroom-says-structural-shifts-redefining-how-african-markets-operate/ https://techeconomy.ng/theboardroom-says-structural-shifts-redefining-how-african-markets-operate/#respond Mon, 01 Jun 2026 11:47:20 +0000 https://techeconomy.ng/?p=182632 TheBoardroom Africa, the continent’s pioneering executive search and leadership advisory firm, has released its Industry Trends report.

The report finds that the era of expansion-led growth is over, with Africa’s business leadership class pivoting from growth narrative to institutional proof.

The report brings together insights from 30 senior executives, founders, investors and policymakers, including Omoyemi Akerele, Founder of Lagos Fashion Week; Dr. Beatrice Murage, Global Director of Sustainability and Access to Care, Philips; Steve Cadigan, First CHRO of LinkedIn and Founder of Cadigan Ventures; Amb. Lavina Ramkissoon, Technology Diplomat, African Union; and Dr. Sangu Delle, CEO, CarePoint.

Spanning more than 20 sectors, including financial services, energy, technology, healthcare, infrastructure and the creative economy, the report identifies four structural shifts already shaping capital allocation, regulatory direction, and competitive positioning across African markets.

Key findings from the report include:

Capital is being repriced: Private credit is replacing equity-led growth as the dominant financing model across the continent.

As global venture funding contracts and exits are slowing down, the contributors describe a structural shift: risk is now assessed on cash flow stability and operational resilience, over narrative momentum or market-size projections. Structured debt, revenue-linked instruments, and risk-partitioned facilities are proving more aligned with local operating realities.

For African businesses, the implications are significant. Access to capital now requires demonstrating durable performance, beyond growth potential.

Accurate risk pricing is now foundational to sustainable capital access and is strengthening repayment culture and credibility with mainstream investors.

AI has moved from experiment to infrastructure: Across fintech, energy, healthcare and compliance, AI is no longer a competitive differentiator but an operational backbone. In healthcare, AI is redesigning workflow, triage, and clinical decision support.

In financial services, it is driving fraud detection, credit underwriting, and compliance monitoring. In communications, it is reshaping how organisations manage reputation and reach.

The competitive distinction, the report finds, has shifted from who is experimenting with AI to who has the governance frameworks to deploy it at scale.

Boards are increasingly expected to interrogate explainability, accountability, and automated decision-making as central governance concerns, not technical matters to delegate downward.

Healthcare is being redesigned, not just funded: Africa’s health systems are undergoing a structural shift. The report identifies a decisive move from volume-based to value-based care – away from counting procedures toward measuring outcomes and cost.

At the same time, care delivery is migrating from centralised hospitals toward decentralised networks of outpatient centres, community hubs, and virtual platforms. On financing, impact investment was identified as a catalytic complement to public funding, not a replacement for it.

Governance has moved from policy to proof: ESG, AI ethics, cybersecurity and social performance are converging into a single accountability framework. Boards are now expected to demonstrate institutional integrity, not report on it.

Compliance effectiveness will be judged less by policies produced and more by behaviours evidenced. A policy commitment is a statement. A proof point is an audit trail. For local and global capital alike, the latter is no longer optional.

Speaking on the report, Marcia Ashong-Sam, Founder and CEO, TheBoardroom Africa, remarks,

“Africa’s challenges have always been its most compelling investment case. What is different now is that its leaders are building the institutions to prove it. TheBoardroom Africa exists because the most consequential thinking about this continent rarely makes it into the public conversation. It stays in boardrooms, in investment committees, in the private deliberations of leaders who are too busy building to narrate what they are building. This report changes that.”

As the continent moves from expansion to optimisation, narrative to proof, and pilot to platform, the leaders who will define this next chapter are already in the room.

TheBoardroom Africa 2026 Industry Trends Report .png

The report is available for free download here

For over a decade, TheBoardroom Africa has been disrupting the executive search and leadership advisory space, partnering with major organisations like MTN Group, Unilever, British International Investment, Mastercard Foundation, International Finance Corporation, and many more.  With over 70% of its leadership community in the C-suite level, a B Corp-certified firm (a designation held by <10,000 companies globally), embodies the institutional accountability it identifies as the measure of Africa’s next generation of credible leadership in its 2026 report.

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Data Science Nigeria Concludes 8th AI Bootcamp, Empowering the Next Generation of African AI Innovators https://techeconomy.ng/data-science-nigeria-concludes-8th-ai-bootcamp-in-lagos/ https://techeconomy.ng/data-science-nigeria-concludes-8th-ai-bootcamp-in-lagos/#comments Thu, 30 Oct 2025 08:44:41 +0000 https://techeconomy.ng/?p=170172 Data Science Nigeria (DSN) has reaffirmed its leadership in advancing Africa’s Artificial Intelligence ecosystem with the successful completion of the 8th edition of its Annual Artificial Intelligence Bootcamp held in Lagos, Nigeria.

The 2025 Bootcamp marked another defining milestone in DSN’s bold mission to train one million AI talents within ten years and position Africa as a global hub for inclusive and sustainable technological innovation.

8th Data Science Nigeria AI Bootcamp in Lagos
8th Data Science Nigeria AI Bootcamp in Lagos

This year’s edition attracted over 32,000 applications from across Nigeria’s 36 states and the Federal Capital Territory, a record that underscores the growing national appetite for AI capacity development and the trust DSN has earned as the continent’s foremost AI learning and research non-profit.

Through a rigorous multi-stage process that assessed technical aptitude, problem-solving potential, and collaborative mindset, only 150 of the most outstanding learners emerged as finalists and were invited to the fully residential, all-expenses-paid Bootcamp hosted at the University of Lagos.

The Bootcamp’s curriculum was designed to deliver an end-to-end learning experience that merged technical depth with social impact. Participants explored cutting-edge themes such as Generative and Agentic AI, Geospatial Intelligence, Digital Public Infrastructure, Machine Learning, Deep Learning, and Responsible AI.

The training followed a structured model that progressed from foundational sessions to advanced project development, enabling participants to transition quickly from concept to deployable prototypes with real-world relevance.

The approach reflected DSN’s enduring philosophy of “learning, building, and sharing,” ensuring that every participant not only gained world-class knowledge but also understood how to apply it toward solving Africa’s most pressing challenges.

The Bootcamp was powered by a strong coalition of global partners and industry leaders, including Microsoft, Meta, MTN, Google DeepMind, Boaz Integrated Energy, Hyperspace, NVIDIA, NitHub, EqualyzAI, TechCabal, Askya Investment, the Fintech Association of Nigeria, and the University of Lagos. These organizations brought together expertise, resources, and mentorship, making the programme a world-class experience.

In all, 32 renowned experts from across the globe facilitated technical and strategy sessions, drawing from institutions such as the Gates Foundation, Microsoft, Google, Meta, Mastercard Foundation, Access Holdings Plc, Interswitch Group, MTN, PwC, PIC, ARM, the Mastercard Center for Inclusive Growth, WorldPop, and the University of Southampton.

Among the high points of the Bootcamp were the masterclasses delivered by some of the most respected voices in technology and development.

Dr. Uyi Stewart, Chief Data and Technology Officer at Data.org, shared an inspiring keynote on “AI for Inclusive Growth,” emphasizing how data and technology can accelerate social progress.

Olubunmi Okunowo and Toyosi Odukoya led an engaging session on how open-source frameworks and Digital Public Infrastructure can enable national development and inclusive service delivery.

Dr. Chris Nnanatu’s presentation on “Powering Africa’s Growth with Location Intelligence” highlighted the transformative power of geospatial data for economic and environmental planning.

Collectively, these sessions underscored the thematic focus of this year’s Bootcamp, that Africa’s future in AI must be both inclusive and indigenous, built on solutions that reflect local realities and global best practices.

Beyond classroom learning, the participants participated in a high-impact Hackathon designed to convert theory into tangible solutions.

Working in multidisciplinary teams, the learners tackled real-world problems across healthcare, agriculture, financial inclusion, and public service delivery sectors.

One of the most inspiring moments came from EqualyzAI, a DSN-incubated startup, which showcased its pioneering work on localizing Small Language Models (SLMs) for African languages.

The demonstration aligned with DSN’s ongoing work in AI for social good and reflected the broader vision of building equitable digital futures for Africa’s linguistically diverse population.

The Bootcamp culminated in an awards ceremony celebrating excellence, creativity, and community spirit.

The DSN Community at the Federal University of Technology, Akure (FUTA) emerged as the AI School of the Year, a recognition sponsored by Boaz Integrated Energy and Hyperspace, and received a $1,000 grant to establish a mini AI library that will serve as a lasting legacy of continuous learning on campus.

Individual awards also highlighted exceptional performance: the Mr. & Ms. Algorithm Awards, sponsored by Microsoft, celebrated participants who demonstrated commitment and core values of DSN Community; Best Academic Poster, sponsored by Google DeepMind; Best Hackathon Project, sponsored by MTN Foundation; and Best Project Participation, also supported by Microsoft, all rewarded brilliance and consistency with tiered cash prizes.

8th Data Science Nigeria AI Bootcamp in Lagos
8th Data Science Nigeria AI Bootcamp in Lagos

8th Data Science Nigeria AI Bootcamp in Lagos

Miss Algorithm

In addition, every participant received a Microsoft-sponsored certification voucher, a tangible step that enhances employability and global recognition in the rapidly evolving AI landscape.

Throughout the Bootcamp, industry partners played a visible role not only as sponsors but as co-educators, mentors, and advocates for inclusive innovation.

Their contributions underscored a shared belief that Africa’s competitiveness in the global digital economy depends on collective investment in human capital and home-grown innovation.

The partnership between DSN and Microsoft continued to provide the foundational bridge between learning and opportunity, through advanced skilling, access to certification, and exposure to real-world AI applications.

In his closing remarks, Dr. Olubayo Adekanmbi, Data Science Nigeria’s founder and chief executive officer, reflected on the transformative journey of the AI Bootcamp since its inception.

DSN

He described the 2025 edition as reaffirming the belief that Africa’s future will not be imported but intelligently built by its people.

He urged participants to act as ambassadors of knowledge, extend the mentorship culture, and replicate the Bootcamp’s impact within their local communities.

“We have built not just coders but catalysts, people who will use AI to solve Africa’s most pressing challenges,” he said. “As you have freely received, freely give.”

The 8th Data Science Nigeria AI Bootcamp is a powerful testament to the potential of strategic collaboration, purposeful learning, and inclusive access.

It represents a generation of young innovators equipped with technical competence and a shared vision of using AI as a tool for national transformation and global relevance.

As the participants return to their campuses, startups, and communities, they carry the collective energy of an ecosystem determined to make AI work for all, ensuring that Africa’s intelligence revolution remains open, inclusive, and transformative.

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EDC, Keystone Bank Urge SMEs to Pursue Sustainable Growth https://techeconomy.ng/edc-keystone-bank-urge-smes-to-pursue-sustainable-growth/ https://techeconomy.ng/edc-keystone-bank-urge-smes-to-pursue-sustainable-growth/#comments Tue, 28 Oct 2025 16:16:09 +0000 https://techeconomy.ng/?p=170099 Stakeholders from Enterprise Developement Centre (EDC), Keystone Bank, MasterCard Foundation, and Tripoint Academy have urged small and medium enterprises (SMEs) to focus on sustainable and impact-driven entrepreneurship growth.

This was said during the 2025 EDC SMEs conference in Lagos recently, with the theme: “Catalyzing the Future: Empowering Small Businesses for Impact and Inclusive Growth”.

Dr. Nneka Okekearu, Director of the Enterprises Development Center (EDC), highlighted the organization’s focus on sustainable and impact-driven entrepreneurship growth as the conference explores compliance, exports, and tax regulations, offering a platform for entrepreneurs to learn, connect, and collaborate.

However, while praising Tripoint Academy’s work in empowering over 30,000 women in 10 years, she reiterated that EDC’s partnership with Tripoint Academy to promote inclusive growth and support women entrepreneurs also aligns with Keystone Bank’s commitment to impact-driven growth and entrepreneurship development.

Thus, during her keynote speech, Rosy Fynn, Country Director of MasterCard Foundation, praised EDC’s milestone 18-year conference, highlighting the significant impact of its programs on society.

She noted that SMEs are the economy’s driving force, facing obstacles such as access to finance, market access, and tools for efficiency, and that MasterCard Foundation partners with EDC to address these challenges, empowering SMEs nationwide through targeted programs.

Fynn further emphasized that 2026 should prioritize collaboration over competition, highlighting MasterCard Foundation’s partnership-driven approach.

She thereby urges SMEs to leverage platforms like this to showcase products and expand customer bases.

“Having that hope and resilience, and that right mindset is a key part in ensuring that 2026 is very different and a successful year for many SMEs,” Fynn said.

Also speaking at the event, Keystone Bank’s Executive Director, Nnenna Anyim Okoro, emphasized the crucial role SMEs play in Nigeria’s economy and the bank’s comprehensive approach to supporting them.

Okoro announced plans to increase the frequency of the SME clinic, providing insights and thought leadership to entrepreneurs. This initiative addresses the needs of SMEs beyond funding, aiming to equip them with the necessary tools for success.

Shuhda Muhammad, Founder of Tripoint Travels Academy and Tourism and representative of all northern entrepreneurs, praised the initiative and thanked the organizers.

She emphasized empowering entrepreneurs in northern Nigeria, particularly women, with over 11,000 entrepreneurs supported, 80% of whom are women.

She claims that the initiative is an enabler that aims to shift mindsets and promote financial independence, enabling women to overcome barriers and showcase their products and services.

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Why AI Education Should be Integrated into Nigeria’s School Curriculum   https://techeconomy.ng/why-ai-education-should-be-integrated-into-nigerias-school-curriculum/ https://techeconomy.ng/why-ai-education-should-be-integrated-into-nigerias-school-curriculum/#comments Thu, 21 Aug 2025 06:06:07 +0000 https://techeconomy.ng/?p=165577 Artificial intelligence (AI) is a driving force of the fourth educational revolution and a major carrier of the technological progress that is changing societies and economies globally.

Integrating AI into Nigeria`s school curriculum presents a transformative opportunity to improve learning outcomes, enhance teacher’s effectiveness, and enhance quality education.

The integration of AI into Nigeria’s school curriculum can enable the creation of advanced e-learning platforms that simulate classroom experience, automate repetitive tasks, and analyze data to optimize educational content.

AI`s growing influence on all aspects of daily life and society is reshaping the world, making AI literacy an essential skill for everyone.

As a result, AI concepts should increasingly be integrated into both formal school curricula and out of school learning systems.

AI literacy is now widely regarded as a critical competency that young learners must develop to thrive as future creators and innovators. AI should be an apparatus for learning so as to eliminate irrelevant courses in the curriculum and must be introduced from an early age.

There are other obstacles, such as the fact that many schools still lack computers, internet connection, and qualified staff. AI, on the other hand, has the potential to be a game changing equalizer by providing standardized, superior resources such as internet infrastructure regardless of location.

Benefits of Introducing AI into Nigeria’s School Curriculum

The power of AI is undeniable, and understanding the pros and cons of Artificial intelligence in education is essential for making informed decisions. Some of the advantages of AI include the following:

1. It provides student with immediate feedback

AI offers students instantaneous and detailed feedback on their work, helping them to see their strengths and weaknesses. Such feedback enhances understanding and learning outcomes and helps teachers to know what to focus on in future lessons.

2. It can result in more inclusive class sessions

AI has powerful tools that make previously inaccessible material available to students with special needs.

Tools that offer text-to- speech, visual recognition, and more can help teachers adapt resources so that all students have an equal learning opportunity.

3. It fosters critical thinking

The advent and use of AI in classrooms lends itself to discussions regarding critical thinking and ethical considerations. Introducing AI can help them grow and develop as thinkers, learners and problem solvers.

4. It helps in advanced learning

The introduction of AI into school curriculum can help generate custom learning materials, such as quizzes, flashcards, and even entire lessons tailored to a student`s strengths and weaknesses.

5. Enhance efficiency

Artificial intelligence provides numerous benefits such as time saving capabilities, reducing errors, increasing efficiency, accuracy, effectiveness and unbiased decision making in teaching and learning process.

6. Improved motivation and engagement

Integrating AI into school curriculum can create more interactive and engaging learning experiences that can help students focus on their learning.

Conclusion

Integrating AI into Nigeria`s school curriculum is not just an option, but a necessity for preparing the students, fostering innovations, and driving national development preparing them for a real-world experience. Educators must be trained to use AI effectively without sacrificing the essential role of human interactions and mentorship in learning.

*Emmanuel Otori is the Chief Executive Officer at Mangrove Technologies Ltd. He has had experience working on a variety of projects with the World Bank, GiZ, Mastercard Foundation, Central Bank of Nigeria, the Nigeria National Petroleum Corporation (NNPC) etc. He has impacted over 1000 businesses in creating a sustainable business model.

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PR Maestro of a Generation: Celebrating Dr. Omoniyi Ibietan’s Multilayered Impact on Strategic Communication in Africa https://techeconomy.ng/pr-maestro-of-a-generation-celebrating-dr-omoniyi-ibietans-multilayered-impact-on-strategic-communication-in-africa/ https://techeconomy.ng/pr-maestro-of-a-generation-celebrating-dr-omoniyi-ibietans-multilayered-impact-on-strategic-communication-in-africa/#respond Sun, 20 Jul 2025 20:50:27 +0000 https://techeconomy.ng/?p=163398 In an age where public perception shapes national policy, brand trust defines business success, and communication crises can make or break institutions, few professionals stand as tall as Dr. Omoniyi P. Ibietan.

Named on the prestigious PR Power List 2025, Dr. Ibietan is more than a public relations expert, he is an institution, a thinker, a strategist, and a shaper of narratives across Africa’s most critical communication landscapes.

In this feature, Techeconomy deploys a multimethod and multilayered lens, from career trajectory and academic depth to influence, innovation, and intellectual legacy, to unpack the life and works of a man whose presence in the public relations ecosystem reverberates far beyond press statements and policy memos.

In the beginning, Omoniyi, as he preferred to be called, landed on the national landscape as a student leader, cutting his teeth in human rights activism right from college where he led his colleagues to resist a levy imposed by the school authority.

His action will cause him a suspension, which at that age he challenged in the courts and the authorities were compelled to recall him to write his West African School Certificate. He passed and enrolled for the Higher School Certificate at the then Kwara State College of Technology where he studied History, Literature and Economics.

He continued activism at KWARATECH, emerging as the Secretary General of the Student Government before leaving in 1989.

Attending a journalism school (where he made a distinction in 1996) and two other universities sequentially (over a period of 10 years), he eventually graduated atop his class (BA Communication Arts) at the University of Uyo in the year 2000.

The same year he was elected Chairman of the national convention of the National Association of Nigerian Students (NANS) which took place at the University of Maiduguri.

The convention, otherwise called The Unity Convention, unified all hitherto warring factions of the fiery student movement which had been fractured by tendential politics and destabilization by the ruling elites.

Between 2002 and 2004, he studied for the degree of MA in Communication and Language Arts at the University of Ibadan, graduating atop his class and with a PhD grade.

Through it all, his commitment to defending social and political rights did not wane and he was intimately involved (working with progressive elements of the civil society) in the advocacy programmes and projects leading to the birth of Nigeria’s renascent democracy in 1999.

Dr. Omoniyi Ibietan,
Dr. Omoniyi Ibietan, secretary-general, African Public Relations Association (APRA)

Layer One: The Communicator’s Communicator

For over 25 years, Dr. Ibietan has architected communication blueprints that do more than inform, they influence outcomes, foster collaboration, and restore trust.

As a key figure at the Nigerian Communications Commission (NCC), where he recently completed his tenure as Head of Media Relations, Dr. Ibietan led multi-stakeholder engagements that reshaped how the telecom regulator was perceived by both media and public.

Under his watch, digital communication strategies evolved, perception audits became routine, and media relationships turned into institutional partnerships.

Before coming back to his forte (PR, media and communication strategy), he was the frontline officer for legislative relations where he set standards for the Commission in its relationship with the National Assembly, Nigeria’s bicameral federal legislature.

Dr. Ibietan’s public relations offerings were not accidental. With a PhD in Communication from North-West University, South Africa, and degrees from top Nigerian institutions like the University of Ibadan and the University of Uyo, he brought academic precision into the messiness of public opinion. Every campaign bore the hallmark of someone who understood not just what to say, but when, how, and to whom.

Layer Two: Legacy in Thought and Leadership

In scholarship and practice, Dr. Omoniyi Ibietan has become a leading advocate for a rethink in the fundamental, foundational, normative issues in communication, insisting that all assumptions, principles, and certitudes upon which communication management is propelled be reviewed in view of what has happened in the communication space.

“The world has changed fundamentally, the media has become more pervasive, attentional resources are shrinking, Africa’s demographic capital comes with its risks and compelling us to be sensitive to audience preferences by communicating responsibly to build bridges and reduce the spectrum of divisions and potential crises.

The new paradigm demands we leverage technology, evidence-based data, mindful of ethical imperatives, diversity, equity and inclusion (DEI), and new trends in measurements. We are in an era of multimedia, multimethod, multilayered communication across media systems of communication, including the context where we may require medialities and the African communication systems.”

He emphasised the demands of modern communication landscape to a team of innovative journalists recently stressing why the communicator must lead every enterprise.

Dr. Ibietan agrees with the general belief that public relations is a management function. He agrees with the NIPR that public relations is both a management and leadership function, an assertion that underpinned the establishment of the first Public Relations and Leadership University (PRLU) in the world to be inaugurated by NIPR next year.

More importantly, Dr. Ibietan has recently (at Nigeria Public Relations Week in Uyo in 2025, in speeches and public presentations, as well as to his students at Rome Business School where he teaches doctoral students Advertising and Public Relations, and Media Management and Communication Strategy), that students and practitioners in communication management should revise the notion of “Engineering of Consent”, that underpinned Edward Bernays’ thesis which emphasised strong, engineered persuasive, almost propagandistic communication.

In its stead, Dr. Ibietan advocates for shared intentions, shared meanings, and collaborative communication, all ideas that underpinned human evolutionary trend in communication, riding on evidence from communication philosophers, social anthropologists, psychologists and neuroscientists such as Michael Tomasello whose almost three decades of research has laid the groundwork for a rethink of perspectives.

Thus, Ibietan is a strong advocate of stakeholder relations through engagement and communication, leading to cultivation of relationships, building trust, and ensuring communication effectiveness. As he told his students in a recent lecture, “all advertising programmes must be preceded by sufficient public relations strategies. That is a major lesson in the emergent integrated marketing communication framework. Indeed, there are new lessons and those insights should help us to elevate our practice.”

His tenure as Special Adviser to Nigeria’s Minister of Information (2005–2007) and lecturer at Rome Business School reflects a commitment to passing on his insights to the next generation of communicators.

Dr. Omoniyi Ibietan doesn’t just lead; he lifts others into leadership.

Layer Three: Innovation and the Future of PR

One of Dr. Ibietan’s most enduring legacies is how he bridged the gap between traditional media relations and digital-first strategies. Long before it became fashionable, he was integrating social listening, stakeholder mapping, and digital content strategy into public communication playbooks.

At the NCC, his pioneering use of digital influencers, social media audits, and content uniformity protocols brought coherence and creativity to regulatory storytelling.

At a time when regulatory bodies are often accused of opacity, Dr. Ibietan championed shared intentions, diversity, inclusion, transparency, empathy, and accessibility as irreducible principles in the effective sharing of meaning.

His works with Freedom House, Mastercard Foundation, and MacArthur Foundation brought global relevance to his skillset, showing that his ideas work not just in Abuja or Lagos, but also in Washington, Nairobi, and Johannesburg.

Layer Four: A Reputation Built on Integrity and Impact

Colleagues speak of him as radical but calm under pressure. Journalists praise him as available and honest. Students regard him as inspiring and methodical. Even critics admit: he does the work with panache and clinical precision.

Dr. Ibietan has collected multiple recognitions over the years, from being Best Staff at the NCC (2008 & 2011) to being the best graduating student in his class at Uyo and Ibadan where he studied Communication Arts and Communication and Language Arts respectively.

But perhaps his biggest reward is the trust he commands across political divides, media spectrums, and navigating institutional barriers.

A Fitting Honour, A Continuing Journey

Being listed among the PR Power List 2025 is not just a personal achievement. It is a reflection of decades of consistent excellence, ethical leadership, and visionary thinking. In an era many believed is bereft of role models, Dr. Omoniyi Ibietan offers a blueprint: of how to stay relevant without being trendy, effective without being loud, and authoritative without losing empathy.

As Nigeria and Africa face rising challenges in governance, misinformation, and digital disruption, professionals like Dr. Omoniyi Ibietan are not just desirable, they are indispensable.

By celebrating Dr. Ibietan, we are not merely spotlighting one man’s journey, we are reminding the industry of what’s possible when communication is wielded with integrity, intellect, and insight.

“PR is not about spin; it is about substance,” he once said. In Dr. Ibietan, truth and candour find the most eloquent expression.

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The Biggest Challenges Facing SMEs in Nigeria https://techeconomy.ng/the-biggest-challenges-facing-smes-in-nigeria/ https://techeconomy.ng/the-biggest-challenges-facing-smes-in-nigeria/#respond Mon, 23 Jun 2025 23:02:22 +0000 https://techeconomy.ng/?p=161636 According to a World Bank report, Nigeria ranked 131st out of 189 countries regarding the ease of doing business.

As a result, 80% of new small businesses fail in 3 years. Most of the failures are due to numerous challenges facing the sector which are the parameters that determine the sustainability of small businesses.

Small and medium scale (SMEs) businesses are companies with a workforce of fewer than 300 individuals.

Small business enterprises are a sector of the economy that needs the attention of the  Nigerian government and other developing nations due to the role it plays in job creation and economic growth in the nation’s economy.

The Nigerian Economy like other African countries has been facing a fight against unemployment since Independence.

The Nigerian government through its economy regulatory agencies have recognized the importance of small business in the provision of employment to the citizen.

Because of the importance of small businesses in the Nigerian economy local, state, and federal government recognized the need of stimulating small businesses to provide employment, reduce poverty rate, and improve economic growth.

However, while small business is being acknowledged for its development contribution, it still faces many obstacles that limit their long-term survival and development.

Some of the common challenges facing small business owners in Nigeria and recommendations are

1. Access to finance:

Limited access to capital:

Many small business struggle to secure loans or venture capital due to high interest rates, lack of collateral, and stringent landing requirements.

High interest rate:

Nigerian banks often charge high interest rates on loan, making borrowing expensive and reducing profitability for small businesses.

Recommendation:

Financial literacy programs:

Educating SME owners on financial management, accounting practices, and alternative funding options can help them navigate the financial landscape effectively.

2. Infrastructure Development:

Inadequate infrastructure, including unstable power supply, poor road networks, and limited technology access, hampers the productivity and efficiency of SMEs, leading to increased costs and operational challenges.

Recommendation:

Government investment:

Prioritizing infrastructure investments to improve power generations, upgrade transportation networks, and expand reliable internet connectivity is essential.

3. Inadequate skills and capacity:

The unavailability of skilled labour, including technical expertise, management capabilities, and entrepreneurial skills, poses a significant challenge for SMEs in Nigeria. The lack of a skilled workforce can hamper growth and innovation.

Recommendation:

Vocational training and skill development programs:

Collaborating with government and private sectors entities to provide training programs that equip individuals with the skills required by SMEs is crucial.

4. Regulatory and administrative burdens:

Complex regulatory frameworks, excessive bureaucracy, and corruption create barriers for SMEs in Nigeria. Cumbersome business registration processes, obtaining permits, and complying with tax regulations to the administrative burden faced by SMEs. Navigating the regulatory landscape can be challenging and time consuming for small business owners.

Recommendation:

Digitalization of government policies:

Implementing e-government initiatives and online platforms for business registration, tax filing, and other administrative processes can enhance efficiency, and transparency, and reduce corruption risks.

5. Other challenges:

Time management:

Balancing the demands of running a business with personal life can be difficult.

Market fluctuation:

Economic downturns and changing consumer preferences can significantly impact small businesses.          

Conclusions

Small business enterprises are seen as an important sector of a nation`s economy which should be adequately given attention. Small business owners face a complex web of challenges, from securing funding and managing cash flow to building strong teams and adapting to market shifts. While these hurdles are significant, they also present opportunities for growth and innovation. Through strategic planning, effective management, and a commitment to continuous learning, small businesses can not only survive but thrive in today’s competitive landscape.

The writer:

Emmanuel Otori
*Emmanuel Otori is the Chief Executive Officer at Mangrove Technologies Ltd. He has had experience working on a variety of projects with the World Bank, GiZ, Mastercard Foundation, Central Bank of Nigeria, the Nigeria National Petroleum Corporation (NNPC) etc. He has impacted over 1000 businesses in creating a sustainable business model.
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AI Could Affect 40% of Tasks in Africa’s Growing Tech Outsourcing Sector by 2030 https://techeconomy.ng/ai-could-affect-tasks-in-africa-tech-outsourcing-sector-2030/ https://techeconomy.ng/ai-could-affect-tasks-in-africa-tech-outsourcing-sector-2030/#comments Thu, 03 Apr 2025 14:42:03 +0000 https://techeconomy.ng/?p=156170 Nigeria’s BPO market is projected to expand from $980 million in 2023 to $1.84 billion by 2028, reflecting an annual growth rate of 12.56%. 

The country’s ‘Outsource to Nigeria Initiative’ aims to capture a portion of the $8.97 trillion global BPO market, and with 70% of Nigeria’s 218 million population under 30, the country offers a vast pool of tech-savvy young talent.

However, the rise of automation could slow down this growth. New research by Caribou and Genesis Analytics, in partnership with the Mastercard Foundation, identifies Customer Experience roles – 44% of current employment in the African BPO sector – as particularly vulnerable, with half of the tasks at risk of automation. 

The report further identifies that 40% of tasks in Africa’s tech outsourcing sector, including BPO (Business Process Outsourcing) and ITES (IT-Enabled Services), could be automated by 2030, creating new pathways for workers to move into higher-skilled, higher-paying roles. 

With just 10% of tasks fully resilient to automation, strategic investment in widespread AI upskilling and training will be key to unlocking Africa’s $35 billion BPO potential by 2028.

Rodwell Mangisi, director of Digital Economy Pan African Programs at the Mastercard Foundation said Africa’s tech outsourcing industry is expanding rapidly, adding new jobs and opportunities each year.

“As AI transforms global business processes, Africa can lead by ensuring its workforce is AI-ready. By investing in targeted upskilling programs, especially for women and young professionals, we can ensure this 6% annual growth translates into sustainable, high-value employment that benefits all demographics.”

AI is already deeply integrated into Africa’s BPO and ITES sectors, driving efficiency and innovation. Workers are using tools like ChatGPT, Microsoft Copilot, and in-house chatbots to enhance productivity, creativity, and accuracy.

These AI-powered technologies assist with coding, debugging, content generation, and customer service, enabling employees to focus on strategic problem-solving, decision-making, and higher-value tasks. As a result, they see opportunities for career advancement and transitioning into higher-level roles.

Despite these opportunities, AI’s rapid rise could impact certain roles in the BPO sector. Entry-level jobs – comprising 68% of the workforce – are particularly affected, with more than half of tasks being automatable.

To futureproof the sector, AI-driven upskilling programs are needed to enable workers to shift into higher-skilled, better-paying roles in cybersecurity, AI management, and data services.

Charlene Migwe, program director at Caribou said Africa’s tech outsourcing sector is at a pivotal moment.

“With the right investments in skills development, ethical AI, and inclusive policies, we can transform the risks of automation into new opportunities for innovation and resilience.”

While AI presents significant opportunities, it also poses challenges, particularly for women and youth who predominantly occupy entry-level roles. The report highlights tasks performed by women are on average 10% more susceptible to automation than those by men in the sector.

This disparity risks exacerbating gender-based inequalities in the sector’s workforce if not proactively addressed.

Customer Experience roles, which account for 44% of employment in the BPO sector, are among the most affected, with half of tasks in these roles being automatable. Finance and Accounting positions in the BPO sector face similar challenges, with nearly two-thirds of junior-level tasks at risk. 

Without intervention, these shifts could disproportionately impact the livelihoods of young workers and women in the sector. To mitigate these risks, the report stresses the urgency of equitable AI upskilling and reskilling efforts to ensure all demographics can transition into future-proof roles.

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ALX Pathway Learners Receive Mastercard Foundation Scholarships for ALCHE https://techeconomy.ng/alche-alx-pathway-learners-mastercard-foundation-scholarships/ https://techeconomy.ng/alche-alx-pathway-learners-mastercard-foundation-scholarships/#respond Mon, 03 Mar 2025 11:40:50 +0000 https://techeconomy.ng/?p=154010 ALX, Africa’s leading tech career accelerator, is celebrating a major win for young African talent as 21 exceptional learners from the ALX Pathway program secure prestigious scholarships from the Mastercard Foundation to pursue further studies at the African Leadership College of Higher Education (ALCHE).

Among them, seven outstanding scholars are from Nigeria, reinforcing the country’s reputation as a hub for ambitious, high-potential talent within ALX’s transformative learning ecosystem.

The programme is a pathway to global universities and scholarships, equipping Africa’s future leaders with cutting-edge skills, career-defining networks, and access to life-changing opportunities in high-growth industries..

Speaking on this remarkable achievement, Oluwapelumi Thomas, learning community experience specialist at ALX Nigeria, shared,

“At ALX, we believe that unlocking Africa’s potential starts with unlocking the potential of its people. The success of these learners in securing scholarships to ALCHE through the Mastercard Foundation is evidence that talent, when nurtured with the right opportunities, knows no bounds. We couldn’t be prouder.”

Among the Nigerian awardees are: Ayomide Samson Ajayi, Effiong Immaculata Emmanuel, Hanif Olayiwola, Chigozie Emmanuel Ndubuaku, Peace Chidinma Chukwuka, Chibuzor Moses Uzowuru and Chisom Obueze Louisa.

The Mastercard Foundation scholarships will provide recipients with full tuition and stipends to pursue world-class higher education at ALCHE, sharpening their leadership, technical, and entrepreneurial skills to drive impact across the continent. This milestone reinforces ALX’s role as a driving force in shaping Africa’s next generation of changemakers.

With every success story, ALX continues to open doors for Africa’s young professionals, empowering them to take advantage of career support, networking, and transformative scholarship opportunities. The journey doesn’t stop here—Africa’s future innovators are just getting started.

Find out more about ALX Programmes.

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Report: AI Innovations Can Create a Thriving Labour Market for Africa’s Youth https://techeconomy.ng/report-ai-innovations-can-create-a-thriving-labour-market-for-africas-youth/ https://techeconomy.ng/report-ai-innovations-can-create-a-thriving-labour-market-for-africas-youth/#respond Thu, 05 Dec 2024 12:05:12 +0000 https://techeconomy.ng/?p=148883 Leading research and advisory firm, Caribou Digital, in partnership with the Mastercard Foundation, has today released a new report titled; The Role of AI Innovation Clusters in Fostering Youth Employment in Africa: Opportunities, Challenges, and Implications.  

The report offers insights on what role Artificial Intelligence (AI) innovation can play in addressing Africa’s persistent youth unemployment challenges and shaping a more prosperous future for the continent’s workforce.

The report makes a compelling call for a unified and strategic approach from governments, academia, Big Tech, and investors to cultivate and transform Africa’s AI ecosystem.

In 2020, 60% of Africa’s population was under 25 and its tech-savvy youth population is set to double by 2030, making up 42% of the world’s youth.

This represents a significant opportunity to expand Africa’s tech talent pool, create broad-based jobs within the AI industry, and drive economic growth.

Africa’s AI ecosystem is home to more than 127 hubs with South Africa hosting the largest concentration (22%), followed by Nigeria (12%), Egypt (12%), and Kenya (10%) all of which play instrumental roles in overcoming barriers and accelerating economic and talent development.

The report highlights six components of a cluster driving AI innovations in Africa: grassroots AI communities, academia, human capital, policymakers, Big Tech, and investors.

Among them, grassroots AI communities comprising data scientists and AI professionals have emerged as a strong nucleus for Africa’s AI landscape.

Groups like Data Science Africa, Deep Learning Indaba, and Data Science Nigeria are shaping the future by building skills, showcasing African AI research globally, attracting investments, and creating jobs.

The communities bring people and ideas together, connecting local talent with global opportunities, from international events to everyday WhatsApp chats, sparking growth and innovation across the continent.

Using both qualitative and quantitative methods to uncover key insights, it is assessed that while the grassroots initiatives remain critical in bridging the continent’s AI skills gap, offering upskilling opportunities and job placements, limited resources constrain their potential.

This highlights a collective drive by all components of innovation clusters is essential to advance a thriving ecosystem.

To achieve this, the report offers the following recommendations:

  • Academia should expand AI programs, train more professors, and align university curricula with industry needs.
  • Policymakers and African governments should develop comprehensive national AI strategies that balance innovation with ethical safeguards.
  • The government should also prioritise infrastructure development such as reliable electricity, affordable internet, and better data access to support AI growth.
  • Big Tech should foster fair partnerships that empower local ecosystems, prioritize knowledge transfer, and protect data sovereignty.
  • Investors should diversify funding beyond health and agriculture to unlock AI’s potential in other critical sectors like education and financial inclusion.
  • Donors should invest heavily in human capital development initiatives, particularly those focused on youth employment. They fund training programs, scholarships, and fellowships that aim to build a pipeline of skilled AI professionals.

Commenting on the report, Abbie Phatty-Jobe, research & engagement manager at Caribou Digital, said:

“Artificial Intelligence, harnessed collaboratively, has the power to positively shape the African employment landscape and boost the economy. In collaboration with our research partners, we have explored  emerging  clusters within the distinct context of Africa to address critical challenges and accelerate development; their success depends on a collective strategic approach that tackles inclusivity, and targeted investment in local talent and infrastructure. By empowering grassroots communities, strengthening academia-industry ties, and fostering equitable partnerships, we can build an AI ecosystem that truly reflects Africa’s unique strengths and aspirations.”

Speaking about the key role of grassroots communities in driving innovations, Wadzi Comfort, a researcher and digital economy expert, said

“The emergent AI innovation clusters across Africa showcase remarkable ingenuity and potential in the face of scarce resources. Tech-savvy, motivated young people; – our greatest asset emerging from Africa’s youth population boom; are spearheading local AI-powered solutions to address local challenges, demonstrating exceptional agency and creativity. These innovations span a wide spectrum, including AI-powered diagnostic tools, Informal educational academies, Large Language Models (LLMs) in local languages, community-driven knowledge sharing platforms and collaborative tech convenings. These youth-driven initiatives and their innovators merit substantial support and resources to accompany their agency, and foster their growth and impact.”

Private investors, African governments, and donors not only provide crucial financial resources but also shape the direction of innovation by prioritising specific areas of investment.

Venture capital for DeepTech startups has soared from $86 million in 2015 to $1.2 billion in 2023, with over 300 investors—65% based in Africa—and 127 innovation hubs driving growth.

Key government initiatives, like Nigeria’s AI Research Scheme and South Africa’s AI Institute, alongside philanthropic support from the Mastercard Foundation and Bill & Melinda Gates Foundation, will keep creating an environment that addresses local challenges, drives innovation, and positions Africa at the forefront of AI technology.

The report employs the snowball research method to conduct in-depth interviews with 25 African AI experts, including policymakers, educators, and industry leaders, uncovering the state, challenges, and opportunities for AI innovation clusters.

It also highlights insights from 18 young tech professionals involved in AI or tech fields from Zindi, Africa’s largest data science community, on their skills, job prospects, challenges, and AI’s impact on employment.

Additionally, the report includes a comprehensive review of academic studies, policy documents, and reports on AI, innovation clusters, and youth employment across Africa.

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African Leaders Launch the African School of Governance (ASG) Initiative https://techeconomy.ng/african-leaders-launch-the-african-school-of-governance-asg-initiative/ https://techeconomy.ng/african-leaders-launch-the-african-school-of-governance-asg-initiative/#respond Tue, 22 Oct 2024 19:21:13 +0000 https://techeconomy.ng/?p=146153 The African School of Governance Foundation (ASGF) has established the African School of Governance (ASG) graduate institution designed to offer world-class public policy education, research, and engagement programs. 

Prominent African leaders have come together in this landmark step, as the initiative is set to transform the continent’s leadership landscape by meeting the diverse needs of leaders across Africa.

The ASG aims to address the continent’s pressing governance challenges by equipping emerging leaders with the mindsets, skills and knowledge required for effective leadership in Africa’s future. The initiative brings together visionaries committed to creating a sustainable governance model rooted in African realities.

A Collective Leadership Vision

The ASG initiative was founded by H.E. Paul Kagame, President of Rwanda, H.E. Hailemariam Desalegn, former Prime Minister of Ethiopia (both co-founders of the ASG Foundation) in consultation with other African leaders, academicians, and philanthropists dedicated to improving governance across the continent.

ASG is supported by the Mastercard Foundation as part of its Young Africa Works strategy, which aims to enable 30 million young Africans, 70 percent of whom are women, to access dignified and fulfilling work opportunities by 2030.

ASG will be led by esteemed independent governing board members, chaired by Makhtar Diop, Managing Director of the International Finance Corporation (IFC) and former Minister of Finance and Economy of Senegal, and including Donald Kaberuka, former President of the African Development Bank, Hajer Gueldich, Professor at the University of Carthage, Kishore Mahbubani, former Dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore, and Francis Gatare, CEO of the Rwanda Development Board.

The ASG Foundation has appointed Professor Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria and a distinguished scholar and academic, to be the inaugural President of ASG.

The collective vision of ASG’s leadership is to create an institution that offers world-class education in governance and public policy while promoting home-grown solutions to Africa’s unique challenges and opportunities.                   

Speaking on the launch, H.E. Hailemariam Desalegn commented: “The time is ripe for an institution rooted in Africa’s needs and aspirations. The African School of Governance will be a hub for nurturing purpose-driven leaders equipped to tackle the continent’s greatest challenges and opportunities, combining Africa’s uniqueness with international best practices. This is not just an educational institution, but a movement towards sustainable African leadership.

Tackling Africa’s Development and Governance Challenges

Africa’s rapid economic growth, increasing global influence, and evolving governance structures present unprecedented opportunities and challenges. From post-pandemic recovery to climate adaptation, the continent’s policymakers face complex and urgent issues that require skilled leadership.

ASG aims to meet this critical need, by developing current and future leaders who can address these challenges through a shift in leadership mindsets, governance, and sustainable development to drive long-term, meaningful change across the continent.

Academic Excellence and Tailored Programs

ASG will offer a comprehensive suite of academic programs designed to meet governance, leadership, and policy deficit across Africa. These include the Master of Public Administration (MPA) and the Executive Master of Public Administration (EMPA) programs, which are tailored to mid-career professionals and senior executives, respectively. 

ASG will also provide specialized Executive Courses aimed at enhancing specific leadership skills for professionals. Additionally, the Young Leaders Program (YLP) and Senior Leadership Fellowship (SLF) will cater for high-potential undergraduates and seasoned professionals nearing the end of their careers, ensuring that ASG supports leadership development at every stage.

ASG’s curriculum will be distinguished by integrating African historical, political, and socio- economic contexts. By grounding students in African realities, the institution will equip diverse leaders to navigate the continent’s complex governance challenges while drawing from global best practices.

Innovative Research and Policy Engagement

In addition to its educational offerings, ASG will play a critical role in advancing governance through its dedicated research centres. These include the Centre for Home-Grown Innovations in Policy and Governance, the Centre for African History and Leadership, the Centre for Trade and Regional Integration, and the Centre for Technology and Effective Delivery. 

These research hubs will focus on generating evidence-based solutions tailored to African governance challenges, helping policymakers design and implement effective policies and strategies.

ASG’s commitment to policy engagement is equally robust, with plans to actively engage with governments, civil society, and private-sector stakeholders. Through policy labs, incubators, and collaborative partnerships, ASG will translate its research into actionable policy solutions that promote good governance and sustainable development across the continent.

Leadership and Governance Structure

As the inaugural President of ASG, Professor Kingsley Moghalu, a globally recognised leader in public policy and governance, will steer the institution towards its ambitious goals.

Professor Moghalu, a former Deputy Governor of the Central Bank of Nigeria, has held senior positions in the United Nations system for 17 years and taught at prestigious institutions such as Harvard, Oxford, and The Fletcher School at Tufts University. 

He is also the author of several books, including the critically acclaimed Emerging Africa: How the Global Economy’s ‘Last Frontier’ Can Prosper and Matter.

Makhtar Diop, managing director of the IFC and Chair of ASG’s Board, said: “We are excited to welcome Kingsley Moghalu as President of the African School of Governance. His sterling track record of leadership in international and national policymaking institutions, academia, and his thought leadership influence, will help make ASG a transformative graduate school and develop a new generation of purpose-driven leaders with the skills and mindsets to help Africa address the challenges of the 21st Century.”

Professor Moghalu will be responsible for steering and shaping ASG’s academic vision, delivering learning programs that reflect the complex governance challenges facing Africa today. Under the guidance of the Governing Board, he will focus on recruiting top-tier African faculty, fostering academic excellence, and positioning ASG as a hub for intellectual and policy innovation.

The establishment of ASG is a powerful expression of a clear vision on the part of the founding leaders,” Prof. Moghalu said in response to his appointment. “I share this vision of a transformed Africa driven by competent leadership and governance, and I am honoured to have been tasked with leading ASG’s critical contribution to making that vision a reality.”

Strategic Partnerships

ASG is supported by the ASG Foundation, a not-for-profit foundation, that exists to help mobilize funding and manage its endowments, as well as give strategic guidance to the institution and support related initiatives for the development of African leaders.

The establishment of ASG is supported by strong strategic partnerships with other world-class institutions, including the Lee Kuan Yew School of Public Policy at the National University of Singapore, and the Mastercard Foundation.

Pan-African Initiative with Global Reach Headquartered in Kigali, Rwanda, ASG is set to become a Pan-African institution with a global influence. Its mission is to build leadership capacity that transcends borders, ensuring that African voices are not only heard but lead the charge in global governance discussions.

ASG’s partnership with institutions such as the Lee Kuan Yew School of Public Policy at the National University of Singapore further reinforces its commitment to providing a world-class education that draws from both African and international expertise.

This announcement marks a significant milestone in Africa’s governance journey. Through the collective efforts of its founders and partners, the institution will help to nurture the leaders that Africa needs to tackle the challenges and opportunities of the 21st century.

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