Nigeria: eTranzact CEO Unveils Key Insights on AI Readiness for Nigerian SMEs at Landmark Report Launch

eTranzact International Plc, in collaboration with the Enterprise Development Centre (EDC) of Pan-Atlantic University, has launched a pioneering report on the AI Readiness of Nigerian SMEs, offering a critical roadmap for small businesses to harness Artificial Intelligence for growth and competitiveness.

Speaking at the event, Niyi Toluwalope, Managing Director/CEO of eTranzact, emphasized that Artificial Intelligence should no longer be seen as a distant innovation, but as an immediate opportunity for Nigerian businesses to thrive in both local and global markets.

“This research closes the knowledge gap by enabling SMEs to understand their current level of AI adoption and the steps needed to strengthen competitiveness,” Toluwalope explained. “Beyond payments, eTranzact is expanding its role as a driver of digital growth, innovation, and transformation across industries.”

The report provides SMEs with a fact-based assessment of their AI readiness, equipping them with insights to make informed investment choices, build capacity, and position themselves for long-term sustainability. At the national level, the findings present a strategic blueprint for enhancing competitiveness, stimulating job creation, and driving innovation-led economic development.

Toluwalope also highlighted the relevance of the report for policymakers, financiers, and educators, who can now leverage the data to design targeted support programs aligned with SME realities.

Conducted over several months, the comprehensive study spanned key regions — Enugu, Kano, Lagos, Abuja, and Port Harcourt — and assessed the AI readiness of Nigeria’s over 39 million Small and Medium Enterprises (SMEs) and MSMEs. While SME entrepreneurs demonstrated strong enthusiasm for AI, the study identified critical gaps in awareness, access to tools, and tailored solutions needed to unlock AI’s full potential.

“This report goes beyond data; it serves as a strategic roadmap for building an inclusive, intelligent digital economyin Nigeria,” Toluwalope said. “Through direct engagement with entrepreneurs across diverse regions, we gained practical insights into their hopes, challenges, and opportunities. At eTranzact, innovation remains core to our values, and we are committed to working with policymakers, innovators, and SME leaders to develop practical AI solutions that address real business needs.”

The report is available in both electronic and hard copy formats.

Adding further context, Dr. Olawale Anifowose, Director of Programs & Partnerships at EDC, explained that the study employed a mixed-method research approach. This included a nationwide quantitative survey that recorded 5,290 SME responses across Nigeria’s 36 states and the FCT, alongside qualitative focus group discussions and summits with 212 participants in five states, offering in-depth perspectives on AI adoption challenges and opportunities.

With SMEs representing the backbone of Nigeria’s economy, the findings underscore the urgent need for AI-driven innovation, regulatory support, and digital capacity building to position small businesses as key players in the country’s evolving digital economy.