General News
ICT Stakeholders Highlight Need for Sectoral Collaboration to Harness Benefits of AI
Mr. Adesola Akinsanya, President of the Nigeria Internet Registration Association (NiRA) and other stakeholders in the Information and Communication Technology (ICT) sector have underscored the need for collaborative efforts by opinion moulders in the sector to harness the benefits of Artificial Intelligence (AI) for economic growth.
A cross section of participants at NITRA ICT Growth Conference 4.0 with the theme: “Impact of AI on National Development: Prospects, Policies, and Challenges in Nigeria” held on Wednesday, August 28, 2024 at CitiHeight Hotel, Ikeja, Lagos.
The stakeholders stated this at the NITRA ICT Growth Conference 4.0 with the theme: “Impact of AI on National Development: Prospects, Policies, and Challenges in Nigeria” held on Wednesday, August 28, 2024 at CitiHeight Hotel, Ikeja, Lagos.
Speaking at the event, Mr. Akinsanya who was represented by Peter Oluka, member, Executive Board of Directors, NiRA emphasized that AI has the potential to drive economic growth, improve businesses and public services, as well as enhance the quality of life in Nigeria.
He hinted that realizing these benefits requires careful consideration of the prospects, the formulation of sound policies, and addressing the accompanying challenges.
According to him, “As AI continues to evolve, it’s potential to drive economic growth and improve businesses and public services, and also enhance the quality of life in Nigeria is immense”.
Adding that the complex challenges associated with AI cannot be solved by any single entity rather it requires partnerships, shared knowledge, and collective action that can drive the kind of growth that is inclusive, sustainable, and transformative.
Prof. Obadare Peter Adewale, Founder and chief visionary officer, CVO, Digital Encode, emphasized the need for Nigeria to understand the threat landscape and the critical role of cybersecurity in protecting against these threats.
Prof. Obadare represented by Mr. Oluwakayode O. Olatunji, CISO and Group Head of InfoSec & GRC Advisory, Digital Encode, underscored the importance of driving sub-sectoral digital growth through Artificial Intelligence (AI) while also decrying that many African countries lag behind in cybersecurity.
He further highlighted the potential of AI across various sectors, including finance, health, energy, transportation, defense, medical, and agriculture.
He underscored AI’s ability to predict productivity and its diverse benefits but quickly cautioned against the dangers of AI misuse, stemming from issues such as bias and fairness, security vulnerabilities, data privacy concerns, and ethical and moral dilemmas.
The cybersecurity expert discussed the use of AI in threat landscape profiling, crime detection and prevention, and reporting capabilities.
He stressed the importance of responsible AI usage and the need for continued investment in AI and cybersecurity.
Earlier, Mr. Chike Onwuegbuchi, Chairman, Nigeria Information Technology Reporters Association (NITRA) was displeased with the abysmally low adaptation trend by Nigerians to new technologies.
He urged stakeholders in the sector to lay more emphasizes on technology adaptation, adding that the country is number one in the usage of internet in Africa but lags in connectivity and internet penetration.
According to him, “There has been a known trend in Nigerians’ adaptation of new technology, where usage is higher than implementation.
“For instance, we are number one in the usage of internet in Africa but lags in connectivity and internet penetration.
“Artificial Intelligence has followed the same trend, Google search trends reported recently that searches for artificial intelligence (AI) have continued to rise around the world, with Nigeria experiencing a 130% increase in 2024.
He called on relevant ICT stakeholders in the sector to collaborate with government agencies to fashion out / design a curriculum for school to ensure that the study of AI is included in secondary schools.
He also warned that we should avoid the ugly trend / situation where for instance most students of computer science in our higher institutions do not have the opportunity to have a hands-on experience with a physical Computer throughout their duration in school.
Dr. Oluseyi Akindeinde, founder of Hyperspace and NeuRal AI, highlighted AI’s challenges and opportunities, reassuring that AI will enhance human capabilities, not replace them.
He showcased AI applications in transcription, translation, and education, demonstrating its potential to drive innovation and inclusive development.
A panel discussion composed of representatives from the NCC, private sector, and media and moderated by Mr. Hillary Damissah, explored how to navigate AI’s dangers in a developing economy.
They emphasized the need for policy frameworks, regulation, and collaboration to mitigate AI’s negative effects and ensure its benefits are equitably distributed.
The conference underscored AI’s significance in Nigeria’s development, urging stakeholders to work together to create an environment conducive to innovation, research, and tech adoption.
As AI continues to evolve, Nigeria must prioritize strategic planning, ethical considerations, and inclusive growth to harness its full potential.
Nigeria’s startup ecosystem received a fresh injection of momentum as top emerging ventures secured funding and investor attention at the iHatch National Demo Day, where Interface Africa clinched the highest prize of $15,000.
The 4th cohort of the NITDA–JICA-backed accelerator brought together founders, policymakers, and venture stakeholders in Abuja, showcasing innovations ranging from clean-energy financing and digital food marketplaces to next-gen fintech tools.
The startups went rounds of running through state-level selections and regional competition. iHatch was established in 2021 as a strategic partnership to create an enabling environment for young Nigerians to develop and scale their innovative solutions.
The iHatch National Demo Day (4th Cohort), is an initiative by NITDA and JICA which provides a clear pathway for homegrown talent to contribute significantly to economic diversification and digital transformation.
After rigorous selection processes, the top founders converged to pitch their innovations, recognised the standout performers, which are:
Interface Africa with $15,000, the firm is driving Nigeria’s clean energy transition by enabling structured and affordable solar financing.
Ahioma with $12,000, the firm enhances food accessibility with a digital marketplace connecting consumers directly to trusted vendors.
Linia Finance with $10,000, the firm is helping Nigerians take control of their finances with tools for budgeting, tracking, and smart money planning.
Chapta got a laptop reward. They delivering an offline-capable school application ensuring consistent, accessible learning for students everywhere.
Softdrop also got a laptop reward, they solve logistics challenges through a modern delivery platform designed for speed, convenience, and efficiency.
Fidelity Bank Plc, a leading financial institution, will host a free virtual training on the Nigeria Tax Act 2025 (NTA) as part of its commitment to helping small businesses prepare for the upcoming legislation.
Fidelity Bank
The masterclass is scheduled for 10:00 AM (Nigerian time) on Friday, 12 December 2025. It will provide participants with clear insights into changes in the tax framework, the impact on income and business operations, and practical steps to avoid penalties in 2026.
Attendees will also learn strategies to stay ahead in an evolving regulatory environment.
The Nigerian government enacted major tax reforms on 26 June 2025 when President Bola Ahmed Tinubu signed four tax bills into law.
These Acts will take effect on 1 January 2026 and represent a significant overhaul of the country’s tax system.
The reforms aim to modernize and harmonize Nigeria’s tax framework, improve revenue generation, broaden the tax base, and create clearer rules for individuals, businesses, and government agencies.
“Our decision to host this masterclass reflects our commitment to empowering businesses with the right information ahead of the commencement of the new tax regime.
“Information is money and a well-informed business owner is already steps ahead in the race to success.
“This is why we are bringing experts to provide accurate details and demystify the tax act,” said Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc.
Interested participants can register via https://bit.ly/2026TaxLawMasterclass .
PalmPay, Nigeria’s leading digital banking platform, has renewed its commitment to deepening financial inclusion across the country. At the CeBIH Annual Conference 2025, themed “Reimagining Financial Inclusion through Cultural Shifts in Consumer Credit,” PalmPay’s Managing Director, Chika Nwosu, urged industry players to deepen financial inclusion by embracing community-aligned solutions and customer-centric innovations that can better serve Nigeria’s underserved and unbanked populations.
Speaking during a panel session titled “Social Inclusion, A Veritable Tool for Financial Inclusion,” Chika Nwosu joined other industry leaders to share insights on strengthening participation among women, rural dwellers, low-income earners, and other financially excluded groups.
Chika Nwosu highlighted PalmPay’s commitment to inclusive finance through its 500,000-strong agent network, which enables seamless cash-in/cash-out services for unbanked users across Nigeria. He also emphasised the importance of PalmPay’s USSD platform, 861#, which allows users with basic phones or limited internet access to perform essential financial transactions.
“Financial inclusion goes beyond access; it must be equitable and tailored to real-life needs,” Chika Nwosu said. He shared how PalmPay leverages behavioural insights to design impactful services, including affordable health insurance, reliable bill payments, merchant solutions, and automated savings features that support financial discipline among users.
The session further examined the role of grassroots agents and community touchpoints in driving last-mile adoption. Chika Nwosu noted that PalmPay’s widespread community presence continues to build trust and encourage excluded populations to embrace digital financial tools.
The session was moderated by Ronke Kuye of the CeBIH Advisory Council and featured representatives from E-Doc Online, SmartCash Payment Service Bank, SANEF, and EFINA.
PalmPay reaffirmed its commitment to driving accessible, secure, and inclusive financial services for all Nigerians. PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.
PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh.
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