EDC, eTranzact Partner, Advocate AI Adoption For SMEs Growth

Enterprise Development Centre(EDC), Pan-Atlantic University has partnered with eTranzact International, hence advocating Artificial Intelligence (AI) adoption for the growth of Nigerian Small and Medium Enterprises (SMEs) in the country.

A report titled ‘Artificial Intelligence Readiness of Nigeria SMEs,’ launched at the EDC head office in Ajah, Lagos, over the weekend, highlighted AI’s transformative power and how the tools are reshaping industries, business models, operational frameworks, and customer expectations.

Speaking at the unveiling, Niyi Toluwalope, the managing director/chief executive officer of eTranzact International Plc, said: “As a superfintech enabling inclusive growth in Nigeria, we recognise the vital role small and medium enterprises (SMES) play in driving economic development, employment, and innovation.”

He stated, “With over 39 million SMEs and MSMEs contributing significantly to Nigeria’s economy, our decision to partner with the Enterprise Development Centre, Pan-Atlantic University, on the AI Readiness of Nigeria SMEs Study reflects our commitment to their growth and resilience.

“This collaborative research effort, anchored on thoughtful survey collection and focused group discussions with SME stakeholders, shed light on both the aspirations and realities of entrepreneurs navigating a fast-changing digital economy, “ he added.

On the finding, Toluwalope said: “What emerged from the study is clear, while there is strong enthusiasm for AI-powered solutions, there is still a gap in awareness, access and contextual relevance, adding that ‘The insight from this report offer a timely compass for policymakers, financial service providers, innovators, and SME leaders seeking to design the next ear of inclusive digital tools for Nigeria’s mostly informal SME sector.”

At eTranzact, he said, “This is not research; it is a call to action. It affirms our resolve to co-create with the ecosystem, deploy intelligent solutions tailored for real-world business challenges, and continue investing in technologies and solutions that empower SMEs and businesses daily.”

Highlighting the state of AI adoption among Nigerian SMEs, the director of programmes and partnerships at EDC, Dr. Olawale Anifowose, said the Artificial Intelligence Readiness Study reveals both challenges and opportunities. While awareness of AI technologies is growing, especially in information and communication technology (ICT) and creative sectors, overall adoption remains low, particularly in agriculture and fashion.

“SMEs are drawn to affordable and user-friendly AI tools like Google Maps, ChatGPT, and Google Assistant, but face significant barriers including high implementation costs, inadequate infrastructure and lack of technical expertise. Lack of local adaptation and acceptance, data privacy concerns and the absence of a supportive regulatory framework further hinder AI adoption,” he added.

He said, “At the EDC, Pan-Atlantic University, we’ve always championed the growth and resilience of SMEs. They are not just businesses—they are builders of livelihood, innovators, and job creators. And we believe that embracing emerging technologies like AI is no longer optional but essential.”

The study adopted a mixed-method research approach using quantitative and qualitative data collection and analysis methods. The quantitative approach was implemented through a sample survey of SMEs with 5,290 responses across 36 federation states, including the Federal Capital Territory (FCT).

The Lead, Monitoring, Evaluation, Research, and learning, Enterprise Development Centre (EDC), Dr. Stanley Ibeku, further stated that the qualitative aspect was implemented through focus group discussions/summits with 212 participants across five states in the country, aimed at collecting rich, in-depth information about the study’s issues.

The report recommends that the government prioritise and invest in locally relevant AI solutions, focusing on affordable tools for SMEs. Indigenous AI tools that are culturally sensitive and linguistically accessible should be promoted.