eTranzact International Plc has partnered with the Enterprise Development Centre of Pan-Atlantic University to unveil a landmark report titled ‘Artificial Intelligence Readiness of Nigerian SMEs’ in a bid to strengthen the adoption of artificial intelligence among Nigerian Small and Medium Enterprises.

The report, launched at the EDC head office in Lagos recently, highlights the transformative potential of AI and its capacity to reshape industries, business models, operational processes, and customer engagement.

Speaking at the unveiling, the Managing Director and Chief Executive Officer of eTranzact International Plc, Niyi Toluwalope, said, “As a super fintech enabling inclusive growth in Nigeria, we recognise the vital role SMEs play in driving economic development, employment, and innovation. With over 39 million SMEs contributing significantly to Nigeria’s economy, our partnership with EDC reflects our commitment to their growth and resilience.”

Toluwalope added, “This collaborative research effort sheds light on both the aspirations and realities of entrepreneurs navigating a rapidly evolving digital economy. While there is strong enthusiasm for AI-powered solutions, there remains a gap in awareness, access, and contextual relevance.”

Also, the Director of Programmes and Partnerships at EDC, Olawale Anifowose, noted, “The Artificial Intelligence Readiness Study reveals both challenges and opportunities. Awareness of AI technologies is growing, particularly in ICT and creative sectors, but overall adoption remains low, especially in agriculture and fashion.”

The Lead for Monitoring, Evaluation, Research & Learning at EDC, Stanley Ibeku, added that the study combined quantitative surveys and qualitative focus groups across 36 states and the Federal Capital Territory, capturing insights from over 5,500 participants.

The report recommends government investment in locally relevant AI solutions, promotion of indigenous tools, and the creation of AI-friendly policies, including tax incentives, simplified regulations, and data privacy safeguards. It also urges the private sector to provide affordable, user-friendly solutions and invest in AI skills development through partnerships and educational programmes.