AI Adoption Could Transform Nigeria's MSMEs, Expert Says

El-Yakub Audu, an artificial intelligence expert and Chief Executive Officer of Investonaire UAE, asserted that the broader adoption of AI could revolutionize Nigeria's estimated 39 million micro, small, and medium enterprises (MSMEs), enhancing productivity and strengthening the economy. During an appearance on Business Daily on Trust TV, Audu emphasized that AI could facilitate financial inclusion and transition businesses from the informal to the formal sector, contingent on adequate infrastructure and policy support.

He noted Nigeria's progress in AI adoption but highlighted the need for increased investment in broadband infrastructure, digital skills, and regulations. Audu mentioned that integrating AI into tertiary education could equip graduates with essential skills for a technology-driven economy.

He acknowledged concerns regarding job displacement due to AI but also pointed out that new job opportunities would arise for those willing to upskill. Furthermore, he discussed AI's potential in agriculture for improving productivity and crop yields through data-driven decision-making and precision farming.