How are new technologies disrupting industry in Nigeria?

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The rush to incorporate new technology has changed our lives in many aspects, but what industries are the most affected? With government sources advising Nigerian businesses to adapt to the changing landscape in order to increase productivity and sustainability, this is something that all business owners need to be aware of.

The Latest Government Comments

Prof Umar Garba Danbatta is the Executive Vice Chairman of the Nigerian Communications Commission (NCC). He was speaking to business leaders at the Information, Communication, Technology and Telecommunications (ICTEL) Expo in Lagos when he pointed out that the rate of technological advance is faster than ever before.

The NCC leader said that technology has always played a big part in shaping our world and that we’re currently undergoing the Fourth Industrial Revolution where the internet leads the way. Among the disruptive technologies that he named, the likes of machine learning, augmented reality, and 5G are all transforming the way that we do business.

Prof Danbatta spoke about the blurring of the lines between the digital and physical worlds, together with how businesses need to use emerging technologies to their advantage in gaining a competitive edge. He confirmed that the NCC has a strategic management plan in place to allow the leveraging of innovative technology and drive positive change.

What Industries Are Changing?

The change that we’ve been witnessing is perhaps best reflected in the Nigerian fintech scene, where we can see examples such as Remedial Health. This startup has recently carried out a Series A funding round and raised $12 million Based on the idea of digitizing pharmacies and making the pharmaceutical industry more trustworthy and reliable, they provide a platform that lets hospitals and pharmacies source genuine products at official prices.

Another example can be seen in the betting industry, which has gone online in recent times. This look at how the latest betting and casino software works shows us how operators can set up websites covering various types of betting with dozens of payment providers integrated. With the options including localization and customization, Nigerian operators could offer online betting here and anywhere else on the planet.

Another area where we’ve witnessed enormous changes is in the fintech industry, with Nigeria completing over 40% of all African deals in this sector in the second quarter of 2023. The agreement reached between the Central Bank of Nigeria and the Central Bank of Egypt at the Seamless North Africa conference earlier this year should help make it easier for global remittance and cross-border trade projects to take off.

The leading fintech projects in Nigeria, such as Flutterwave and Paystack, helped contribute to the $1 billion of investment attracted to the country in 2022. According to Dr Bosun Tijani, who is the founder of CcHub, this could increase to $10 billion annually and help grow the Nigerian economy.

These examples help us to see how technology has already made a difference, as well as giving us an idea of how the different industries could be disrupted in the future and the other ways that the latest advances will change our lives.

Source: guardian.ng