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Impacts of AI on Nigerian businesses

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By Mercy Kelani

While 47% tapped into interconnection, 90% bank on artificial intelligence.

Nigeria has become a speedily developing economy in the African continent as businesses are employing smart technologies to boost growth strategies. Equinix’s 2023 Global Tech Trends Survey states that about 47 percent of businesses in Nigeria have tapped into interconnection while more than 90 percent have embraced the benefits of artificial Intelligence (AI) for expansion of their operations, enhancement of efficiency and to remain in competition in this digital era. There are various kinds of businesses in Nigerian sectors — financial, telecommunications, technological, agricultural sectors and others.

Emergence of interconnection — the private and direct exchange of data that occurs between businesses — is considered as game-changing for companies in search of getting easy access to a global network of customers and partners. The Equinix survey showed that 47 percent of Nigerian IT leaders who were interviewed are aware of the essentials of interconnection and gave ensured its strategic integration into their operations Interconnection has many benefits as it enhances security, reduces latency, and improves performance.

This technology has become a transformative force.

For Nigerian business with global networks, this form of technology helps them connect with customers and partners around the world without difficulty. It enhances collaboration, boosts digital transformation, and gives space for competition in a global economy that is increasingly interconnected. To ensure a sustainable future, it is necessary for IT leaders in Nigeria to key into Artificial Intelligence (AI). This technology has become a transformative force that is restructuring conventional business models and giving new definition to industry standards across the world.

According to the survey, AI’s adoption keeps increasing in all industries with 93 percent of surveyed IT leaders globally showing interest in grabbing the opportunity of its benefits for implementation of many significant tasks. 94 percent of Nigerian companies are either using this technology in cybersecurity or are looking forward to using it, followed by 93 percent of IT operations and 92 percent of customer experience. In Nigeria, only 37 percent of the IT bosses have the belief that their current IT infrastructure or their team is efficiently ready for the requirements of the technology, even though its widespread adoption cuts across many industries.

Customer service in Nigeria embraces the use of this technology.

Also, it is necessary that businesses ensure that their IT infrastructures is capable of supporting important intake, storage, sharing, and processing of large and heterogeneous data sets. They should also ensure sustainability to enable development of a scalable AI solutions. Regarding digital infrastructure, the survey noted the need for education and collaboration for IT teams to effectively deploy this infrastructure. While 52 percent of industries growing their IT teams seek machine learning expertise and artificial intelligence.

One of the major aspects where this technology is achieving significant feats in Nigeria is customer service. The deployment of AI-powered chatbots and virtual assistants by businesses to enable provision of swift and efficient support to customers has not ceased to increase. With this, there is an improvement in customer satisfaction as businesses are also able to streamline their processes for better allocation of resources. This equips Nigerian businesses to make data-driven decisions and express swift reaction to changing customer expectations.

There is the need for resilient digital infrastructure.

Regardless of the benefits and potential of connectivity and AI in Nigeria, there are challenges attached to it. A major issue is the need for resilient digital infrastructure which requires that both public and private sectors prioritise investment in digital infrastructure. Likewise, to develop, manage and optimise AI systems requires the expertise of competent people. As Nigeria keeps maintaining its position as a key player in the global economy, technological advancement becomes a necessity for businesses with global aims in the digital era.

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