Technology experts at the Africa Tech Alliance Forum (AfriTECH 4.0) held in Lagos State-Nigeria, recently, highlighted the transformative potential of blockchain and AI in positioning Africa as a global technology leader.

Kashifu Inuwa Abdullahi, the director-general of the National Information Technology Development Agency (NITDA), in his keynote address, titled “Blockchain Technology & AI: Positioning Africa for the Future,” emphasized Africa’s unique position to leverage these technologies for economic and social development.

With mobile penetration at about 80% and a rapidly growing youth population, Africa, he noted, is fertile ground for digital transformation, noting that Blockchain and AI offer unparalleled opportunities to propel Africa into the future as a leader in the global digital economy.

“Both blockchain and artificial intelligence are powerful technologies that offer Africa unprecedented opportunities. By strategically integrating these technologies, we can propel Africa forward as a dynamic leader in the global digital economy,” he said.

Abdullahi who was represented at the event by Mrs. Rita Shoremi, Head, Startup Innovations and IT solutions, NITDA, South West Zone, outlined the potential of blockchain to address challenges in financial inclusion, governance, and property rights across the continent arguing that with over 57% of Africans unbanked, blockchain can extend financial services to underserved regions, adding an estimated $300 billion to Africa’s GDP by 2025.

“Africa stands at a unique juncture. Our continent has seen remarkable digital growth, with mobile phone penetration reaching 80% across sub-Saharan Africa according to a World Bank, 2022 report.

“Africa is also home to one of the world’s fastest-growing youth populations, over 60% of whom are under the age of 25 by a UN Population Data of 2022. These dynamics offer a fertile ground for digital transformation, and emerging technologies like blockchain and AI have the potential to redefine key sectors that fuel Africa’s economy,” Abdullahi stated.

To fully capitalize on blockchain and AI, Abdullahi emphasized the need for supportive policies, strategic partnerships, and youth empowerment and noted that NITDA’s eight-pillar strategy aligns with Nigeria’s goals for digital literacy, infrastructure access, and global research collaboration, with a goal of achieving 70% digital literacy by 2027.

In his presentation titled “Navigating The Future of Technology In Africa: The Intersection of AI, Blockchain, Cryptocurrency and Cybersecurity,” Dr. Obadare Peter Adewale, the chief visionary officer, Digital Encode Limited, examined adoption trends, industry impact, and the key challenges across these technologies.

Taking an overview of Emerging Technologies in Africa, Obadare who was represented by Oluwakayode Olatunji, CISO and Group Head of Information Security at Digital Encode Limited stated that Africa’s digital transformation is accelerating in key sectors like fintech, healthtech, and agritech that are adopting cutting-edge technologies such as AI, blockchain, and cryptocurrencies.

According to him, whereas mobile penetration, cloud computing, and increasing internet access are driving the growth of these technologies, these innovations come with risks and threats associated with cyberattacks, fraud, and data breaches and cautioned that a robust cybersecurity framework is crucial for sustainable digital transformation.

On his part, Mr. Biram Fall, the Regional General Manager, QNET Sub-Saharan Africa, said that with over 350 million unbanked adults, there is a significant potential of financial inclusion and digital solutions for Africa, and a vast opportunity to expand access to financial security, event through electronic commerce (eCommerce).

Speaking as a lead presenter at the AfriTECH 4.0, Mr Fall stated that financial inclusion transforms lives by providing essential financial tools like savings accounts, credit, and insurance, which foster economic independence.

Highlighting the importance of the Forum’s theme, “Harnessing Fintech Solutions for Financial Inclusion & eCommerce Growth,” he said”: “The demand for financial inclusion aligns with a projected $75 billion e-commerce market in Africa by 2025, driven by rising internet access and smartphone adoption. However, limited banking infrastructure and high cash dependency hinder digital engagement,” he said.

He disclosed that QNET’s initiatives, such as its “Fit Green” financial literacy programme, have trained over 1,500 young Nigerians, promoting financial self-sufficiency and entrepreneurship through an e-commerce-driven direct-selling model active in over 100 countries.

“Our e-commerce driven direct-selling model provides income-generating opportunities in over 100 countries, promoting entrepreneurship and self-sufficiency in low-income regions. True progress requires collaboration.

Prof. Ibrahim Adeyanju, the Managing Director/Chief Executive Officer of Galaxy Backbone, underscored the importance of building sustainable digital infrastructure to fuel Africa’s economic transformation.

Presenting a paper titled: Building Digital Infrastructure for a Sustainable Digital Economy, through a representative, Mr. Nnamdi Onoh, Field Service Engineer at Galaxy Backbone, Prof. Adeyanju noted that technology has the potential to redefine Africa’s economic trajectory, and that at Galaxy Backbone, they are dedicated to building the foundational digital infrastructure that supports this vision.

According to him, “Africa’s digital journey presents immense opportunities, but it requires robust, scalable, and sustainable infrastructure to enable economic growth. Galaxy Backbone’s mission aligns directly with these goals, as we work to provide the infrastructure and connectivity that powers government services, businesses, and communities across Nigeria.”

He said that today, digital infrastructure is much more than just technology but about creating resilient systems that empower citizens, foster economic empowerment, and drive inclusive growth. “Our investments in state-of-the-art data centres, fibre optic networks, state of the art SOC and secure cloud solutions have created a backbone that supports Nigeria’s public sector and enables interconnectivity among MDAs,” he said.

Nodding in agreement, Mrs. Ebehijie Momoh, the chief executive officer of AfriGoPay Financial Services Limited, said that the company, working with Nigerian banks and the Central Bank, aims to reduce payment processing costs, thus supporting the nation’s financial inclusion goals

Momoh noted that with a population exceeding 220 million and mobile penetration reaching a notable 90%, Nigeria is well-positioned for a digital transformation that supports a burgeoning economy, adding that over 103 million Nigerians, or 45.5% of the population, are now internet users, underscoring the potential for digital growth.

“According to a 2023 report, the country’s financial inclusion rate rose to 64%, an impressive increase from the 50s just two years prior. This growth is driven in part by the Central Bank of Nigeria’s (CBN) initiatives focused on financial inclusion, fostering an environment where more Nigerians can access essential financial services,” she said.

The AfriGoPay Chief Executive expressed delight that Nigeria’s digital payments landscape is also experiencing rapid expansion, with 2023 alone seeing an estimated $730 billion in transactions and noted that the advent of domestic payment solutions, like the recently launched AfriGo card, represents a home-grown option that facilitates cashless payments.

“The AfriGo card, developed in collaboration with Nigerian banks and the CBN, is designed to reduce costs by processing transactions in local currency instead of foreign exchange, thus supporting the nation’s financial inclusion goals.

AfriTECH 4.0 attracted both physical and virtual attendees from Nigeria, Kenya, Egypt, United Kingdom, United States, South Africa, amongst others.

Sapphire Technologies, energy recovery systems specialist has formed a strategic partnership with Horizon Shores Nigeria Ltd., marking its entry into the African market.

Sapphire Technologies said in a media release that the collaboration will enable the deployment of its FreeSpin In-Line Turboexpander technology, an energy recovery system designed to capture and convert otherwise wasted pressure energy into clean electricity.

Through the partnership, Sapphire Technologies said it aims to provide clean power solutions across Nigeria’s midstream and upstream sectors. The solutions will enable oil and gas operators to enhance energy efficiency, reduce carbon emissions, and improve economic outcomes, the company said.

“Our partnership with Horizon Shores is a milestone for Sapphire Technologies as we expand into one of Africa’s most dynamic energy markets”, said Freddie Sarhan, CEO of Sapphire Technologies.

“By leveraging our FreeSpin In-line Turboexpander technology, Nigeria could see significant gains in energy efficiency and economic resilience, reducing dependence on traditional power sources and fostering a greener future”.

Nigeria is a significant player in the global oil and gas market, with an estimated 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas reserves, Sapphire Technologies noted.

The country’s oil and gas market is expected to reach a production capacity of 4.6 billion cubic feet per day in 2024, highlighting its potential for further growth, the company said.

This context underscores the importance of Sapphire Technologies’ partnership with Horizon Shores in bringing clean energy solutions to this dynamic market, it said.

“This partnership with Sapphire Technologies allows us to integrate state-of-the-art energy recovery systems, meeting Nigeria’s energy needs while supporting our commitment to environmental sustainability”, said Oluseun Olusola of Horizon Shores Nigeria Ltd.

“With Sapphire’s FreeSpin technology, we’re opening new pathways to decarbonize our industry while achieving long-term economic benefits”.

Sapphire Technologies and Horizon Shores plan to deploy over a dozen turboexpander projects in Nigeria over the next three years.

Jiji, Africa’s online marketplace, has been awarded the prestigious title of “Best Retail Organization in Range Excellence” at the Africa Retail Awards 2024.

The event was hosted by the Africa Retail Academy and Lagos Business School – Pan Atlantic University in partnership with Nairametrics and KPMG.

This accolade highlights Jiji’s exceptional dedication to delivering a wide and diverse product range that meets the needs of millions of buyers and sellers across Nigeria.

The recognition comes as the organisation gears up for its biggest sales event of the year – Black Friday 2024. With the award highlighting the organisation’s vast product offerings, this year’s Black Friday campaign promises to be the most exciting yet for shoppers seeking unbeatable deals across various categories.

Statistics by the National Retail Federation predicts that holiday spending will grow 2.5-3.5% YoY this 2024, reaching around $985 billion, while online shopping is expected to increase 8-9% YoY by end 2024, reaching around $296 billion in sales.

What’s the deal this Black Friday?

To celebrate its win and further demonstrate commitment to Nigerian consumers, Jiji is launching a Black Friday campaign featuring jaw-dropping discounts of up to 85% across its product categories.

Starting from today until November 29, 2024, shoppers can take advantage of significant savings on everything listed on Jiji from smartphones and electronics to fashion, furniture, and beauty products.

“We’re honoured to receive the ‘Best Retail Organization in Range Excellence’ award. This recognition reflects our dedication to offering an expansive selection of products that cater to diverse consumer needs,” – Majolie Obaje, Regional head of PR & Marketing, Jiji

“As we kick off our Black Friday campaign, we’re excited to give our customers access to incredible deals across over 15 categories. We remain committed to promoting the power to bargain, affordability, and convenience for our 12m+ users on Jiji. Customers all over Nigeria are set to save big while they get more value for their money.” – Majolie Obaje, Regional head of PR & Marketing, Jiji

What should shoppers expect?

Jiji has teamed up with verified top sellers to bring exclusive offers, providing a wide range of discounted items across categories including popular ones like:

Phones & Tablets: Buyers can explore incredible prices on smartphones, tablets, laptops, and gaming consoles. Verified sellers are offering discounts of up to 85%, making it the perfect time to upgrade tech devices for less.

Fashion: Shoppers looking to revamp their wardrobes will find unbeatable deals on outfits, shoes, and accessories. Jiji’s fashion category offers everything from trendy streetwear to luxury items at fantastic discounts.

Home, Appliances & Furniture: Customers can elevate their living spaces with affordable furniture, home appliances, and air conditioners, all available at up to 85% off. It’s a prime opportunity for families to enhance their homes at pocket-friendly prices.

Health & Beauty: Luxurious fragrances, skincare products, and makeup essentials are all on sale, with significant markdowns that make it easy for beauty enthusiasts to grab their favourite items without breaking the bank.

Exclusive Black Friday shopping tips for buyers?

To ensure customers get the best out of this year’s Black Friday campaign, Jiji offers dedicated landing pages to their favourite items where they can easily discover the hottest deals. The company also advises shoppers to:

Search early and frequently: New deals are added regularly, so checking in often will help buyers get the most desired items.

Act fast: With limited-time offers and high demand, products may sell out quickly.

Prioritise safety: Jiji emphasises the importance of following its safety tips when completing transactions. The platform encourages buyers to meet with sellers in public places, inspect items to be sure they meet their request, and only pay if satisfied.

What’s the impact on Nigeria’s e-commerce industry?

Jiji’s unique approach to offering a broad product range at competitive prices and its meet-inspect-pay model have been instrumental in shaping Nigeria’s e-commerce space.

This Black Friday, the platform’s campaign not only reinforces its position as a market leader but also highlights the growing trend of online shopping among Nigerian consumers. Reports show consumers are increasingly concerned that in-store prices are not competitive with online prices, with 20% of consumers saying they’ll increase their online spend this 2024.

Jiji’s recognition by the Africa Retail Awards comes at a time when consumer expectations are evolving. There’s now a strong preference for platforms that provide variety, convenience, and value.

The organisation’s ongoing efforts to strengthen the platform, and its strategic collaborations with top sellers, reflect its adaptability to market trends and commitment to delivering a superior shopping experience.