E-Business
E-Commerce Boosts Nigeria Listing As 20 Fastest Growing Economies

According to latest survey released by New York based financial newswire service, Bloomberg, Africa’s largest economy Nigeria has been ranked among 20 fastest growing economies in the World.
Leading online shopping community Kaymu.com.ng has attributed Nigeria’s listing to the upshot of e-commerce in the country.
In an accompanying chart by Bloomberg, Nigeria with an expected growth rate of 4.9% was ranked sixth behind China (7%), the Philippines (6.3%), Kenya (6%), India (5.5%) and Indonesia (5.4%).
Evangeline Wiles, managing director of Kaymu.com, in a statement released by the company, said, “Nigeria’s e-commerce space is the fastest growing in Africa contributing a monthly spend of 1.3bn to the Nigerian retail sector. The role the retail sector plays in driving Nigeria’s economy cannot be overemphasized as a country’s purchasing power is a major driver of the economy”.
The explosion of the E-commerce space in the last two years has fuelled a massive consumer behavioral change.
E-commerce in Nigeria records over $2m worth of transactions per week and close to 1.3bn per month from the 38% of Nigerians who prefer to buy products through the internet, according to a survey conducted by the business management and consulting firm Philip Consulting.
Nigerians have a vast spending culture both locally and internationally. Recent statistics from Heathrow Airport show that Nigerian travellers – who patronize the service – spend an average of £1,059 per visit on luxury retail.
The Minister of Communication Technology, Omobola Johnson has said that E-commerce has attracted over $200 million foreign investment till date thereby expanding infrastructure, warehousing, advertising and logistics services industry.
Explaining how e-commerce application has impacted the nation’s economy which is projected to have a market potential of over $10 billion, the Minister added that in the last two years (2012), it was worth $35 million, and now (2014) it is valued at about $550 million and has moved from 1000 daily orders to about 15, 000, adding that the sector has in the last two years created 15, 000 jobs.
If there is anything to look forward to in Nigeria this year, it is the rapid growth of the economy. CNN Money in 2014 stated that Nigeria’s economy grew by 7.1% and is expected to grow by another 7% in 2015.
Kaymu is Nigeria’s number one safest online shopping community where buyers and sellers can meet and make the best deals for used or new products, such as: mobile phones, laptops, latest fashion and clothing products and home appliances.
E-Business
Zequence Digital Boss Calls for Strong IP Laws Enforcement, to Protect Nigeria’s Software Sector

Mr Adeoye Oludamilola, managing director, Zequence Digital, a digital agency, has said strong enforcement of Intellectual Property (IP) laws , protection of Nigeria’s software industry against piracy will encourage innovation and investment.
Adeoye told reporters lately in Lagos that software piracy and the unauthorised use of proprietary technology are widespread in the country.
According to report Intellectual Property (IP) laws in software refers to the legal rights that protect the creations of the mind used in software development.
These rights, which include copyrights, patents, trade secrets, and trademarks, grant developers exclusive control over their software and related assets, preventing unauthorised use or reproduction.
Adeoye said that many startups do not protect their innovations, due to a lack of knowledge and the cumbersome legal processes involved.
“IP registration and litigation are expensive and time-consuming, which further discourages developers from protecting their work,” Adeoye said.
He added that the lack of awareness among developers about their IP rights contributed to the problem.
To address these challenges, Adeoye stressed the need for the formation of an IP Protection Consortium, comprising tech firms, legal experts, and regulators, to advocate for stronger IP enforcement.
He also suggested collaborating with legal tech startups to create simplified platforms for fast-tracked IP registration.
The managing director further called for joint initiatives between legal bodies and tech communities to launch IP rights education campaigns.
This, he said, would equip developers with the knowledge they needed to protect their innovations and grow their businesses.
Adeoye emphasised the need for the government and stakeholders to create an ecosystem for development and inclusivity by proactively engaging with regulators.
According to him, this will help ensure that policies are created with the input of concerned agencies and industry experts.
E-Business
PalmPay Partners AXA Mansard Health to Make Digital Insurance Accessible, Affordable

PalmPay, a leading fintech platform and full-stack digital neobank for emerging markets, has partnered with Nigeria’s biggest Health Insurance Company, AXA Mansard Health a member of the globally trusted AXA Group, to provide millions of Nigerians with affordable, accessible digital health insurance.
This strategic partnership enables PalmPay users to seamlessly access a range of health insurance packages from AXA Mansard directly within the PalmPay app. With plans starting as low as N500 per month, users can now choose from flexible insurance options tailored to fit their everyday needs.
The plans are designed to meet a wide range of needs; for example, the AXA Digital Health plan offers access to telemedicine consultations with doctors, N5,000 worth of medications, and up to N40,000 in surgical coverage. Users can also opt for the AXA Mansard MicroHealth plan at N1,000 per month, which provides unlimited diagnostic tests and funeral benefits. Additionally, the AXA Mansard Accident plan, available for N500 monthly, offers comprehensive death cover for both accidental and non-accidental cases.
Speaking on the partnership, Habib Kowontan, Head of Wealth Product at PalmPay, said: “Insurance is a key pillar of financial security, yet millions of Nigerians remain underserved. Our partnership with AXA Mansard Health breaks down long-standing barriers by placing reliable and affordable insurance solutions right at our users’ fingertips.”
In her remarks, Jumoke Odunlami, Chief Distribution Officer, AXA Mansard Insurance said that the partnership with Palmpay presents the AXA with another opportunity to improve health and productivity of Nigerians. “Through partnerships like this, we are covering over 1.8 million Nigerians and ensuring that healthcare is accessible, available and affordable.
“So we are excited about joining forces with a brand like Palmpay to compliment the range of financial possibilities they offer their customers with health plans. It fits well with our mission and our purpose of acting for human progress by protecting what matters, and we are looking forward to doing even more with Palmpay”, she explained.
This partnership reflects PalmPay’s broader mission to create a more inclusive digital financial ecosystem, one that empowers users to not only manage their money efficiently, but also secure their future.
This partnership reflects PalmPay’s broader mission to create a more inclusive digital financial ecosystem, one that empowers users to not only manage their money efficiently, but also secure their future.
E-Business
Artificial Intelligence: The Indispensable Catalyst for Nigeria’s Agricultural Revolution

By Diana Tenebe, Chief Operating Officer, Foodstuff Store
Nigeria’s agricultural sector, a cornerstone of its economy, faces a critical crossroads. While employing a staggering 40% of the population and holding over 84 million hectares of arable land, the industry is hobbled by deep-seated challenges. Low productivity, a fragmented supply chain, poor infrastructure, and a lack of access to financial services are just a few of the hurdles that prevent the sector from reaching its full potential. Coupled with the unpredictable and severe shocks of climate change—from prolonged droughts to devastating floods—these issues threaten the food security of a rapidly growing population.

Diana Tenebe
To truly transform this vital sector, a new approach is needed, one that moves beyond traditional methods and embraces the power of technology. Artificial Intelligence (AI) is not just a futuristic buzzword; it is the imperative for Nigeria’s agricultural revolution. AI holds the key to unlocking higher yields, building resilience, and fostering an inclusive and sustainable food system that can feed a nation and drive economic growth.
The most immediate impact of AI is in the area of precision farming. By integrating AI with technologies like Internet of Things (IoT) sensors, drones, and satellite imagery, farmers can gain an unprecedented understanding of their land. AI-powered systems can analyse real-time data on soil moisture, nutrient levels, and plant health, providing actionable insights for targeted interventions. For instance, smart irrigation systems can optimize water usage, a critical resource in a country facing increasing water scarcity. AI-enabled drones can survey vast farmlands in minutes, identifying early signs of pests or disease and allowing for precise application of pesticides, reducing chemical use and cost. Early trials of these technologies in Nigeria have already demonstrated significant gains, with some reports showing a remarkable 60-70% increase in crop yields.
Climate adaptation is another area where AI’s role is indispensable. Nigeria’s farmers are on the front lines of climate change, enduring erratic rainfall and extreme weather events. AI can provide a shield against this volatility. By analyzing historical weather data and real-time forecasts, AI models can offer accurate, localized predictions. This allows farmers to proactively adjust their planting schedules, select climate-resilient crop varieties, and plan for potential risks, effectively mitigating the devastating impact of droughts and floods.
The economic benefits extend far beyond the farm gate. A significant portion of Nigeria’s agricultural produce is lost due to an inefficient and fragmented supply chain. AI can streamline logistics, optimize transportation routes, and enhance inventory management. By reducing spoilage and waste, AI ensures that more of what is harvested reaches the market, thereby boosting the incomes of farmers and providing a more stable supply of food for consumers. The success of Nigerian agritech companies like Crop2Cash, which has reportedly helped over 500,000 farmers increase their income by up to 70%, demonstrates the tangible economic impact of these technologies.
AI is a powerful tool for promoting financial inclusion and education. Millions of smallholder farmers, who form the backbone of Nigerian agriculture, are often excluded from formal financial systems due to a lack of collateral and credit history. AI-driven fintech solutions can bridge this gap by assessing creditworthiness using alternative data, making it easier for farmers to access the loans and insurance they need to scale their operations. AI-powered mobile apps and chatbots can also serve as virtual extension agents, providing personalized advice on best farming practices, pest control, and crop management, democratizing knowledge and empowering farmers to make better decisions.
Despite this immense potential, the journey towards widespread AI adoption is not without its hurdles. High upfront costs for AI-enabled equipment, a general lack of understanding and experience with these tools, and a preference for traditional methods are all significant barriers. Furthermore, infrastructural gaps, including poor roads and inadequate storage facilities, hinder the seamless implementation of these technologies. Data availability and computational capacity are also key challenges that need to be addressed.
However, the Nigerian government and a burgeoning ecosystem of agritech startups are already paving the way forward. The government’s vision is articulated in initiatives like the National AI Strategy, which aims to establish AI research centers and support R&D. Programs such as the Nigeria Artificial Intelligence Research Scheme (NAIRS) and the NITDA AI Developers Group are building the necessary skills among entrepreneurs and farmers. Strategic partnerships between government bodies, financial institutions, and innovative startups are creating localized solutions that are tailored to the unique conditions of Nigerian agriculture.
Ultimately, AI is not a luxury but an imperative for Nigeria to unlock its agricultural potential. Its successful integration will transform the role of the farmer from a manual laborer to a strategic planner and overseer of a smart, efficient, and sustainable food system.
By investing in infrastructure, fostering strategic partnerships, and prioritizing education and capacity building, Nigeria can harness the power of AI to feed its people, drive economic prosperity, and secure its place as a leader in the African agricultural revolution.
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