Business Journal


Sterling Bank, AI in Nigeria to Launch Maiden Report on AI Adoption in Nigeria

Sterling Bank, in partnership with AI in Nigeria, unveils the ‘Nigeria AI Landscape and Startup Report,’ offering a comprehensive view of Nigeria’s AI ecosystem and startup scene.

The report underscores the pivotal role of AI in driving innovation and economic growth in Nigeria, while providing insights into the challenges and opportunities within the AI landscape.

“We are thrilled to partner with AI in Nigeria to launch this maiden report” said Obinna Ukachukwu, Chief Growth Officer Sterling Bank. “‘We cannot underestimate the role of AI in Driving Innovation and Economic Growth in Nigeria at a time like this. It is an important tool that has come to stay for us to remain competitive in an emerging global economy. Neglecting AI could jeopardize efforts aimed at enhancing business efficiency and national competitiveness.”

The report sheds light on how AI contributes to economic growth by enhancing productivity, efficiency, and competitiveness.

By freeing up human capital for more creative endeavours, AI fosters overall productivity and drives innovation across various sectors. Furthermore, AI empowers businesses to make data-driven decisions, optimise processes, and uncover new opportunities, thereby fueling job creation and skill development in Nigeria’s evolving technology landscape.

Ehia Erhaboh, Co-founder of AI in Nigeria, expressed optimism about the future of AI in Nigeria, highlighting its potential for significant social and economic impact. “Sustaining growth and ensuring Nigeria’s competitive edge in the global AI market necessitates ongoing commitment from both public and private sectors to foster an enabling environment,” Erhaboh emphasised.

Additionally, Dotun Adeoye, Co-founder of AI in Nigeria, shared his perspective on the report’s significance, stating, “The ‘Nigeria AI Landscape and Startup Report’ represents a crucial milestone in our journey towards fostering AI adoption and innovation in Nigeria. By providing a comprehensive overview of the AI ecosystem and profiling promising startups, this report serves as a catalyst for driving meaningful progress in our country’s AI landscape.”

The report has two sections, the first examines the AI landscape in Nigeria, and reviews the sectors driving national economy with a view to assess AI readiness with pillars and examines key components of Nigeria’s AI ecosystem. The second section digs into the 60+ AI startups focused on leveraging AI to solve local and global challenges.

The release of the report follows the successful inaugural AI In Nigeria’s InnovateAI conference held in Lagos in February, supported by Sterling Bank. The conference featured prominent AI startups and industry leaders, including the Creative Director of OpenAI, Rodger Werkhoven.

Sterling Bank, renowned for its HEART of Sterling strategy, which prioritises investments in Health, Education, Agriculture, Renewable Energy, and Transportation, has been recognised for its innovative approach and talent management practices. In 2023, the bank was awarded the Most Innovative Bank of The Year by BusinessDay and named the Overall Best Place To Work In Nigeria by the Great Place To Work Institute.

Additionally, it was featured on the prestigious list of top 100 fastest-growing companies in Africa by the Financial Times.

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