Sterling Bank, AI Nigeria partner to launch maiden report

Sterling Bank, in partnership with AI in Nigeria, has unveiled 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 […]

Sterling Bank, in partnership with AI in Nigeria, has unveiled 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.

The Chief Growth Officer of Sterling Bank, Obinna Ukachukwu, said: “We are thrilled to partner with AI in Nigeria to launch this maiden report.

“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 jeopardise efforts aimed at enhancing business efficiency and national competitiveness.”

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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. 

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.

Erhaboh said: “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.”

Co-founder of AI in Nigeria, Dotun Adeoye, 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.”

The report has two sections, the first examines the AI landscape in Nigeria and reviews the sectors driving the national economy with a view to assess AI’s 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.