Simplified Tech News Reporting

Tech Trends To Expect In Nigeria In 2023

In recent years, the country has seen a surge in technology adoption, with an increasing number of businesses and individuals using digital tools and platforms to enhance their operations and improve their lives.

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Nigeria is the largest and most populous country, in Africa, with a growing economy and a young, tech-savvy population. In recent years, the country has seen a surge in technology adoption, with an increasing number of businesses and individuals using digital tools and platforms to enhance their operations and improve their lives. In this article, we take a look at several tech trends that we can expect to see in Nigeria in 2023.

  1. Expansion of 5G Networks

One of the biggest tech trends we can expect to see in Nigeria in 2023 is the expansion of 5G networks. In September 2022, MTN Nigeria became the first telco to announce the rollout of its 5G in key cities across the six geopolitical zones of the country. Four months later, Mafab communications announced the launch of its 5G services. Airtel has also announced that it has acquired the 5G spectrum capacity in Nigeria, while other telco giants and ISPs are expected to follow suit.

As the fifth-generation mobile network becomes more widely available globally, Nigeria is upgrading its infrastructure to support this technology. 5G networks offer faster download and upload speeds, lower latency, and greater network capacity, enabling a range of new applications and services in areas such as healthcare, education, and entertainment.

    2. Increased Adoption of Artificial Intelligence

Just as the Artificial intelligence (AI) war is gaining momentum recently, it is also expected to see an increase in popularity in Nigeria in the coming months. AI has already been used in various industries in Nigeria, including finance, healthcare, and agriculture, and this trend is expected to continue. As the country continues to digitize its processes, the use of AI will become more prevalent in areas such as customer service, fraud detection, and predictive maintenance.

    3. The emergence of Blockchain Technology

Blockchain technology is still in its early stages, but it can potentially disrupt various industries in Nigeria and beyond. Blockchain technology provides a secure and transparent way to store and transfer data and value, which is particularly important in a country with a history of corruption and fraud. We can expect to see more companies and organizations in Nigeria experimenting with blockchain technology in the coming years.

    4. Growth of E-commerce

E-commerce has been on the rise for quite some time in Nigeria, and we can expect this trend to continue in 2023. With the ever-growing popularity of online shopping, more businesses in Nigeria will likely start selling their products and services online. This will create new opportunities for entrepreneurs and small businesses, who can reach customers nationwide and even globally.

    5. Expansion of the Internet of Things (IoT)

The Internet of Things (IoT) refers to the growing network of connected devices, from smart home appliances to industrial equipment. As cheaper and more affordable options are flooding the Nigerian market, we can expect the IoT to continue to grow in 2023 and as more businesses and individuals adopt connected devices to improve efficiency, reduce costs, and enhance security.


    6. The continued growth of Fintech

Fintech has been a buzzword in the Nigerian tech industry for some time now, and this trend is expected to continue in 2023. The fintech industry in Nigeria has been growing rapidly in recent years, driven by factors such as the adoption of digital payments, the rise of mobile money, and the increasing number of unbanked Nigerians.

According to the eighth edition of the annual African Tech Startups Funding Report released by startup news and research portal Disrupt Africa, In 2022, the number of startups to raise in Nigeria was up 11.8 percent in 2021; and the total amount of funding was up eight percent.

Fintech company Flutterwave (US$250 million), mobility fintech startup Moove (US$181.8 million), agri-tech platform ThriveAgric (US$56.4 million), cryptocurrency exchange Yellow Card (US$40 million) and restaurant-tech platform Vendease (US$30 million) were the biggest raisers.

Fintech once again dominated the Nigerian market in 2022, accounting for almost half the country’s funded ventures (86, 47.8%) and over half its funds (US$536,655,000, 59.4%).

Fintech startups are leveraging technology to offer innovative financial services, and this trend is expected to continue, with more fintech startups entering the market.

In conclusion, Nigeria is set to experience significant technological advancements in the coming years, driven by the rapid adoption of emerging technologies such as 5G, AI, blockchain, e-commerce, and IoT.

These trends are likely to create new opportunities for entrepreneurs and businesses, improve the quality of life for Nigerians, and help the country further to cement its position as a tech hub in Africa.






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