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2nd Economic Update: Multisectoral Impact of Emerging Technologies and Best Options For Their Adoption
On 23rd of August 2022 at Pier Habour by SRS in Lagos Nigeria. The American Business Council of Nigeria (ABC) hosted its 2nd Economic
update themed “Multisectoral Impact of Emerging Technologies and Best Options for their Adoption.” in partnership with Lagos Business school, Pan Atlantic University, and was sponsored by Flutterwave.
The event featured a few Amazing Panelists including Mr. Olubankole Falade, the Chief Regulatory Affairs, and Government Relations Officer of Flutterwave; Solomon Omorodion.
Group Software Channel and Distribution Business Lead West Africa, IBM; Mrs. Rita Amuchienwa, Country Executive for INTEL West
Africa: Mrs. Oluwafunto Olasemo, the Vice President of Financial Markets AFEX and the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, represented by Dr. Engr. Falilat Jimoh.
The moderator, Prof Olayinka David-West, Associate dean of the Lagos Business School shared concerns around the accessibility of emerging
technologies in Nigeria at the grassroots during the conversation with the Panel. In response to the question, Mr. Olubankole Falade noted that with Flutterwave’s technology, there are zero barriers to sales and business growth for grassroots small businesses in Nigeria.
“We have proprietary API technology that allows individuals to pay businesses through various fun factors— cards, mobile money, QR, depending on what markets and payment methods are acceptable in that market. For example, with Flutterwave, my elder brother in the US can pay for shoes from a vendor in Lagos and have them delivered to his mother in Abeokuta,” he added.
Flutterwave’s effort to support small businesses took a leap during the lockdown when the company launched the Keeping the Lights on Campaign”. This campaign helped small businesses in Africa with an eCommerce solution, Flutterwave Store, that allowed them to sell online easily. This solution has helped bring over 30,000 small businesses online to date.
Mrs. Amuchienwa responded to the question by sharing Intel’s work with the World Bank, partnering with Zinox to upskill communities and provide tools for digital transformation. “The Intel Skills for Innovation Initiative empowers decision makers and educators in adopting technology to create innovative learning experiences that actively engage students in all learning environments—virtual, at school, or blended,” she said.
Mrs. Olasemo spoke on financial inclusion for rural farmers, stating the need for financial institutions to understand the needs of rural farmers. She focused on AFEX’s effort is to have available, accessible data that can be interpreted easily to make important decisions for farmers and investors.
Dr. Jimoh emphasized the need for the private sector to respond positively to invitations from the government for collaboration. “For emerging technologies to succeed, the right environment needs to be created and both private and public contributions need to be made,” she said.
Mr. Omorodion spoke on how IBM uses emerging technologies to solve problems such as post-harvest food loss in Africa. He stated that the cloud-based solution gives visibility to the food supply chain by capturing data at every stage, such that a buyer knows the production date of the food
It was a successful event and it concluded with a consensus that there is a need for trust to be built between the private and public sectors. Such trust would enable collaborative efforts between both parties and consequently foster the use of emerging technologies for the benefit of society.
As you are aware, American Business Council is the voice of American Businesses in Nigeria working with the U.S mission to drive investment, socio-economic reforms, and development between the United States and Nigeria and in the interest of member companies. The affiliate of the US Chamber of Commerce in Nigeria, the American Business Council has become a powerful advocacy instrument for the Nigerian private sector. Incorporated in February 2007, and currently have a membership of over 70 US companies. ABC is a key vehicle for expanding trade and investment opportunities between Nigeria and the United States of America in the interest of its member companies and both countries.