By CHIDIEBERE NWANKWO
With the growing number of youth innovators in Nigeria, Zenith Bank Plc says it is committed to raising more innovators from Nigeria that will compete globally, and turn the country to a ready technology outsourcing hub.
Speaking at the just concluded technology fair tagged Zenith Future Forward 5.0, in Lagos, the Group Managing Director/CEO of Zenith Bank Plc, Dame Dr. Adaora Umeoji noted that the Tech Fair, has over the years proven that Nigeria harbours innovators that are waiting to be explored.
Citing technological innovative changes around the world, Dame Udeogu pledged that Zenith Bank will support indigenous innovators and youths that dare to change the narrative. She said that it is estimated that 90% of the world’s data was generated in the last two years. In the span of 13 years, the figure increased by an estimated 74 times from just two terabytes in 2010. This underscores the unprecedented pace of which technology is advancing. Artificial intelligence is projected to have a transformative impact on nearly every industry, with a forecast for power growth rate of over 28% through 2030.
In renewable energy, she pointed out that innovation is driving sustainability-focused solutions, with a projected compound annual growth rate of 70%. Also, blockchain, she noted, has emerged as one of the fastest-growing sectors globally, with an expected market size exceeding $300 billion by 2030. Nigeria is considered one of the top three countries globally in terms of crypto adoption.
Dr. Umeoji further cited more examples of global changes: “The Director-General of SEC reported that Nigeria’s cryptocurrency market recorded $50 billion in transactions between July 2023 and June 2024. We see countries like the United States developing regulatory structures for digital assets such as stablecoin for integration into the mainstream payment systems. Reuters also reported that nine European banks are forming a company to launch euro-denominated stablecoin, to enable them to compete with the US dominance in that street.
Meanwhile, as this is going on all around the world, Asia is pushing the boundaries of robotics, with Beijing hosting the Global Robotic Olympics, bringing together 280 teams from 16 countries. The event showcased more than 500 human robots competing in 26 events, including boxing, football, cleaning, and even sorting medicines. Robots are very powerful, and I’m sure you can see a lot of them moving around the room today.”
She referenced several impacts of AI in different sectors: “Just recently, my brother told me that he no longer needs a wedding photo shoot because AI can generate more images of him in different outfits and in different backgrounds, so why does he need a photographer? Photographers, watch out, AI is by your doorstep.
Recently, CNN reported that 90% of young women in the US, UK and France use Snapchat filters. According to Dove report, 80% of teenage girls have altered their image in photos posted online. That is how powerful AI has become. This tells us that the world is changing fast, and is changing faster than we can all imagine.”
The Zenith Bank GMD cautioned that Nigeria must adapt quickly to these global changes to protect our personal data, use cyber awareness to mitigate cyber risks, and develop necessary capabilities that will revolutionize the world.
She enumerated some of the steps Zenith Bank has taken. “As a result of our passion for technology, we have invested in impactful projects to educate youths and support economic growth in Nigeria, including the construction and creation of a fully equipped ICT center, with 24-hour access in several universities across the country. Zenith Bank is digital-forward.”
We have developed a smarter portal to facilitate trade across African continents in their own currency. This portal will be able to facilitate transactions across African countries. Over the years, Zenith Bank has embraced technological innovations.
“We have evolved our core banking applications. From Zenith2000 software we were using in the year 1990, we moved to the Phoenix Software. From there, we moved to T24, MySys, and recently, we integrated our software and upgraded it to an Oracle Flexcube, which is more robust, best-in-class software that helps us facilitate our processes and serve our customers better.
We must include technology in everything we do. We have to use technology in the strategic planning of today. Without it, without it no business will survive or thrive in the future.”
While noting that the world is advancing at an unprecedented level, so any business that fails to innovate will surely fail, Dame Umeoji assured that Zenith Bank looks forward to positioning Nigeria on the global technology map through the Tech Fair.
She further cautioned on new risks that are emerging as opportunities are coming up, stating that video and voice Deepfakes are reminders of how powerful digital manipulation has become in the world.
“However, while they present new risks, they also demonstrate the extraordinary capabilities of modern AI to reshape behaviors. I encourage you to create forward-thinking innovations that will solve real human problems. This will help you to ensure a safer and more secure tech environment for all of us.”
“I encourage all startups, entrepreneurs, and new tech talents to be innovative and be passionate enough to bring forth good ideas that will be tomorrow’s breakthrough innovations. Zenith Bank is here to turn those dreams into reality, because we understand the transformative power of technology,” she concluded.
In his welcome address, Founder/Chairman Zenith Bank Plc, Mr. Jim Ovie, expressed his satisfaction in the strides the bank has made. “I am very happy for the progress we have made, even more inspired by the possibilities ahead.
I congratulate the management and staff of Zenith bank for the impressive growth achieved so far, and their continued commitment to empowering the youth to this growth.
Together we will keep leveraging cutting edge technologies to build, innovate and lead. I welcome you to 2025 Zenith Bank Tech Fair, Future Forward 5.0.”
Governor Babajide Sanwo-Olu had also called for collaborative engagement of Nigerian youths in a bid to groom more innovators that can play on the global stage.
“This is an activation that can bring life and real conversation to the young, dynamic, innovative, creative young people that we have in this country.
We’re going to ensure that we can coach a lot more people. We’re going to support a lot more people. Almost 75% of our population are young, dynamic, innovative, creative minds.
They’ve all been displayed here on the platform. And the way we can do it, we need to do it at scale. Scale meaning that we need to double up. We need to do it twice as fast, twice as fast, twice as smart.”
