Business A.M
No Result
View All Result
Saturday, October 17, 2026
  • Login
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • ONLINE & DIGITAL CONTENT PACKAGE
Subscribe
Business A.M
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • ONLINE & DIGITAL CONTENT PACKAGE
No Result
View All Result
Business A.M
No Result
View All Result
Home ANALYSTS INSIGHTS

The Digital Bridge: Diaspora Nigerians, Generative AI and fuelling economic growth

by OLUSEGUN AFOLABI
May 4, 2026
in ANALYSTS INSIGHTS
Nigeria

For decades, the story of the Nigerian diaspora has been told through the lens of “brain drain” — the departure of our brightest minds to the clinics of London, the tech hubs of Silicon Valley, and the engineering firms of Berlin. But as we move deeper into the 2020s, the narrative is shifting from a loss of human capital to the activation of a “brain gain” powered by a transformative force: Generative Artificial Intelligence (GenAI).

 

Nigeria’s greatest export isn’t oil; it’s the intellectual and entrepreneurial spirit of its people. With over 15 million Nigerians living abroad, the diaspora contributes roughly $20 billion annually in remittances. While these funds provide a vital safety net for families, GenAI offers a way to move beyond “survival remittances” toward “growth investments.” By leveraging AI, Nigerians abroad can bridge the geographic gap, scaling local businesses and driving economic development without needing to be physically present in Lagos or Abuja.

 

  1. Scaling the solopreneur and MSMEs

Micro, Small, and Medium Enterprises (MSMEs) are the engine room of the Nigerian economy, yet they often struggle with professional branding, marketing, and administrative overhead. This is where the diaspora comes in.

 

A Nigerian marketing professional in New York can use GenAI tools like Jasper or Midjourney to provide high-level strategy and creative assets for a sister’s fashion brand in Aba at a fraction of traditional costs.

 

  • Localised content: AI can translate and adapt marketing copy into Nigerian Pidgin, Yoruba, Igbo, or Hausa, ensuring that global business standards meet local cultural nuances.
  • Cost reduction: By setting up AI-driven customer service bots, diaspora-backed startups can provide 24/7 support to local customers, making a small shop in Onitsha look and feel like a global enterprise.

 

  1. Revolutionising agriculture and “Agri-Tech”

Agriculture remains Nigeria’s largest employer, but productivity lags due to a lack of data-driven insights. The diaspora, often having access to superior computing power and AI research, can act as the “intelligence layer” for local farms.

 

Generative AI models can process satellite imagery and weather data to generate plain-language planting guides for farmers. A Nigerian software engineer in Toronto could develop a WhatsApp-based GenAI tool that allows a farmer in Benue State to snap a photo of a diseased crop and receive an instant diagnosis and treatment plan in their native tongue. This democratizes expertise that was previously locked behind expensive consultancy walls.

 

  1. Education and skill arbitrage

The “Japa” syndrome has left a gap in the local teaching and mentorship workforce. However, GenAI allows for the asynchronous transfer of knowledge. Nigerians abroad are using Large Language Models (LLMs) to build specialised educational tutors. Imagine an AI tutor trained on the Nigerian JAMB or WAEC curriculum, voiced by a familiar accent, and capable of explaining complex physics in relatable, local terms. Diaspora members can fund, supervise, and refine these AI models, ensuring the next generation of Nigerians is tech-literate and ready for the global digital economy.

 

“The goal isn’t just to send money home; it’s to send systems. AI is the first technology in history that allows us to export intelligence as easily as we export capital.”

 

  1. Bypassing infrastructure hurdles

One of the biggest drags on local growth is the “soft infrastructure” deficit — legal services, accounting, and business documentation. For a diaspora investor, the cost of due diligence in Nigeria can be prohibitive.

 

GenAI can automate the boring stuff. AI-powered legal tech can help local entrepreneurs draft contracts, check for regulatory compliance, and organise financial records. This creates a more transparent business environment that encourages more significant foreign direct investment (FDI) from the diaspora, who are often wary of “hidden” costs and bureaucracy.

 

  1. Cultivating a “Remote-First” economy

Nigeria has the talent; what it lacks is the infrastructure to connect that talent to global value chains. The diaspora can act as the ultimate middleman. By training local youth in Prompt Engineering and AI-assisted coding, Nigerians abroad can outsource their own professional tasks to local “AI-augmented” talent.

 

This creates a virtuous cycle:

  1. Jobs stay in Nigeria: Young Nigerians earn foreign currency without leaving home.
  2. Wealth stays in Nigeria: This income is spent locally, boosting the economy.
  3. Skills stay in Nigeria: The local workforce becomes world-class in the most important technology of the century.

 

To truly drive growth, the diaspora must move away from the “aid” mindset and toward “partnership.” This requires:

  • Investing in AI infrastructure: Funding local data centers and GPU clusters to ensure AI sovereignty.
  • Policy advocacy: Working with Nigerian regulators to ensure AI policies encourage innovation rather than stifling it.
  • Mentorship: Using AI tools to scale one-on-one mentorship programmes between global experts and local students.

 

The fusion of the Nigerian diaspora’s ambition and Generative AI’s capability is a potent recipe for a “Naira Renaissance.” We are no longer limited by borders or the physical constraints of the Lagos-Ibadan Expressway. Through the screen and the algorithm, the diaspora is finally coming home — not to visit, but to build.

 

  • business a.m. commits to publishing a diversity of views, opinions and comments. It, therefore, welcomes your reaction to this and any of our articles via email: comment@businessamlive.com 
OLUSEGUN AFOLABI
OLUSEGUN AFOLABI

Olusegun Afolabi has a first degree in biochemistry from the University of Ilorin, Nigeria, and a master’s in computer science from Hertfordshire University in the United Kingdom. He is an AWS solutions architect professional, a Microsoft certified Azure solutions architect expert, co-founder and chief innovations architect of Face Technologies UK Limited. He can be reached at … and on Linkedin: https://www.linkedin.com/in/olusegun-afolabi-307931184/

Previous Post

Data governance is about trust, not frameworks

Next Post

Mental fitness is the infrastructure of leadership

Next Post
the light

Mental fitness is the infrastructure of leadership

  • Trending
  • Comments
  • Latest

How UNESCO got it wrong in Africa

May 30, 2017

CBN to issue N1.5bn loan for youth led agric expansion in Plateau

July 29, 2025
MMA2 enters new commercial era after 20-year concession dispute

MMA2 enters new commercial era after 20-year concession dispute

August 28, 2026
NGX taps tech advancements to drive N4.63tr capital growth in H1

Insurance-fuelled rally pushes NGX to record high

August 8, 2025

6 MLB teams that could use upgrades at the trade deadline

Top NFL Draft picks react to their Madden NFL 16 ratings

Paul Pierce said there was ‘no way’ he could play for Lakers

Arian Foster agrees to buy books for a fan after he asked on Twitter

Methane rules spread across 67% of global production as Nigeria faces compliance test 

Methane rules spread across 67% of global production as Nigeria faces compliance test 

October 17, 2026
Onafriq, a pan-African payments company, is set to discontinue its Baxi agent banking business in Nigeria after five years, citing naira depreciation, rising operating costs and intensifying competition that have weakened the segment’s profitability. The planned shutdown will affect the agent banking operations conducted through Baxi under Onafriq Nigeria Payments Limited. However, the decision does not signal the company’s withdrawal from Nigeria, as it intends to retain its cross-border payments network and card issuing services in the country. In a statement, Onafriq said changes in Nigeria’s operating environment since 2024 had significantly altered the economics of its offline agent banking business, making the existing model unsustainable. The move marks a strategic shift for the company, which entered Nigeria’s agent banking market to expand access to financial services through a network of agents providing transaction services outside traditional bank branches. Onafriq attributed the decision to a combination of macroeconomic pressures and structural changes in the country’s payments industry. According to the company, naira depreciation and inflation have affected transaction volumes, increased operating expenses and undermined the sustainability of its agent banking operations. The growing adoption of instant account-to-account transfers has also changed the mix of transactions handled by agents, while heightened competition among payment service providers has put further pressure on margins. These developments have made it increasingly difficult for the business to remain viable under its existing operating structure, prompting the company to reassess its long-term strategy. Dare Okoudjou, founder and chief executive officer of Onafriq, said the decision to close the business was difficult, particularly given the efforts of employees, agents and business partners who helped build the Baxi network. “We entered Nigeria with conviction and commitment, but did not achieve the outcome we set out for. Closing this business was a difficult decision to arrive at, one that affects colleagues, agents, and business partners across Nigeria who poured their hearts and soul into building out the Baxi network,” Okoudjou said. Despite the closure, he reaffirmed the company’s commitment to the Nigerian market, noting that the group would continue to serve customers through its payments network and card issuing operations. Onafriq entered Nigeria’s agent banking market in 2021 through the acquisition of Baxi, also known as Capricorn Digital Limited. The company said it continued investing in the business through 2023, with efforts focused on expanding and strengthening its agent network. However, a subsequent review of the business’s long-term prospects and financial sustainability led to the decision to wind down the operation. As part of the transition, Onafriq said agents onboarded through the Baxi platform had been moved to another principal bank, a step intended to facilitate continuity for the affected agents. The company has also directed agents to transfer their funds to their preferred principal bank within 30 days, adding that its teams would provide support throughout the transition process. Employees whose roles are linked to the agent banking business will also be consulted and supported during the wind-down, with Onafriq pledging to treat affected workers fairly.

Onafriq winds down Baxi as Nigeria’s agent banking economics worsen

October 17, 2026
LCFE links petroleum trading to capital market in pricing transparency drive

LCFE links petroleum trading to capital market in pricing transparency drive

October 17, 2026
Copper rebounds to $14,480 as US tariff risks cloud price outlook

Copper rebounds to $14,480 as US tariff risks cloud price outlook

October 17, 2026

Popular News

  • How UNESCO got it wrong in Africa

    0 shares
    Share 0 Tweet 0
  • CBN to issue N1.5bn loan for youth led agric expansion in Plateau

    0 shares
    Share 0 Tweet 0
  • MMA2 enters new commercial era after 20-year concession dispute

    0 shares
    Share 0 Tweet 0
  • Insurance-fuelled rally pushes NGX to record high

    0 shares
    Share 0 Tweet 0
  • Glo, Dangote, Airtel, 7 others prequalified to bid for 9Mobile acquisition

    0 shares
    Share 0 Tweet 0
Currently Playing

CNN on Nigeria Aviation

CNN on Nigeria Aviation

Business AM TV

Edeme Kelikume Interview With Business AM TV

Business AM TV

Business A M 2021 Mutual Funds Outlook And Award Promo Video

Business AM TV

Recent News

Methane rules spread across 67% of global production as Nigeria faces compliance test 

Methane rules spread across 67% of global production as Nigeria faces compliance test 

October 17, 2026
Onafriq, a pan-African payments company, is set to discontinue its Baxi agent banking business in Nigeria after five years, citing naira depreciation, rising operating costs and intensifying competition that have weakened the segment’s profitability. The planned shutdown will affect the agent banking operations conducted through Baxi under Onafriq Nigeria Payments Limited. However, the decision does not signal the company’s withdrawal from Nigeria, as it intends to retain its cross-border payments network and card issuing services in the country. In a statement, Onafriq said changes in Nigeria’s operating environment since 2024 had significantly altered the economics of its offline agent banking business, making the existing model unsustainable. The move marks a strategic shift for the company, which entered Nigeria’s agent banking market to expand access to financial services through a network of agents providing transaction services outside traditional bank branches. Onafriq attributed the decision to a combination of macroeconomic pressures and structural changes in the country’s payments industry. According to the company, naira depreciation and inflation have affected transaction volumes, increased operating expenses and undermined the sustainability of its agent banking operations. The growing adoption of instant account-to-account transfers has also changed the mix of transactions handled by agents, while heightened competition among payment service providers has put further pressure on margins. These developments have made it increasingly difficult for the business to remain viable under its existing operating structure, prompting the company to reassess its long-term strategy. Dare Okoudjou, founder and chief executive officer of Onafriq, said the decision to close the business was difficult, particularly given the efforts of employees, agents and business partners who helped build the Baxi network. “We entered Nigeria with conviction and commitment, but did not achieve the outcome we set out for. Closing this business was a difficult decision to arrive at, one that affects colleagues, agents, and business partners across Nigeria who poured their hearts and soul into building out the Baxi network,” Okoudjou said. Despite the closure, he reaffirmed the company’s commitment to the Nigerian market, noting that the group would continue to serve customers through its payments network and card issuing operations. Onafriq entered Nigeria’s agent banking market in 2021 through the acquisition of Baxi, also known as Capricorn Digital Limited. The company said it continued investing in the business through 2023, with efforts focused on expanding and strengthening its agent network. However, a subsequent review of the business’s long-term prospects and financial sustainability led to the decision to wind down the operation. As part of the transition, Onafriq said agents onboarded through the Baxi platform had been moved to another principal bank, a step intended to facilitate continuity for the affected agents. The company has also directed agents to transfer their funds to their preferred principal bank within 30 days, adding that its teams would provide support throughout the transition process. Employees whose roles are linked to the agent banking business will also be consulted and supported during the wind-down, with Onafriq pledging to treat affected workers fairly.

Onafriq winds down Baxi as Nigeria’s agent banking economics worsen

October 17, 2026

Categories

  • Frontpage
  • Analyst Insight
  • Business AM TV
  • Comments
  • Commodities
  • Finance
  • Markets
  • Technology
  • The Business Traveller & Hospitality
  • World Business & Economy

Site Navigation

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy
Business A.M

BusinessAMLive (businessamlive.com) is a leading online business news and information platform focused on providing timely, insightful and comprehensive coverage of economic, financial, and business developments in Nigeria, Africa and around the world.

© 2026 Business A.M

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • ONLINE & DIGITAL CONTENT PACKAGE

© 2026 Business A.M