By Cynthia Alo
The Lagos Business School, LBS, through its Africa Retail Academy, and industry leaders, have called for the transformation of Africa’s retail sector through the adoption of emerging technologies such as artificial intelligence, AI, data analytics, and digital platforms.
Speaking at the Africa Retail Congress 2025 in Lagos, with the theme: “Transforming Retail with Emerging Technologies,” the experts noted that retail remains one of Africa’s strongest economic engines, contributing between 20 and 50 percent of Gross Domestic Product, GDP, across many nations.
The event brought together policymakers, innovators, financiers, and academics to explore inclusive, technology-driven retail solutions across the continent.
In her opening remarks, Dean of Lagos Business School, Prof. Yinka David-West, described technology as a catalyst for innovation and value creation in Africa’s growing retail landscape.
She stated: “Technology is not just a tool; it is an enabler. It changes how we think, how we work, and ultimately, how we create value.”
David-West noted that transformation was already visible across African cities, saying: “The market woman in Onitsha now restocks through her phone; the young entrepreneur in Nairobi builds a customer base through social media; and the supermarket chain in Accra uses data analytics to understand what its customers truly value.” She explained that the Africa Retail Academy, established in 2021, was created to bridge the gaps between formal and informal retail systems through research, education, and innovation.
“Retail remains one of Africa’s strongest economic engines, contributing between 20 and 50 percent of GDP across many nations,” she said, adding, however, that “fragmented supply chains, limited access to finance, and slow digital adoption are challenges waiting for leadership and innovation.”
In his remarks, Prof. Louis Nzegwu, Chair of the Africa Retail Congress, said technology was redefining trade and consumer access.
He said: “Platforms such as Wasoko and Alerzo are rewriting the rules of informal retail. They allow small shop owners to restock, access capital, and sell efficiently, all from their phones.”
In her keynote address, Board Chair of Nigerian Breweries, Mrs. Juliet Anammah, urged a redefinition of retail as an independent economic asset rather than a mere distribution channel.
She said: “It’s time we rethink retail as a self-sustaining asset class. Technology can scale even the smallest kiosk in Africa.
“Our theme this year, “Transforming Retail with Emerging Technologies speaks directly to the moment we find ourselves in, where technology is increasingly impacting how products move and how decisions are made”.
Similarly, Chief Executive Officer of OmniRetail Technology Limited, Deepankar Rustagi, noted that Africa was already leading AI adoption globally, using homegrown solutions to power growth.
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