Technology Trends

to Watch in 2023
A R T I C L E B Y :

Iwalola Sobowale Temitayo Alebiosu

Research Specialist Product Designer
Introduction
Many countries like Nigeria are seeing rapid advancements
in technology, and there are several trends that are likely to
shape the tech landscape in the coming year.

2022 was the year of new and emerging trends in the

technology space. We got immersed in the world of AR/VR,
NFTs, Blockchain, and many more. Towards the end of the
year, we also witnessed unexpected layoffs of employees
across top tech companies. And this got us asking:

What should we expect for the year 2023?

What technology trends should we watch out for in
the coming year?

To get answers to these questions, please read further, as

this article aims to highlight the impact these trends will
have on the technology sector in Nigeria.

Here are a few technology trends to watch in Nigeria in

2023:
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01
TECHNOLOGY TRENDS TO WATCH IN 2023

Will Talent Scarcity

Continue to
Be an Issue for
Technology Firms?
(Laying The Talent Pipeline)
 The tech industry is experiencing a talent
4 scarcity. This crisis, caused by a shortage
of a skilled workforce, continues to
impact every aspect of the tech industry,
because we do not have enough qualified
individuals to support the work that is
required – a problem that has been
exacerbated by the acceleration in
digital transformation attributable to
evolving human behaviour following the
COVID-19 pandemic.
TECHNOLOGY TRENDS TO WATCH IN 2023
 A few of the reasons behind this talent shortage include:

High Demand The tech industry is growing rapidly, and there is a high demand
for skilled workers. This demand is often greater than the supply of
workers with the necessary skills.

High Competition There is a lot of competition for top tech talent, and companies may
have to compete with each other to attract and retain workers.

Lack of Training There is a lack of quality STEM (Science, Technology, Engineering,

and Education and Mathematics) education coupled with inadequate training
programs in place to produce the number of skilled tech workers
that are needed.

Limited Pool of As technology needs continue to expand, there is a limited pool of

Candidates candidates to choose from, particularly for certain specialised roles.

Attrition High levels of attrition in the tech industry due to ‘japa’ may
contribute to a talent shortage, as companies have to constantly
replace workers who leave.
TECHNOLOGY TRENDS TO WATCH IN 2023

While it is clear that this issue will likely continue to persist through 2023, technology
firms looking to solve the talent scarcity will need to adopt a multi-faceted approach
to addressing the factors listed above in order to lay down the infrastructure for a
reliable talent pipeline across the tech industry.
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02
TECHNOLOGY TRENDS TO WATCH IN 2023

Artificial
Intelligence
Will ChatGPT take our jobs?
 7
AI and Machine Learning technologies are
becoming increasingly sophisticated and are
being used in a wide range of applications,
including healthcare, finance, and agriculture.
In Nigeria, we can expect to see more companies
and organisations adopting these technologies
to improve efficiency and decision-making.

The rave of the moment as regards AI in the

industry is ChatGPT. You most likely already
know about it but if you still need more
information about this famous chatbot system,

CLICK HERE TO READ MORE

With the emergence of this new AI system, many

techies have questions:
TECHNOLOGY TRENDS TO WATCH IN 2023

Will AI take their jobs?

Are they more dispensable now?
What might be the potential impact of Artificial
Intelligence (AI) on employment in general?
 8
AI vs The Human
Workforce
While AI has the potential to automate
certain tasks and processes, it is unlikely
to completely replace human workers.
Instead, it is expected that AI will augment
and enhance human capabilities,
allowing us to work more efficiently and
effectively. That being said, it is important
to recognize that the adoption of AI and
automation may have an impact on
certain jobs and industries. Some tasks
and jobs may be automated or replaced
by AI, while others may be changed or
supplemented by the technology.
TECHNOLOGY TRENDS TO WATCH IN 2023
An interesting use case is the first
automated McDonald’s located in Fort
Worth, Texas that aims to minimize
human interaction in ordering and pick up
and NOT all the jobs in the value chain.
CLICK HERE TO READ ARTICLE
Bearing this in mind, it is important for
techies to be aware of these potential
impacts and to take steps to adapt
and prepare for the changes that may
come with the adoption of AI. This may
include investing in further education and
professional training to develop the skills
needed to thrive in the changing job market.
In summary, AI is getting closer to achieving
the tasks we do every day, which is why
people in the industry wonder if their skills
will still be relevant in the nearest future.
It is a valid concern, but AI won’t take our
jobs. It is glaring that AI makes our jobs
easier by automating routine tasks, but this
technology cannot replace the ingenuity
and interpersonal skills inherent in humans.
So rest assured, knowing that your position
in the industry is still valued.
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03
TECHNOLOGY TRENDS TO WATCH IN 2023

Hiring, Layoffs and

Remote Work
Does talent still have the upper hand?
 I would only accept the offer if it is a remote role”
Sorry, but I can’t accept an on-site role. Any remote
10 opportunities?”

I’m sure we’ve heard people make these statements. Since

the global lockdown in 2020, remote jobs have circulated at
a rapid rate in the Nigerian industry.

Nigerian tech employees value the opportunity for learning,

skills training, and flexibility in the work mode, with the
significant number preferring the remote or hybrid work
schedule to an in-office option.

SEE REFERENCE HERE

What would be the state of work in 2023?

Would people be willing to leave their comfort zone and
explore other modes of work?
TECHNOLOGY TRENDS TO WATCH IN 2023

A hybrid work environment appears to be the midpoint that works well for
both employers and employees, and we will see more of this in 2023 as
tech firm seek to improve employee retention. The hybrid system allows
employees to work remotely on some days while the rest of the week is
at the office. Hybrid work has recently become the most preferred option
among employees.

WFH Research also evaluates that 30% of full-time employees are currently
in a hybrid work model.
 If Nigerian employers are willing to make a compromise on the hybrid work
model, it will no doubt have a good impact on their businesses, as they reap
11 the advantages of both in-office and remote work.

With the shocking rate of layoffs in 2022,

what should employees expect?
More layoffs or less?
TECHNOLOGY TRENDS TO WATCH IN 2023

We witnessed the layoffs from tech giants like Twitter, Meta and Amazon.
Numerous startups in the Nigerian tech ecosystem also laid off their
employees in 2022, such as Nestcoin and Kuda.

Unfortunately, by 2023, we expect more layoffs due to cost-cutting, staff

reduction, relocation, buyouts, and mergers.

R E A D M O R E O N W H AT C O M PA N I E S SAY A BO U T WO R K FO RC E
L AYO F F S I N 2 0 2 3 H E R E
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04
TECHNOLOGY TRENDS TO WATCH IN 2023

Are We Expecting
to See More
Ecosystem-Based
Products?
(Super Apps)
 Super apps are all-in-one applications
13
that can perform multiple services.
It allows users to find all the apps
they need to accomplish their daily
activities, from shopping to making
transactions and many more on one
single app. Super apps also remove
the need to download various apps to
complete different tasks.

These apps give not only ease of

access, but can also be designed to
boost productivity and efficiency for
their users. A well-known example
is Google Workspace, which offers
a wide variety of Google apps as
well as third-party apps via its
Marketplace.
TECHNOLOGY TRENDS TO WATCH IN 2023

We have examples of Nigerian companies that have

launched their super app experience. For example:

CLICK TO READ MORE ON HOW THEY DID IT

 We expect to see more super apps in 2023 as
14
14 tech firms seek to improve customer acquisition
and retention by providing an ecosystem of
solutions that have the potential to become a
part of their customers everyday lives.

Want to know more about the potential of super

apps in Nigeria?...

CLICK HERE TO READ THIS ARTICLE

TECHNOLOGY TRENDS
TECHNOLOGY TO WATCH
TRENDS TO IN 2023
WATCH IN 2023
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05
TECHNOLOGY TRENDS TO WATCH IN 2023

Will No-code
Product
Development be
More Widely
Adopted?
 No-code product development refers to the use of visual programming tools and
pre-built templates to create software applications without writing traditional
code. While no-code platforms can be a powerful tool for building and prototyping
16
software, there are some limitations to consider:

Complexity No-code platforms may not be suitable for building

highly complex or customised applications. Traditional
code may be necessary for more advanced features or
functionality.

Scalability It may be more difficult to scale no-code applications

as they grow in popularity or complexity.

Limited No-code platforms often provide a set of pre-built

Customisation templates and components that users can work
with, but the level of customisation may be limited
compared to building an application from scratch
using traditional code.

Dependency on Building an application on a no-code platform

the platform means being dependent on that platform’s ongoing
development and support. If the platform is no
TECHNOLOGY TRENDS TO WATCH IN 2023

longer maintained or updated, it could impact the

functionality of the application.

Overall, we expect that no-code platforms will continue to be a useful tool for
quickly building and prototyping software, and may be easily adopted at early
startup stage and for less technical product development, but they may not be
suitable for all types of applications or situations for the reasons stated above.
17

06
TECHNOLOGY TRENDS TO WATCH IN 2023

Will Blockchain
Technology See
Increased
Adoption?
18
18

Blockchain is a decentralised, distributed database

that enables the creation of a secure, transparent,
and immutable record of transactions. It consists
of a network of computers, called nodes, that
work together to validate and record transactions
on a shared ledger. Once a transaction has been
recorded on the ledger, it cannot be altered,
ensuring the integrity and security of the data.

Blockchain technology has the potential to

revolutionise a wide range of industries by enabling
secure, transparent, and efficient transactions. It has
IN 2023
2023

many potential uses, including enabling the creation

of digital currencies, improving supply chain
WATCH IN
TO WATCH

management, and enabling the secure exchange of

data and assets.
TRENDS TO
TECHNOLOGY TRENDS

As a secure and efficient peer-to-peer method

for data distribution, blockchain technology can
TECHNOLOGY

eliminate inefficiencies across an organisation,

reduce the reliance on intermediaries and deliver
significant cost savings for the industry as a whole.
 Blockchain has the potential to bring significant benefits to a wide range of industries, and
it is likely that it will be adopted to some extent in Nigeria.

Some potential areas where blockchain could be adopted in Nigeria include:

19

Financial Services Supply Chain

Blockchain can be used to improve
the efficiency and security of
financial transactions, such as
cross-border payments and trade
finance. According to this 2017
data from LocalBitcoins, Nigeria
ranked second in the world’s peer-
to-peer (P2P) Bitcoin transactions
in 2017, outpacing major European,
UK and US economies. This data
shows us that there is a need for
the adoption of BlockChain and
Cryptocurrencies in Nigeria if the
regulatory environment permit
technology firms to find innovative
ways to leverage its usage.
Management
Blockchain can be used to improve
transparency and traceability
of products/items as they move
through a supply chain, helping
to reduce fraud and improve the
efficiency of logistics. This could
possibly solve the problem of
lost or damaged products during
shipment and with accurate,
specific and immutable records,
retailers can resolve issues easily
due to increased accountability
throughout the supply chain.

Land Registry Identity Verification

Blockchain can be used to create
a more secure and transparent
land registry system, helping to
reduce fraud and improve property
TECHNOLOGY TRENDS TO WATCH IN 2023
With digital security being a
massive problem as our lives are
becoming increasingly digital,
blockchain technologies can be

ownership rights. used to create more secure and

efficient systems for verifying
identities to make tracking and
managing digital identities both
secure and efficient, resulting
in seamless authentication and
reduced fraud.

Ultimately, the adoption of blockchain in Nigeria is promising, but will depend on a variety
of factors, including the willingness of businesses and government agencies to adopt the
technology, the availability of skilled workers, and the overall regulatory environment.
20

07
TECHNOLOGY TRENDS TO WATCH IN 2023

Will the Nigerian

Stock Exchange
Succeed in its
Attempt To Attract
Tech IPOs?
21
The Nigerian Exchange Group is adjusting its listing rules to
position the Stock Exchange as an attractive destination
for technology firms to raise funds in Nigeria. For VCs and
corporate entities, this might provide them with some level
of security by de-risking their portfolios but for individual
investors in the capital market who are mainly household
investors, will this strategy succeed?

These individual investors (in contrast to institutional

investors that are involved in wholesale investments) typically
own financial assets directly in their name or indirectly in
the name of funds, trusts, or corporations and are prepared
to accept high risks questing after high returns. It is the
collective investments made by these individual investors
that can lead to rapid economic growth in the country. In
view of this, regulators must prioritise resolving the issues
faced by these investors in the capital mobilisation process
within the capital market by implementing policies to
improve trust in the system and ease the processes as a
means of incentivising and attracting investments. If we
can achieve an efficient capital market by implementing
policies to promote low transaction costs, liquidity, timely
and appropriate information and remove any unnecessary
blockers, it would be easy to predict a near-future success of
TECHNOLOGY TRENDS TO WATCH IN 2023

the Nigerian Stock Exchange in attracting tech IPOs.

Ultimately, whether the exchange is successful in

attracting tech IPOs will depend on a variety of factors,
including the overall health of the Nigerian economy and
the attractiveness of the exchange to tech firms compared
to other potential listing venues and we hope to see this
begin to happen in 2023.
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Conclusion
Overall, these are just a few of the technology
trends to watch in Nigeria in 2023.

As the country continues to adopt and embrace

new technologies, we can expect to see even
more innovative and transformative technologies
being adopted in the coming years.
TECHNOLOGY TRENDS TO WATCH IN 2023