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By Merit Ibe
Africa’s retail experts, innovators and the Lagos Business School (LBS) have called for stronger collaboration and wider adoption of technology to transform the continent’s retail ecosystem.
This call was made at the 4th Africa Retail Congress 2025, organised by the Africa Retail Academy at the LBS, Pan-Atlantic University, where thought leaders explored the theme “Transforming Retail with Emerging Technologies.”
Dean of the Lagos Business School, Prof. Yinka David-West, described technology as an enabler that transforms thinking, work processes, and value creation.
“When we conceived this Congress, our goal was to create a space where Africa’s most forward-thinking minds could reimagine retail, not merely as an industry, but as an interconnected, technology powered ecosystem,” she said.
David-West explained that since its establishment in 2021, the Africa Retail Academy has trained hundreds of professionals and entrepreneurs across several countries, bridging the gap between formal and informal retail structures. Despite challenges such as fragmented supply chains, poor infrastructure, and limited finance, she stressed that these are opportunities for leadership, collaboration, and innovation.
Prof. Louis Nzegwu, Congress Chair, noted that technology is reshaping retail across Africa. He highlighted platforms like Wasoko, Alerzo, and Chari, which are empowering small retailers to restock faster and access financing through mobile technology.
According to him, Africa’s e-commerce sector, valued at about $40 billion, is projected to more than double by 2030, driven by fintech innovations and mobile adoption.
“Technology connects markets, drives efficiency, and empowers small traders with the same potential as large retail chains,” he said, but warned that challenges like infrastructure gaps, finance access, and digital skills must be addressed through collective effort.
In her keynote address, Juliet Anammah, Founder of CG&R Strategy LLC, dissected the retail process into four pillars; Run, Plan and Buy, Move, and Sell, stressing that artificial intelligence (AI) now offers limitless possibilities for retail efficiency.
She observed that AI could soon influence consumer purchasing decisions, shifting retailers’ focus from human behaviour to algorithmic discovery.
However, Anammah noted that Africa remains a market dominated by consumers with limited digital access and small purchasing power, adding that retail technology must adapt to this reality.
“With all the potential and technology to make the retail business easy, still, Africa is a large population of consumers with feature phone and small wallets: “That’s why the predominant retail channels are still the ones they understand.
“There’s still a huge gap in product design for affordability,” she said, urging retailers to play active roles in infrastructure development and investment in open markets and corner shops.
Deepankar Rustagi, CEO of Omniretail, envisioned the next decade as a defining era for Africa’s retail landscape, urging bold investment and innovation.
He emphasised embracing informality as a natural part of African retail, not something to be eliminated.
“With collaboration and bold thinking, Africa can build a retail ecosystem that is inclusive, resilient, and ready for long-term success,” Rustagi added.
The event also featured panel sessions on topics such as funding for retail growth, smartphone penetration, investment redirection, and mindset shifts in retail.
Other speakers included Dr. Olubayo Adekanmbi (CEO, Data Science Nigeria/EqualyzeAI), Prof. Uchenna Uzo (Academic Director, Africa Retail Academy, LBS), Esther Akinnukawe (CHRO, MTN Nigeria), Kemi Okusanya (CEO, Hydrogen), Jonathan Lakin (CEO, Intent HQ), Arike Okunowo (GM, Doroki by Pagan), Chidi Okoro (Alternate Academic Director, Africa Retail Academy, LBS) and Rasaq Ahmed(CEO Cowrywise).
Outstanding contributors to the retail sector were recognised during the event, while organisers announced that the 5th Africa Retail Congress will hold in November 2026.
