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In a bid to optimize Micro, Small, and Medium Enterprises (MSMEs) for effective service delivery and contribute to Nigeria’s socio-economic growth, key stakeholders are rallying behind increased digitalization and technological innovation.
Addressing the Development Bank of Nigeria Plc (DBN)’s 4th Annual Lecture Series in Abuja, various speakers emphasized the pivotal role of MSMEs in national economic growth and job creation. The event brought together entrepreneurs, business owners, financial institutions, and other critical stakeholders from diverse sectors.
Under the theme “Digital Nigeria – Leveraging Technology to Improve Ease of Doing Business for MSMEs,” Mallam Kashifu Abdullahi, Director-General of the National Information Technology Development Agency (NITDA), highlighted the significance of MSMEs, constituting about 96% of all businesses and contributing 49% to the national Gross Domestic Product (GDP).
Abdullahi stressed the importance of digitalization in driving sustainable economic growth and underscored the positive impact of technology adoption by MSMEs. He cited a study from Turkey, indicating that SMEs embracing technology experienced operational efficiency of 96.9%.
He further assured of the government’s commitment to creating an inclusive digital infrastructure and mentioned ongoing efforts to establish a legal framework that facilitates digital public infrastructure investment.
Nigeria’s Vice President, Senator Kassim Shettima, represented by Tope Fasua, the Special Adviser to the President on Economic Matters, highlighted government initiatives supporting small businesses, including streamlined business registration, reduced taxes, improved infrastructure, and access to finance.
Dr. Tony Okpanachi, the Managing Director/CEO of DBN, acknowledged the transformative impact of technology on commerce and human interaction. He emphasized the crucial role of MSMEs in economic growth, poverty reduction, and employment creation.
Okpanachi reiterated DBN’s commitment to advocating for MSME financing and driving sustainable development through innovative funding solutions. He highlighted the annual Techpreneur Summit as a platform to support technopreneurs and enhance their access to debt finance.
The DBN’s 4th Annual Lecture Series, commemorating the bank’s 6th anniversary, facilitated discussions on technology-driven innovation, resilience, and profitability for MSMEs. The hybrid event featured keynotes, panel sessions, and expert insights on advancing sustainable business growth through technology in the context of a green economy.
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