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As Nigeria intensifies efforts to build a $1 trillion economy, the Federal Government and Access Bank Plc have identified artificial intelligence (AI) and digital financial infrastructure as critical drivers for the growth and competitiveness of Micro, Small and Medium Enterprises (MSMEs).
The stakeholders made the call during the Access Bank MSME Digital Growth Conference held in Lagos under the theme, “AI for SMEs: Scaling Through Digital Tools.” The event also featured the official launch of the Access SME App, a digital platform designed to help entrepreneurs manage and scale their businesses more efficiently.
Government Positions MSMEs at the Centre of Economic Growth
Delivering the keynote address, the Senior Special Assistant to the President on Entrepreneurship Development in Communications, Innovation and Digital Economy, Chalya Shagaya, described MSMEs as central to the Federal Government’s economic transformation agenda under the Renewed Hope Agenda.
She encouraged entrepreneurs to embrace digital technologies, noting that businesses that leverage emerging technologies are better positioned to compete locally and internationally.
According to Shagaya, the government’s ambition of transforming Nigeria into a $1 trillion economy will depend significantly on the ability of small businesses to scale through innovation and technology.
“Everyone wants to be an entrepreneur today. You are the ones who will drive the $1 trillion economy that Mr President has charged us with achieving under this administration of Renewed Hope. We are your partners, and you are ours,” she said.
AI Can Help MSMEs Scale Faster
Shagaya explained that artificial intelligence is transforming how businesses operate by enabling entrepreneurs to automate routine processes, improve decision-making and enhance operational efficiency.
She noted that AI-powered tools can help MSMEs streamline inventory management, gain deeper customer insights, optimise supply chains and reduce operating costs without significant capital investment.
The presidential aide also highlighted AI’s role in promoting digital inclusion, explaining that emerging technologies are creating more opportunities for entrepreneurs, including neurodivergent individuals, to build sustainable businesses.
“AI is not coming in the future; it is here today. The sooner we embrace these tools, the faster we can scale our businesses and build a stronger economy,” she stated.
Shagaya further disclosed that President Bola Ahmed Tinubu recently approved Nigeria’s Artificial Intelligence Policy, which mandates the Federal Ministry of Communications, Innovation and Digital Economy to establish AI capacity-building hubs nationwide to equip young entrepreneurs with digital skills.
Experts Highlight MSMEs’ Contribution to Nigeria’s Economy
Speaking during the conference, the Executive Director of the University of Lagos Business School, Prof. Sunday Adebisi, underscored the enormous contribution of MSMEs to Nigeria’s economy.
He revealed that Nigeria currently has between 39 million and 42 million MSMEs, accounting for approximately 96 per cent of all businesses in the country.
According to him, the sector contributes about 48 per cent of Nigeria’s Gross Domestic Product (GDP) while providing roughly 84 per cent of total employment.
“All the big companies you think about, including Access Bank, Dangote, Shell and Chevron, account for only 16 per cent of jobs combined. SMEs are responsible for the remaining 84 per cent,” Adebisi said.
Despite the sector’s importance, he expressed concern over the high failure rate among startups, noting that nearly half of small businesses fail within their first year of operation.
To improve business survival, Adebisi urged entrepreneurs to adopt AI-powered solutions for workflow automation, market intelligence, customer engagement and business planning.
“AI is a technology that enables machines to think, learn and make decisions—the same things every SME owner does daily. You remain the pilot of your business, while AI serves as your co-pilot,” he added.
Industry Leaders Share Digital Growth Strategies
The conference featured two panel discussions focused on helping businesses accelerate digital transformation.
The first session, “Digital Transformation: Beyond the Buzzwords,” examined practical approaches to cloud adoption, financial management, automation and operational efficiency.
Panelists included:
- Lanre Bamisebi, Executive Director, IT and Digitisation, Access Holdings Plc
- Dr. Folasade Femi-Lawal, Country Manager, West Africa, Mastercard
- Glarie Gao, Country Manager for Financial Services Industry, Huawei Nigeria
The second session, “Navigating the Business Ecosystem: Tools, Trends and Tactics,” explored strategies for helping SMEs manage economic challenges, expand market access and strengthen business resilience.
Participants included:
- David Opeyemi Oke, Vice President, World Trade Center Lagos
- Dr. Helen Emore, Principal Consultant, Scientia Partners Innovation Hub
- Mark Odiete, Creative Director and Co-Founder, Trax Apparel
Access Bank Expands Digital Support for MSMEs
Reaffirming its commitment to Nigeria’s entrepreneurial ecosystem, Access Bank said it will continue investing in digital solutions that support business growth beyond traditional banking services.
The bank noted that its strategy includes expanding access to finance, strengthening non-financial advisory services and providing innovative digital platforms that improve business productivity and long-term sustainability.
With the launch of the Access SME App, the bank aims to help entrepreneurs simplify business operations, access financial services more efficiently and leverage digital tools to compete in an increasingly technology-driven economy.
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