Stakeholders in the Nigerian business community has advocated for increased digitalisation and technological innovation to optimize the business operations of Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
This was done at the fourth edition of the annual lecture series of the Development Bank of Nigeria Plc (DBN) where experts asserted that MSMEs were pivotal for national economic growth, job creation and by leveraging technology within their operations, companies can improve their efficiency, which is one of the roadblocks to doing business in Nigeria.
Kassim Shettima, vice president, Nigeria, reiterated the commitment of President Bola Tinubu’s led administration in creating an enabling environment for businesses to thrive.
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“Already, policies such as streamlining the process of registering businesses, reducing taxes and other regulatory burdens, improving infrastructure and providing access to finance have been implemented to improve the ease of doing business in Nigeria,” Shettima, who was represented by Tope Fasua, special adviser to the president on economic matters, said.
Shettima further lauded DBN’s achievements in building a more diversified and resilient economy, by supporting MSMEs to access finance through the promotion of financial inclusion in the past six years.
“The bank has developed several innovative financial products and services that are tailored to the needs of underserved communities. This has helped to bring more Nigerians into the formal financial system,” Shettima also said.
Kashifu Abdullahi, DG, National Information Technology Development Agency (NITDA), emphasized the importance of digitalization in driving sustainable economic growth in enhancing the ease of doing business for MSMEs.
Abdullahi in a keynote address titled, ‘Digital Nigeria – Leveraging Technology to Improve Ease of Doing Business for MSMEs’, stated that MSMEs in Nigeria, constitute about 96 percent of all businesses, contributing 49 percent to the national Gross Domestic Product (GDP), and employing 84 percent of the country’s workforce.
“MSMEs that have embraced digitalization and technology tend to fare better, and that underscores a study done in Turkey which shows that 41.2 percent of 131 SMEs underwent technological innovations, and this led to an operational efficiency of 96.9 percent,” Abdullahi stated.
He disclosed further that NITDA is rounding off with a legal framework that will make it easier for investors to invest in digital public infrastructures to ease SMEs operations as well as aid the automation of governance.
“As a government, we have the responsibility to carry everyone along, especially when it comes to inclusivity or access to digital infrastructure, it is no longer a privilege but a necessity,” he stated.
Tony Okpanachi, MD/CEO, DBN, on his part acknowledged the transformative impact of the internet on human interaction and commerce.
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He highlighted the crucial role of MSMEs in Nigeria’s economic growth, emphasizing their contribution to poverty reduction, employment creation, and shared wealth.
He maintained that leveraging technology within MSME operations could enhance efficiencies, which addresses one of the key obstacles to doing business in Nigeria.
“DBN, as a key advocate for MSME financing and a driver of sustainable development, recognizes the vital role of technology in Nigeria and thus will continue to promote solutions that unlock innovative funding for MSMEs, in a way that finances a sustainable future,” he stated.
