Nume Ekeghe
The federal government and Access Bank Plc have intensified efforts to accelerate the adoption of artificial intelligence (AI) and digital financial solutions among Micro, Small and Medium Enterprises (MSMEs), positioning technology as a key driver of Nigeria’s ambition to build a $1 trillion economy.
The initiative was unveiled at the Access Bank MSME Digital Growth Conference themed, “AI for SMEs: Scaling Through Digital Tools,” where the lender also launched its new Access SME Application, a digital platform designed to provide small businesses with financial services and digital tools to support growth.
Speaking at the event in Lagos, the Senior Special Assistant to the President on Entrepreneurship Development in the Office of the Vice President, Chalya Shagaya, described MSMEs as the backbone of the Tinubu administration’s economic agenda, stressing that the success of small businesses would determine the country’s ability to achieve its long-term growth target.
She said: “Everyone wants to be an entrepreneur today.You are the ones who will drive the $1tn economy that Mr President has charged us with achieving… We are your partners, and you are ours. Shagaya urged entrepreneurs to embrace AI and digital technologies to expand beyond local markets and improve competitiveness.”
According to her, AI has become an essential business tool capable of helping enterprises automate inventory management, analyse customer behaviour and optimise supply chains without significant capital investment.
Also speaking, Head of SME Banking at Access Bank, Abiodun Olubitan, highlighted the significant role that Micro, Small, and Medium Enterprises (MSMEs) play in Nigeria’s economy.
According to her, MSMEs contribute approximately 50 per cent of Nigeria’s GDP, underscoring their essential presence in the business landscape.
She also pointed out that these enterprises provide around 84 per cent of the nation’s workforce, which is a crucial contribution to employment and economic stability.
Speaking, Executive Director of the University of Lagos Business School, Prof. Sunday Adebisi, underscored the economic significance of MSMEs, noting that the sector remains Nigeria’s largest employer and one of its biggest contributors to economic output.
He therefore urged entrepreneurs to leverage AI to improve operational efficiency, strengthen decision-making through predictive analytics and better serve an increasingly digital customer base.
