The Federal Government and Access Bank Plc have identified artificial intelligence and digital financial infrastructure as key drivers of growth for Micro, Small and Medium Enterprises, stressing that widespread digital transformation among small businesses is essential to achieving Nigeria’s projected $1tn economy.
The position was made known on Friday during the Access Bank MSME Digital Growth Conference, themed “AI for SMEs: Scaling Through Digital Tools,” held at the bank’s headquarters in Victoria Island, Lagos. The event also marked the official unveiling of the Access SME Application, a platform designed to support the growth of small businesses through digital solutions.
Speaking at the conference, the Senior Special Assistant to the President on Entrepreneurship Development in Communications, Innovation and Digital Economy, Chalya Shagaya, described entrepreneurs as central to the Federal Government’s economic agenda under the Renewed Hope programme. She encouraged MSME operators to embrace emerging technologies, noting that digital tools have become indispensable for businesses seeking to expand from local markets to international opportunities.
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 under this administration of Renewed Hope. We are your partners, and you are ours.”
According to Shagaya, artificial intelligence has become an important resource for addressing operational challenges facing small businesses. She explained that AI enables entrepreneurs to automate inventory management, gain deeper customer insights and improve supply chain operations while reducing operating costs. She further noted that digital technology is creating opportunities for greater inclusion by empowering neurodivergent entrepreneurs to establish and manage structured businesses independently.
“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,” Shagaya noted, revealing that President Bola Tinubu recently signed an AI Policy mandating the Ministry of Communications, Innovation, and Digital Economy to set up capacity-building hubs across the country to upskill young business operators.
Also addressing participants, the Executive Director of the University of Lagos Business School, Prof Sunday Adebisi, underscored the economic importance of MSMEs, citing recent figures that place the number of registered small businesses in Nigeria at between 39 million and 42 million. He said the sector accounts for 84 per cent of total employment and contributes 48 per cent to the nation’s Gross Domestic Product.
Adebisi said, “All the big companies you think about, including Access Bank, Dangote, Shell, Chevron, and others, account for only 16 per cent of jobs combined. You are responsible for the remaining 84 per cent.
“Beyond that, 96 per cent of all businesses in Nigeria are SMEs, while mega-corporates make up only four per cent.”
Despite the sector’s contribution, the business school executive expressed concern over the high failure rate among small enterprises, disclosing that half of Nigerian SMEs do not survive beyond their first year. He urged business owners to leverage artificial intelligence to improve operational efficiency, analyse market trends and better meet the expectations of digitally driven consumers.
“AI is a technology that enables machines to think, learn, and make decisions—the exact same things every SME owner does daily. You are still the pilot running your business, but AI is meant to be your co-pilot to keep you moving forward,” Adebisi added.
The conference also featured two panel discussions focused on the future of digital business growth. The first session, titled “Digital Transformation: Beyond the Buzzwords,” explored practical approaches to integrating technology into business operations, with emphasis on cloud adoption, efficiency and scalable financial management. Panellists included the Executive Director of IT and Digitisation at Access Holdings Plc, Mr Lanre Bamisebi; the Country Manager for West Africa at Mastercard, Dr Folasade Femi-Lawal; and the Country Manager for Financial Services Industry at Huawei Nigeria, Glarie Gao.
The second session, themed “Navigating the Business Ecosystem: Tools, Trends, and Tactics,” examined strategies for overcoming economic challenges and expanding market opportunities. Participants included the Vice President of World Trade Center Lagos, Mr David Opeyemi Oke; the Principal Consultant at Scientia Partners Innovation Hub, Dr Helen Emore; and the Creative Director and Co-Founder of Trax Apparel, Mr Mark Odiete.
At the close of the event, Access Bank reaffirmed its commitment to supporting Nigeria’s MSME sector through expanded access to finance, non-financial advisory services and innovative digital solutions aimed at improving the long-term sustainability and competitiveness of small businesses.
