Experts and stakeholders have called for digitalisation and technological innovation to optimise business operations of Micro, Small and Medium Enterprises (MSMEs) in Nigeria.

They made the call at Development Bank of Nigeria Plc (DBN) 4th Annual Lecture Series and the bank’s sixth anniversary, which hosted entrepreneurs, business owners, deposit money banks, microfinance banks, development finance institutions, cooperatives, small corporate organisations, and other critical stakeholders in the Nigerian Business Community, in Abuja.

Speaking on the theme of the lecture: “Digital Nigeria – Leveraging Technology to Improve Ease of Doing Business for MSMEs,” the keynote speaker and Director-General of the National Information Technology Development Agency (NITDA), Kashifu Abdullahi, emphasised the importance of digitalisation in driving sustainable economic growth and enhancing the ease of doing business for MSMEs.

He highlighted the significance of MSMEs in Nigeria, constituting about 96 per cent of all businesses, contributing 49 per cent to the national Gross Domestic Product (GDP), and employing 84 per cent of the country’s workforce, while assuring of government’s efforts in providing an easy online business registration process, contrasting it with the previous requirement for individuals to travel to Abuja for the same purpose.

“MSMEs that have embraced digitalisation and technology tend to fare better, and that underscores a study done in Turkey, which shows that 41.2 per cent of 131 SMEs underwent technological innovations, and this led to an operational efficiency of 96.9 per cent.

“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 said.

He said they were rounding off with legal framework that will make it easier for investors to invest in digital public infrastructure as it will make it a lot easier for SMEs as well aid the automation of governance.

Affirming the standpoint of NITDA’s DG, the Vice President, Kassim Shettima, reiterated the commitment of President Bola Tinubu’s administration to creating enabling environment for businesses to thrive.

Represented by the special adviser to the President on Economic Matters, Tope Fasua, the Vice President noted that 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.

In his remarks, the Managing Director/Chief Executive Officer of DBN, Dr Tony Okpanachi, acknowledged the transformative impact of the Internet on human interaction and commerce.

He also highlighted the crucial role of MSMEs in Nigeria’s economic growth, emphasizing their contribution to poverty reduction, employment creation, and shared wealth.