The Importance of Technology in Driving Business Growth – Businessday NG

Stakeholders within the Nigerian business community have emphasized the necessity for heightened digitalization and technological innovation to streamline the operations of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. This call to action was articulated during the fourth edition of the annual lecture series organized by the Development Bank of Nigeria Plc (DBN). Experts underlined the pivotal role of MSMEs in national economic growth and job creation, highlighting the potential for technology to enhance operational efficiency and overcome business challenges in Nigeria.

Kassim Shettima, Vice President of Nigeria, reaffirmed the government’s commitment to creating a conducive environment for businesses to thrive. He cited various policies implemented by the President Bola Tinubu-led administration, such as simplifying the business registration process, reducing taxes and regulatory burdens, improving infrastructure, and providing access to finance aimed at improving the overall ease of doing business in Nigeria.

Furthermore, Shettima commended DBN’s efforts in promoting financial inclusion and supporting MSMEs to access finance, ultimately contributing to a more diversified and resilient economy. The bank’s innovative financial products and services have played a significant role in bringing more Nigerians into the formal financial system, thereby fostering economic growth and stability.

Kashifu Abdullahi, Director-General of the National Information Technology Development Agency (NITDA), emphasized the transformative potential of digitalization in driving sustainable economic growth and improving the ease of doing business for MSMEs. He highlighted the significant contribution of MSMEs to Nigeria’s GDP and the country’s workforce, underscoring the need for these businesses to embrace digitalization and technology to improve their performance.

Abdullahi also mentioned NITDA’s efforts in developing a legal framework to facilitate investments in digital public infrastructures and promote the automation of governance. He stressed the government’s responsibility to ensure inclusivity and access to digital infrastructure for all businesses, viewing it as a necessity rather than a privilege.

Tony Okpanachi, MD/CEO of DBN, acknowledged the far-reaching impact of the internet on human interaction and commerce. He reiterated the importance of MSMEs in driving economic growth, poverty reduction, employment creation, and wealth distribution. Okpanachi emphasized the role of technology in enhancing the efficiency of MSME operations, thereby addressing key obstacles to doing business in Nigeria.

In conclusion, the speakers at the DBN’s annual lecture series underscored the need for increased digitalization and technological innovation to drive sustainable business growth in Nigeria. It is evident that leveraging technology within MSME operations can lead to improved efficiency, thereby creating opportunities for economic development and prosperity. As the country continues to embrace digital transformation, the role of technology in enhancing the business landscape for MSMEs cannot be overstated.