Small and medium-sized businesses (SMEs) are the cornerstone of economic growth in Nigeria’s active business environment, leading to the creation of jobs, the reduction of poverty, and the sharing of wealth.
The Development Bank of Nigeria Plc (DBN) Managing Director, Dr. Tony Okpanachi, and other important regulators recently convened in Abuja for the fourth annual lecture series.
The main focus was on how important technology is to SMEs’ empowerment and to make doing business easier.
This article analyzes the points of view offered by these prominent figures in the sector, highlighting their mutual dedication to using technology to promote sustainable development.
DBN’s Position on Unlocking Innovative Funding
Dr. Tony Okpanachi, who stressed the vital role small and medium-sized businesses play in Nigeria’s economic fabric, was at the center of the debates.
Okpanachi underlined the need for technological solutions that enable creative funding for small businesses, as the DBN leads the push for MSME financing. According to him, “DBN recognizes the vital role of technology in Nigeria and will continue to promote solutions that finance a sustainable future for MSMEs.”
With a focus on creative funding solutions made specifically for the particular difficulties encountered by SMEs, this commitment places DBN as a catalyst for change in the financial landscape.
The Economic Contribution of MSMEs to Digital Nigeria
The National Information Technology Development Agency’s (NITDA) director-general, Mallam Kashifu Abdullahi, gave the keynote address and discussed the lecture’s theme, “Digital Nigeria: Leveraging technology to improve ease of doing business for MSMEs.”
Abdullahi highlighted how digitization can drive sustainable economic growth and make it easier for MSMEs to conduct business.
His observations drew attention to the startling figures of MSMEs in Nigeria, which account for 96% of all enterprises, 49% of the GDP, and 84% of the labor force. This emphasizes how much a digital revolution is needed to optimize workflows and spur expansion in this important industry.
The Role of Government in Creating an Encouraging Environment
Tope Fasua, the Special Adviser to the President on Economic Matters, reaffirmed the administration’s commitment to creating an atmosphere that allows businesses to prosper while speaking on behalf of Senator Kassim Shettima, the vice president of Nigeria.
The nation’s commitment to creating an environment that is favorable for SMEs to succeed is demonstrated by the government’s recognition of the mutually beneficial relationship between technology and business.
DBN And Regulatory Leaders Champion Technological Solutions
To sum up, DBN’s annual lecture series, now in its fourth edition, provides a focal point for the business community in Nigeria.
Industry executives are in agreement that SMEs will prosper in the future if they successfully incorporate technology into their daily operations.
Together with Mallam Abdullahi of NITDA, Dr. Okpanachi and other regulators have set the stage for a new era in which innovation and digitization will be the engines of sustainable economic growth.
As we advance, it is clear that the combined efforts of significant figures in the public and private sectors will push Nigeria’s MSMEs to previously unheard-of levels, creating an environment where innovation and technology collide for the good of all.
