Nigeria’s Federal Government and Access Bank have encouraged small business owners to embrace Artificial Intelligence (AI) and digital technology, saying these tools will play a major role in helping Nigeria achieve its ambition of becoming a $1 trillion economy.
The message was delivered during the Access Bank MSME Digital Growth Conference held in Lagos, where the bank also introduced its new Access SME App, a platform designed to help entrepreneurs manage and grow their businesses more efficiently.
Speaking at the event, the Senior Special Assistant to the President on Entrepreneurship Development in the Ministry of Communications, Innovation and Digital Economy, Chalya Shagaya, described Micro, Small and Medium Enterprises (MSMEs) as the backbone of Nigeria’s economy.
She said the Federal Government sees entrepreneurs as key partners in driving economic growth under President Bola Tinubu’s Renewed Hope Agenda. According to her, businesses that adopt digital tools and AI will be better positioned to compete both locally and internationally.
Shagaya explained that AI is no longer a technology for the future but one that businesses can use today to improve efficiency. She noted that AI-powered tools can help business owners manage inventory, understand customer behaviour, improve supply chains and reduce operating costs without spending heavily on additional staff or equipment.
She also pointed out that digital technology promotes inclusion by giving more people, including neurodivergent entrepreneurs, access to tools that can help them build successful and independent businesses.
According to Shagaya, the Federal Government has already taken steps to support AI development after President Tinubu approved a national AI policy. The policy includes plans to establish training centres across Nigeria to equip young entrepreneurs with digital and AI-related skills.
Also speaking at the conference, the Executive Director of the University of Lagos Business School, Prof. Sunday Adebisi, highlighted the enormous contribution of small businesses to Nigeria’s economy.
He said Nigeria has between 39 million and 42 million MSMEs, which provide about 84 per cent of the country’s jobs and contribute nearly 48 per cent of the Gross Domestic Product (GDP). He added that about 96 per cent of all businesses in Nigeria are SMEs, while only four per cent are large companies.
Despite their importance, Adebisi expressed concern over the high failure rate among small businesses. According to him, about half of new SMEs shut down within their first year due to various operational challenges.
He advised entrepreneurs to see AI as a business assistant rather than a replacement for human decision-making. By using AI to analyse market trends, improve customer service and automate daily tasks, business owners can make better decisions and increase their chances of long-term success.
The conference also featured discussions by industry experts from Access Holdings, Mastercard, Huawei Nigeria, the World Trade Center Lagos, Scientia Partners Innovation Hub and Trax Apparel. The speakers shared practical ideas on digital transformation, financial management, cloud technology and strategies for growing businesses despite economic challenges.
Access Bank reaffirmed its commitment to supporting Nigerian SMEs beyond financing. The bank said it will continue to provide digital solutions, business advisory services and improved access to credit to help entrepreneurs build stronger and more sustainable businesses.
The conference concluded with a strong message that the future of Nigeria’s economy depends largely on the ability of small businesses to embrace innovation, adopt digital tools and use AI to improve productivity, expand operations and compete in an increasingly digital global marketplace.
