FG and Access Bank Champion AI and Digital Infrastructure to Catalyse MSME Growth and Achieve $1 Trillion Economy Target

The Federal Government, in collaboration with Access Bank Plc, has underscored the pivotal role of Artificial Intelligence (AI) and robust digital financial infrastructure in driving the expansion of Micro, Small, and Medium Enterprises (MSMEs). This strategic imperative is directly linked to Nigeria’s ambition of achieving a $1 trillion economy, contingent upon the accelerated digitisation of its vast MSME sector.

This consensus emerged at the Access Bank MSME Digital Growth Conference, themed “AI for SMEs: Scaling through Digital Tools,” which also marked the official launch of the Access SME Application. Chalya Shagaya, Senior Special Assistant to the President on Entrepreneurship Development in Communications, Innovation and Digital Economy, highlighted the government’s view of MSMEs as critical catalysts for actualising macroeconomic objectives under the Renewed Hope Agenda. Shagaya urged business owners to embrace emerging digital tools, emphasising that technological integration is essential for scaling operations from local to global markets. She noted that AI applications can serve as operational equalisers, enabling small firms to automate inventory, gain customer insights, and streamline supply chain logistics without prohibitive overheads. Furthermore, digital technology is positioned as a platform for social inclusion, empowering neurodivergent entrepreneurs. Shagaya revealed that President Bola Tinubu has signed an AI Policy mandating the Ministry of Communications, Innovation, and Digital Economy to establish capacity-building hubs nationwide to upskill young business operators.

Professor Sunday Adebisi, Executive Director of the University of Lagos Business School, presented compelling data on the significance of MSMEs, stating that Nigeria hosts between 39 million and 42 million registered MSMEs, responsible for 84% of total employment and contributing 48% to the Gross Domestic Product. He contrasted this with large corporations, which account for only 16% of jobs and 4% of businesses. However, Adebisi raised concerns about high commercial mortality rates, with 50% of small businesses failing within their first year. He advocated for the deployment of AI as a “digital co-pilot” to optimise workflows, leverage predictive market analytics, and cater to digital-first consumers.

The conference featured panel discussions on practical digital transformation strategies, including cloud integration and scalable financial management, with participation from Access Holdings Plc, Mastercard, and Huawei Nigeria. Another session explored frameworks for navigating the business ecosystem and expanding trade networks. Access Bank reiterated its commitment to providing non-financial advisory support, expanding credit access, and offering specialised digital solutions to enhance MSME sustainability.

… FG and Access Bank Champion AI and Digital Infrastructure to Catalyse MSME Growth and Achieve $1 Trillion Economy Target … Naijaonpoint.