FG, Access Bank Push AI Adoption for SMEs Growth, $1tn Economy

Nigeria is intensifying efforts to accelerate the adoption of artificial intelligence and digital financial solutions among its Micro, Small, and Medium Enterprises (MSMEs). The federal government and Access Bank Plc are spearheading this initiative, positioning technology as a vital driver for Nigeria's ambition to build a $1 trillion economy. The push was highlighted at the Access Bank MSME Digital Growth Conference, themed “AI for SMEs: Scaling Through Digital Tools.”

During the conference in Lagos, Chalya Shagaya, Senior Special Assistant to the President on Entrepreneurship Development, emphasized the critical role of MSMEs in the current administration's economic agenda. She stated that the success of these small businesses is paramount to achieving the nation's long-term growth targets. "Everyone wants to be an entrepreneur today. You are the ones who will drive the $1tn economy that Mr President has charged us with achieving… We are your partners, and you are ours," Shagaya remarked, urging entrepreneurs to embrace AI and digital technologies to expand beyond local markets and enhance their competitiveness.

Abiodun Olubitan, Head of SME Banking at Access Bank, underscored the substantial economic contribution of MSMEs, noting they account for approximately 50 percent of Nigeria's GDP and provide around 84 percent of the nation's workforce. Professor Sunday Adebisi, Executive Director of the University of Lagos Business School, further reinforced the significance of the sector as Nigeria's largest employer and a major contributor to economic output. Both speakers urged entrepreneurs to leverage AI for improved operational efficiency, data-driven decision-making, and better service delivery to an increasingly digital customer base. The conference also saw Access Bank launch its new Access SME Application, a digital platform designed to offer financial services and digital tools to support small business growth.

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Everyone wants to be an entrepreneur today.You are the ones who will drive the $1tn economy that Mr President has charged us with achieving… We are your partners, and you are ours.