The Federal Government and Access Bank Plc have called on Micro, Small, and Medium Enterprises (MSMEs) to embrace artificial intelligence (AI) and digital financial tools, describing technology adoption as essential to achieving Nigeria’s $1 trillion economy target.
The call was made during the Access Bank MSME Digital Growth Conference, themed “AI for SMEs: Scaling Through Digital Tools,” held alongside the launch of the Access SME Application at the bank’s headquarters in Victoria Island, Lagos.
Speaking at the event, the Senior Special Assistant to the President on Entrepreneurship Development in Communications, Innovation and Digital Economy, Chalya Shagaya, described MSMEs as central to the Federal
She technologies into their operations, noting that these tools can help businesses move from serving local markets to competing globally.
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 under this administration of Renewed Hope. We are your partners, and you are ours,” she said.
Shagaya explained that AI enables small businesses to automate key processes such as inventory management, customer analysis, and supply chain operations, helping them improve efficiency while reducing operating costs.
She also highlighted AI’s role in promoting inclusion by providing neurodivergent entrepreneurs with digital tools to build and manage sustainable businesses independently.
“AI is not coming in the future; it is here today. The sooner we embrace these tools, the faster we can scale our businesses and build a stronger economy,” she said.
According to Shagaya, President Bola Tinubu has signed Nigeria’s AI Policy, directing the Ministry of Communications, Innovation and Digital Economy to establish AI capacity-building hubs nationwide to equip young entrepreneurs with digital skills.
Also speaking at the conference, the Executive Director of the University of Lagos Business School, Prof. Sunday Adebisi, underscored the significant contribution of MSMEs to Nigeria’s economy.
He said the country has between 39 million and 42 million registered MSMEs, which account for 84 percent of total employment and contribute 48 percent to the nation’s Gross Domestic Product (GDP).
“All the big companies you think about, including Access Bank, Dangote, Shell, Chevron, and others, account for only 16 percent of jobs combined. You are responsible for the remaining 84 percent,” Adebisi said.
He added that SMEs represent 96 percent of businesses operating in Nigeria, while large corporations make up just four percent.
Despite their importance, Adebisi warned that nearly half of small businesses fail within their first year. He urged entrepreneurs to use AI as a “digital co-pilot” to improve operational efficiency, predict market trends, and meet the expectations of digital-first customers.
Access Bank reaffirmed its commitment to supporting MSMEs through digital solutions, improved access to finance, and non-financial advisory services aimed at strengthening the long-term sustainability and growth of small businesses.