FG, Access Urges MSMEs To Embrace AI For $1tn Economy

The Federal Government, in collaboration with Access Bank Plc, has stepped up initiatives to drive the adoption of Artificial Intelligence (AI) among Nigeria’s Micro, Small and Medium Enterprises (MSMEs), positioning digital technology as a key enabler of business growth and a cornerstone of the nation’s drive toward a $1tn economy.

The renewed push was unveiled at the Access Bank MSME Digital Growth Conference held in Lagos, themed “AI for SMEs: Scaling Through Digital Tools,” where the bank also launched its new Access SME Application, a digital platform designed to help entrepreneurs leverage AI-powered tools to improve productivity, expand market reach and scale their businesses sustainably.

Speaking at the conference, the Senior Special Assistant to the President on Entrepreneurship Development in the Office of the Communications, Innovation and Digital Economy, Chalya Shagaya, said MSMEs remain at the heart of President Bola Tinubu’s Renewed Hope Agenda and will play a defining role in driving Nigeria’s economic transformation.

According to her, the administration views digital innovation and AI adoption as strategic enablers for improving the competitiveness of small businesses and unlocking new economic opportunities across sectors.

“Everyone wants to be an entrepreneur today. You are the ones who will drive the $1 trillion economy that the President has charged us,” Shagaya said.

She explained that AI has evolved into an operational equaliser for small businesses, enabling entrepreneurs to automate inventory management, generate customer insights, optimise supply chains and improve decision-making without significant capital investment.

Shagaya further noted that AI is promoting inclusive economic participation by creating opportunities for neurodivergent entrepreneurs to establish structured and independent businesses while reducing operational barriers traditionally faced by small enterprises.

She disclosed that President Tinubu has already signed Nigeria’s National Artificial Intelligence Policy, which mandates the Ministry of Communications, Innovation and Digital Economy to establish AI and digital capacity-building hubs across the country to equip young Nigerians and entrepreneurs with future-ready digital skills.

Also speaking, the Head of SME Banking at Access Bank Plc, Abiodun Olubitan, said MSMEs account for approximately 50 percent of Nigeria’s Gross Domestic Product (GDP) and provide nearly 84 percent of employment, underscoring their critical importance to national economic growth.

She stressed that entrepreneurs should recognise the value of their businesses irrespective of size, noting that economic success should not be measured solely by building multinational conglomerates.

“You need to recognise and celebrate your work. Success is not solely defined by becoming a large enterprise like Dangote Group. We must support MSMEs at every stage, from startups to established businesses,” she said.

Olubitan reaffirmed Access Bank’s commitment to empowering entrepreneurs through affordable financing, business advisory services and innovative digital solutions that enable businesses to grow sustainably in an increasingly technology-driven economy.

She said the newly launched Access SME Application forms part of the bank’s broader digital transformation strategy aimed at simplifying business operations, improving access to financial services and helping MSMEs harness emerging technologies, including AI.

Providing additional insights, Executive Director of the University of Lagos Business School, Prof. Sunday Adebisi, revealed that Nigeria currently has between 39 million and 42 million registered MSMEs, representing about 96 percent of all businesses in the country.

According to him, the sector contributes approximately 48 per cent of Nigeria’s GDP and generates about 84 percent of total employment, while large corporations, including oil companies and major financial institutions, account for only about 16 per cent of jobs.

Despite the sector’s enormous contribution, Adebisi expressed concern that nearly half of Nigerian SMEs fail within their first year of operation due to poor business planning, limited access to technology and inadequate market intelligence.

He urged entrepreneurs to adopt AI as a “digital co-pilot” capable of improving operational efficiency, enhancing predictive market analysis, strengthening customer engagement and enabling businesses to respond more effectively to changing consumer behaviour.

Industry experts at the conference also examined practical strategies for integrating AI into business operations, highlighting applications such as automated customer service, digital marketing, financial management, inventory optimisation and data-driven decision-making.

Access Bank said it will continue expanding its support for MSMEs through digital platforms, financing solutions and business advisory programmes, reinforcing its commitment to strengthening the resilience, competitiveness and long-term sustainability of Nigeria’s small business sector while supporting the country’s journey toward a $1tn economy.