The Development Bank of Nigeria, (DBN) has buttressed the need for Micro, Small, and Medium Enterprises (MSMEs) to adopt digital transformation considering the evolving global business environment and the need for industries to adapt through the adoption of new digital technologies.
The financial institution stated that despite the challenges of digital transformation, businesses that have implemented technological innovations have experienced significant operational efficiency gains.
While addressing the importance of technology, the Chairman of DBN, Shehu Yahaya, stated, “DBN is committed to actively supporting MSMEs in adopting digital technologies through our financing initiatives and capacity-building programs. We believe that by embracing technology, we can unlock the full potential of Nigeria’s entrepreneurial spirit and propel our economy towards sustainable growth and prosperity.”
The need for a digital Nigeria extends beyond government initiatives, requiring collaboration between the public and private sectors. Government-owned institutions must create an enabling policy environment and invest in digital infrastructure, while the private sector, especially technology companies, should develop and deploy innovative solutions tailored to Nigerian businesses.
The director-general of the National Information Technology Development Agency (NITDA), Kashifu Abdullahi, highlighted the importance of digitalization in driving sustainable economic growth and improving the ease of doing business for MSMEs. Abdullahi assured inclusivity in access to digital infrastructure, emphasising government efforts in providing an easy online business registration process and a legal framework to facilitate investments in digital public infrastructure.
Digital transformation not only reduces transaction costs but also enhances the flexibility, speed, and income-generating opportunities for small businesses. Businesses resisting technological advancements risk limitations in scalability, market reach, operational efficiency, profitability, and competitiveness.
DBN’s managing director/CEO, Tony Okpanachi, emphasised the transformative impact of the internet on human interaction and commerce. He acknowledged Nigeria’s internet penetration challenges and expressed DBN’s commitment to promoting solutions that unlock innovative funding for MSMEs while driving creativity to improve the country’s position on the Ease of Doing Business ranking.
Through its Annual Lecture Series and initiatives like the Techpreneur Summit, DBN continues to lead conversations on driving innovation, resilience, and profitability for small businesses, particularly in the context of emerging technology.