Nigeria’s economic prosperity hinged on growth of MSMEs

Nigeria’s economic prosperity has been hinged on the growth of Micro, Small, and Medium Enterprises (MSMEs) which are recognised as major contributors to the country’s Gross Domestic Product (GDP).

“If MSMEs grow, Nigeria’s economy will grow. Anything that impacts MSMEs will impact the economy either negatively or positively.

“We would like it to be a win-win situation. We can only do that if we have enabling policies and environment,” said Thuweba Diwani, head of project, GIZ/ Digital Transformation Centre (DTC), Nigeria, during a recent ‘digital policy dialogue’ session on Nigeria Start-up Act (NSA), in Lagos.

The digital policy dialogue was organised by GIZ/DTC, Germany Cooperation, and Nigeria Innovation Technology and Digital Agency (NITDA), and jointly funded by the European Union and the German Federal Ministry for Economic Cooperation and Development (BMZ) with the Deutsche Gesellschaft fuer Internationale Zusammenarbeit (GIZ) GmbH as the implementing partner.

The goal of the dialogue was to enhance policy implementation to improve the capacities of the digital innovation ecosystem, organisational performance, and network services for the growth of the digital economy.

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Diwani underscored the need for tech start-ups and businesses to synergise, and cautioned that anything contrary would distort a common momentum to get to the next level. Hence, the GIZ/DTC saw the need for the dialogue.

According to her, the dialogue was also aimed at fostering inclusive discussions and gather valuable stakeholder insights to create a practical framework that promotes innovation, entrepreneurship, and sustainable economic growth within the Nigerian start-up ecosystem and digital economy.

Aminu Muhammed, the special adviser to the DG NITDA on digital transformation, said NSA was to attract investment, create jobs and boost innovation in the economy. He noted that digital transformation was about people, processes, and technology and requires a change of mindset and behaviour from all stakeholders.

“Employees need to embrace new technology and ways of working. Digital transformation makes businesses more efficient and effective,” Muhammed said.

Other speakers and panelists shared their thoughts on fostering inclusive discussions and gathering insights from stakeholders to create a practical framework that promotes innovation, entrepreneurship, and sustainable economic growth within the Nigerian start-up ecosystem and digital economy.