• Saturday, February 24, 2024
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Expert says MSMEs sustainable growth hinges on tech

Expert says MSMEs sustainable growth hinges on tech

Nigerian entrepreneurs running small and medium scale enterprise (SME) can achieve sustainable business growth by integrating technology into their operations, according to Eugene Osafile, a senior software developer and technology expert.

Osafile made this disclosure while speaking at the recent Business Strategy Lounge hosted by the Global Leadership Institute in Lagos. He laid emphasis on the power of strategic technology integration for SMEs, stating “It is not only about having a website, but also about using technology to automate tasks, streamline processes, and gain valuable insights for informed decision-making.”

Small and medium-sized enterprises (SMEs) owners hold the key to the nation’s economic future. However, many struggle to achieve sustainable growth, facing challenges like limited access to finance and a fierce competitive landscape. SMEs contribute 48 percent to Nigeria’s GDP and employ over 84 percent of the workforce, according to the National Bureau of Statistics (NBS).

Yet, only 20 percent survive beyond five years, due to various hurdles, the United Nations Industrial Development Organization (UNIDO) observed.

“Technology can bridge these gaps,” Osafile remarked, sharing actionable strategies with the audience. He encouraged embracing automation tools, exploring online marketing platforms, and leveraging data analytics to understand customer behavior and market trends.

The benefits of tech integration extend beyond efficiency. It fosters innovation, allowing SMEs to compete on a global scale.

“As the digital landscape evolves, Nigerian businesses that embrace technology hold the key to unlocking their full potential,” Osafile noted.

This message resonated with the audience, leaving them empowered and equipped to navigate the digital age and drive sustainable growth. The future of Nigeria’s economy rests on the shoulders of its tech-savvy entrepreneurs, and events like this pave the way for a brighter, more innovative future.

Yvonne Adewumi, an entrepreneur present at the event, echoed his sentiment. “This opened my eyes to the possibilities,” she exclaimed. “I’m eager to automate repetitive tasks and use data to reach new customers.”