At the recently concluded Doing Business in Nigeria Conference (DBNC) in Lagos, business professionals and industry leaders emphasized the significant impact that emerging technologies can have on scaling up businesses in Nigeria.

During the conference themed “Business Unusual: Breaking Barriers,” Lynda Saint-Nwafor, Chief Enterprise Business Officer of MTN Nigeria, highlighted that Small and Medium Enterprises (SMEs) constitute a major portion of businesses in Nigeria, contributing 46% to the national GDP in 2022.

Saint-Nwafor referred to a 2021 survey by SMEDAN (Small and Medium Enterprises Development Agency of Nigeria), which identified limited access to funding, rising business costs, and increasing technology adoption as key trends among Nigerian SMEs. She emphasized that leveraging emerging technologies would enable SMEs to achieve scalability, optimize costs, and enhance operational effectiveness.

Among the technologies mentioned, Digital Marketing, ERP/CRM, Big Data, Cloud Computing, IoT Solutions, Cyber Security, and Artificial Intelligence were identified as key drivers for SME improvement in Nigeria. AI can automate tasks, analyze data, and predict trends, while Cloud Computing offers cost-effective solutions for technology infrastructure and management.

Dr. Owen Omogiafo, President/Group CEO of Transcorp Plc, stressed the importance of proactive crisis management plans for businesses to navigate challenging times successfully.

Linda Uneze, the Convener of DBNC, acknowledged the numerous threats faced by businesses in Nigeria and emphasized the need for extraordinary efforts to achieve set goals. Uneze expressed her belief in the potential of startups, emphasizing that with the right attitude and hard work, they can thrive. She also noted that established companies have ample opportunities to reach new heights.

The experts at the conference unanimously agreed that enhanced collaboration between the government and private sector would foster better business growth. They urged the government to assess the impact of existing business policies and address any barriers that hinder the ease of doing business in the country.