The Federal Government and Access Bank Plc have emphasised the strategic role of Artificial Intelligence and digital financial infrastructure in expanding small business operations, maintaining that Nigeria’s target of attaining a $1tn economy remains tied to the rapid digitisation of Micro, Small, and Medium Enterprises.

The consensus was reached at the Access Bank MSME Digital Growth Conference, themed “AI for SMEs: Scaling Through Digital Tools,” which coincided with the official launch of the Access SME Application on Friday at the bank’s head office in Victoria Island, Lagos.

Delivering the keynote address, the Senior Special Assistant to the President on Entrepreneurship Development in Communications, Innovation and Digital Economy, Chalya Shagaya, stated that the Federal Government considers small enterprise operators critical catalysts in actualising its macroeconomic objectives under the Renewed Hope Agenda.

Shagaya urged business owners to adopt emerging digital tools, noting that modern enterprise operations are heavily reliant on technological integration to scale from local markets to global markets.

She said, “Everyone wants to be an entrepreneur today. You are the ones who will drive the $1tn economy that Mr President has charged us with achieving under this administration of Renewed Hope. We are your partners, and you are ours.”

Addressing operational bottlenecks confronting small enterprise owners, the presidential aide highlighted that AI applications act as critical operational equalisers, enabling small firms to automate inventory tracking, customer insights and supply chain logistics without incurring massive overhead costs.

She added that digital technology serves as a platform for social inclusion, giving neurodivergent entrepreneurs the tools to build structured, independent commercial enterprises.

“AI is not coming in the future; it is here today. The sooner we embrace these tools, the faster we can scale our businesses and build a stronger economy,” Shagaya noted, revealing that President Bola Tinubu recently signed an AI Policy mandating the Ministry of Communications, Innovation, and Digital Economy to set up capacity-building hubs across the country to upskill young business operators.

In his goodwill message, the Executive Director of the University of Lagos Business School, Prof Sunday Adebisi, presented data underlining the vital contributions of small businesses to national output and employment.

Citing recent research figures, Adebisi stated that Nigeria currently has between 39 million and 42 million registered MSMEs, which generate 84 per cent of total employment and contribute 48 per cent to the Gross Domestic Product.

Adebisi said, “All the big companies you think about, including Access Bank, Dangote, Shell, Chevron, and others, account for only 16 per cent of jobs combined. You are responsible for the remaining 84 per cent.

“Beyond that, 96 per cent of all businesses in Nigeria are SMEs, while mega-corporates make up only four per cent.”

The don, however, raised concerns over commercial mortality rates, disclosing that 50 per cent of small businesses in Nigeria fail within their first year of operation. He advised operators to deploy AI as a digital co-pilot to optimise workflows, leverage predictive market analytics and cater to digital-first consumers.

“AI is a technology that enables machines to think, learn, and make decisions—the exact same things every SME owner does daily. You are still the pilot running your business, but AI is meant to be your co-pilot to keep you moving forward,” Adebisi added.

The conference featured two high-level panel sessions. The first panel, titled “Digital Transformation: Beyond the Buzzwords,” examined actionable strategies for small business managers to move beyond industry hype into practical digital workflows, stressing cloud integration, operational efficiency and scalable financial management.

The session featured the Executive Director of IT and Digitisation at Access Holdings Plc, Mr Lanre Bamisebi; the Country Manager for West Africa at Mastercard, Dr Folasade Femi-Lawal; and the Country Manager for Financial Services Industry at Huawei Nigeria, Glarie Gao.

The second panel session, themed “Navigating the Business Ecosystem: Tools, Trends, and Tactics,” explored practical frameworks for surviving economic pressures and expanding trade networks.

Panellists included the Vice President of World Trade Center Lagos, Mr David Opeyemi Oke; the Principal Consultant at Scientia Partners Innovation Hub, Dr Helen Emore; and the Creative Director and Co-Founder of Trax Apparel, Mr Mark Odiete.

Access Bank reaffirmed its commitment to deepening non-financial advisory support, expanding credit access and providing specialised digital solutions tailored to improve small business sustainability across the country.