Federal Govt, Access Bank Push AI Adoption To Drive SMEs, $1tn Economy

The federal government and Access Bank Plc have intensified efforts to accelerate the adoption of Artificial Intelligence (AI) among Nigeria’s Micro, Small and Medium Enterprises (MSMEs), positioning digital innovation as a key driver of the country’s ambition to build a $1 trillion economy.

The initiative took centre stage at the Access Bank MSME Digital Growth Conference in Lagos, themed “AI for SMEs: Scaling Through Digital Tools,” where the bank also unveiled its new Access SME Application designed to help small businesses leverage digital solutions for growth.

Speaking at the event, the Senior Special Assistant to the President on Entrepreneurship Development in Communications, Innovation and Digital Economy, Chalya Shagaya, described MSMEs as central to President Bola Tinubu’s Renewed Hope Agenda and urged entrepreneurs to embrace AI to enhance productivity and competitiveness.

“Everyone wants to be an entrepreneur today. You are the ones who will drive the $1 trillion economy that the President has charged us,” she said.

Shagaya noted that AI has become an operational equaliser for small businesses, enabling them to automate inventory management, gain customer insights and optimise supply chain operations without incurring significant costs.

She added that digital technologies also promote social inclusion by creating opportunities for neurodivergent entrepreneurs to establish structured and independent businesses.

According to her, President Tinubu has signed a national AI Policy that mandates the Ministry to establish capacity-building hubs across the country to equip young entrepreneurs with digital and AI skills.

Also speaking, Access Bank’s Head of SME Banking, Abiodun Olubitan, said MSMEs contribute about 50 per cent of Nigeria’s Gross Domestic Product (GDP) and account for roughly 84 per cent of employment, making them indispensable to the country’s economic growth.

She urged entrepreneurs to recognise the value of their businesses, stressing that success should not only be measured by building large conglomerates.

“You need to recognise and celebrate your work. Success is not solely defined by becoming a large enterprise like Dangote Group. We must support MSMEs at all stages, from the smallest startups to larger businesses,” she said.

Olubitan reaffirmed Access Bank’s commitment to supporting small businesses through access to finance, business advisory services and digital solutions that will enable them to scale sustainably.

Providing further insights, Executive Director of the University of Lagos Business School, Prof. Sunday Adebisi, disclosed that Nigeria has between 39 million and 42 million registered MSMEs, which account for 96 per cent of businesses, generate 84 per cent of national employment and contribute about 48 per cent of GDP.

He observed that while large corporations, including oil companies and major banks, provide only about 16 per cent of jobs, SMEs remain the backbone of the economy.

Despite their importance, Adebisi noted that nearly half of Nigerian small businesses fail within their first year of operation and advised operators to adopt AI as a “digital co-pilot” to improve efficiency, leverage predictive market analytics and better serve digitally driven consumers.

The conference also featured panel discussions on practical AI implementation strategies for businesses.

Access Bank said it would continue expanding support for MSMEs through digital platforms, funding and advisory services as part of efforts to strengthen the sector’s sustainability, improve competitiveness and contribute to Nigeria’s long-term economic transformation.