NITDA Highlights Importance of SMEs to Economic Growth, Stability

Small and Medium Enterprises (SMEs) are predominantly the backbone of economic growth in any country and they have accounted for the successes of most businesses globally, with ICT being a major driving force for enhancing efficiency, according to the the Director General, National Information Technology Development Agency (NITDA), Mallam Kashifu Inuwa Abdullahi.

He highlighted the importance of SMEs recently, when he delivered a keynote address at the 8th edition of Business 360

Clinics, organised by the Abuja Enterprise Agency (AEA).

In his address titled: ‘Leveraging on Technology and Innovation for Enterprise Productivity’, Abdullahi described the topic as apt and timely. He affirmed that innovation and entrepreneurship were essential for long-term economic gains and prosperity. “SMEs provide cornerstones on which economic growth and stability of any country solidly depends,” he said.

Citing the World Bank Report on Finances, where SMEs were pronounced to represent 90 per cent of businesses and more than 50per cent of employment globally, the NITDA boss also quoted the recent report by Pricewaterhouse Coopers, which said SMEs contribute 48 per cent of the National GDP and account for 96 per cent and 84 per cent of businesses and employment respectively.

“SMEs are therefore key contributors to employment, economic and export growth to the Nigerian economy” Abdullahi said. He also explained how the increase in revenue, operational cost reduction, customer service improvement, employee experience improvement and constant innovations, were all important for enterprise productivity while laying emphasis on technology as a driving force in achieving success.

The NITDA DG mentioned that NITDA had always been at the forefront of supporting SMEs and disclosed how the agency through one of its subsidiaries, has supported over 200 local startups that leveraged on technology as tool for entrepreneurship.

“You may be aware that, as part of our 20th anniversary celebration, we launched and unveiled a four-year Strategic Roadmap and Action Plan (SRAP 2021 – 2024).