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TEF Series: ‘MSMEs Must Focus On Digitalisation To Drive Growth, Productivity’
A group of high-powered panellists, yesterday, equipped entrepreneurs in Nigeria with the right mind-set needed for the micro, small and medium enterprises (MSMEs) to drive productivity and growth in a digital economy.
Speaking at the third edition of Vanguard Newspapers annual economic summit, themed: ‘Enhancing MSME’s Productivity and Growth in an Emerging Digital Economy’, all of the panellists agreed that digital technologies must be embraced to ensure MSMEs play its significant role in the growth of the Nigerian economy.
The conference, in strategic partnership with Bank of Industry (BoI), and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), featured key players, stakeholders, regulatory and policy decision makers across the MSME sub-sectors, MDAs, NGOs, academia, development finance institutions, industry and business thought leaders.
The speakers include, Associate Dean, Lagos Business School, LBS (keynote speaker), Prof. Olayinka David-West;MD/CEO, Bank of Industry (BoI), Mr.Olukayode Pitan; DG/CEO, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Olawale Fasanya; President, NASME & NiQIF, Engr. Abdulrashid Yerima.
While delivering the keynote address, David-West said “Productivity is key in all we do. We lose a lot of man hours to unproductivity. We count output, we don’t count efforts. We need to become more efficient with technology.”
David-West also suggested potent recipes for digital transformation that are capable of helping MSMEs achieve economic growth and development.
She identified investment in strategy, people, processes, culture, business model, digital leadership and ownership and agility as the key note ingredients that MSME need to prioritize to achieve full remain favourably competitive in the global market.
Also speaking, Fasanya emphasised that digitisation is capable of reducing unnecessary costs in business operations.
He said this at the ongoing Vanguard Economic Forum Series holding at the Civic Center, Ozumba Mbadiwe, Victoria Island, Lagos.
“Digitisation reduces transaction costs, cutting costs on transport and other logistic and operational costs.
“We also have the credit information this was conceived for giving MSMEs detailed information by various forms of loans such personal loans, business loans, mortgage that are available by different financial institutions. Through the portals, we can know different funds available, what the requirements are, and what you need to do to access funds from the banks. And we tend to have access to the portal
“A lot of Nigerians are looking for loans but have not tested business. Sometimes, business is not about money, it is about capacity. You need capacity to run your business successfully”,he noted.
Responding to Fasanya’s position, Yerima said more awareness on the importance of digital technologies must be continually pushed to close the wide digital divide.
He said: “A lot of people don’t have the detailed knowledge to operate. For instance, they are afraid of going into digital way of doing things if you look at how PoS people defraud.
“It is difficult. The challenges are there, but also solutions are.
“One of the solutions is to intensify awareness. We have to let people know and how to access this.
For instance, Kenya is giving laptops to be used in schools,” he said.
The Renewed Hope Initiative in conjunction with the Rivers State Government has empowered 500 elderly citizens in Rivers State with financial support of N200,000 each.
The empowerment programme was part of activities to celebrate the third anniversary of the Renewed Hope Initiative Elderly Support Scheme RHIESS, a social investment policy initiated by the First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu.
Speaking at the event which held at the Government House, Port Harcourt, recently, under the theme, ‘Finding Joy in Old Age,’ Senator Tinubu said the gesture which has become traditional since 2023 was a mark of gratitude in recognition of the invaluable contributions of the senior citizens to nation building.
The First Lady who was represented by the wife of the Rivers State Governor and State Coordinator of the Renewed Hope Initiative, Lady Valerie Fubara, said the scheme was to “support two hundred and fifty (250) vulnerable elderly citizens aged 65 and above in all the 36 states of the federation, the Federal Capital Territory, and veterans from the Defence and Police Officers’ Wives Association (DEPOWA) totalling 9,500 selected beneficiaries across the nation.
She urged the beneficiaries to engage in activities that will make them find joy in old age.
“I encourage you to continue playing your part by staying healthy and active, nurture both your body and mind through regular exercise and meaningful engagement,” Senator Tinubu advised.
On her part, Lady Fubara said the State Government through the magnanimity of the governor, Sir Siminalayi Fubara, has increased the beneficiaries of the programme from 250 to 500.
She restated the commitment of the State Government towards provision of social welfare and improving the standard of living of the elderly in the State.
Also speaking, the Executive Secretary, Rivers State Contributory Health Protection Programme (RIVCHPP), Dr Vetty Agala, said the State Government has through the Health4allrivers Initiative, introduced free medical care for senior citizens in the State, in line with the Renewed Hope Initiative.
The Nigeria Union of Journalists (NUJ), Rivers State Council, has urged the Economic and Financial Crimes Commission (EFCC) to expedite the prosecution of the Director of the now distressed MBA Forex Trading, Mr. Maxwell Odum, in the interest of justice.
The Rivers State NUJ made the appeal during a courtesy visit to the EFFC’s Ag. Zonal Director, ACE Hassan Saidu, in Port Harcourt, recently.
The council’s chairman, Comrade Paul Bazia, said the appeal became imperative after it considered the number of Nigerians and others involved in the financial misconduct.
According to him, it has caused hardship among many households in the country and should be given the attention it deserves.
He said that investors cannot come into a country or invest in an economy or nation ridden with fraud.
This, he said, has made it more imperative to arrest, prosecute and convict alleged fraudsters like the MBA Forex Director, who is alleged to have defrauded thousands of unsuspecting Nigerians, to serve as a deterrent to others.
The chairman also requested that while the trial lasts, part of the swindled funds should be given to the victims that suffered loss and trauma as a result of the fraud.
The NUJ reiterated its resolve to change the narrative of reportage from crisis to developmental communication.
According to him, the NUJ’s main focus is blue economy and tourism.
He expressed the readiness of the Council to partner the agency in the area of information dissemination.
“We believe you have a responsibility to fight financial crimes. We also know that you need the Press to publicize your activities and NUJ can provide that,” he said.
Responding, the Zonal EFFC’s boss commended the NUJ’s vision to change the narrative of reporting from crisis to developmental communication.
According to Saidu, the Western world have since imbibed such culture, hence the negative stories about them are carefully sifted to allow only positive ones to be released to the outside world.
As for the trapped funds to be released, the EFCC Zonal Director stated that only the court can authorize such action, stressing that the primary responsibility of the Commission is to arrest and prosecute.
He pledged to partner with the NUJ now that the leadership has visited the Commission.
The Head of the Legal & Prosecution Department, DCE Odiase Stephen, corroborated the Zonal Director’s position and stressed that it was only when the matter has been determined by the court that such funds can be released.
He further stated that once a matter is before a court of competent jurisdiction, it cannot be discussed outside.
By: King Onunwor
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