News
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 Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
-
News10 hours ago2027: Tinubu’s Presidency Excites APC Stalwarts…As Group Berates NWC For Party Crisis In Bayelsa
-
Niger Delta10 hours ago
Ewhrudjakpo Tasks CS-SUNN On Effective Nutrition Awareness
-
Sports10 hours agoAkomaka Emerges South South Representative Board Member In NCF
-
Sports10 hours agoTottenham Salvage Point Against Wolves
-
Oil & Energy10 hours agoIncreased Oil and Gas: Stakeholders Urge Expansion Of PINL Scope
-
News10 hours agoFG denies claims of systematic genocide against Christians
-
News10 hours agoUN Honours Ogbakor Ikwerre President General
-
Niger Delta10 hours agoOtu Reiterates Commitment To Restor State’s Civil Service