The Nigerian-American Chamber of Commerce (NACC) is encouraging Small and Medium Enterprises (SMEs) in Nigeria to leverage technology for optimal business growth during challenging times. The chamber’s president, Dame Adebola Williams, emphasized the pivotal role of technology, citing Nigeria, South Africa, Kenya, and Egypt as key players in Africa’s tech ecosystem. Williams highlighted the fast-growing tech sector in Nigeria, with over 400 tech startups and a rank of 61st globally in the startup ecosystem index. She urged businesses to embrace technology for survival and competitiveness, especially amidst economic challenges, NACC.
At a spotlight event, themed ‘Technology as an enabler for SME Growth, Sustainability and Success,’ experts in the technology and SME ecosystem shared insights. The event aimed to provide transformative knowledge for SMEs, emphasizing the importance of staying updated on new strategies. Williams expressed the chamber’s commitment to helping members navigate difficult times by creating innovative business approaches, NACC.
Wofai Samuel, the acting Director-General of the chamber, stressed the transformative impact of technology across sectors and its role in advancing SME operations. Abiodun Sanni, Senior Sales Manager at Rack Centre, discussed how SMEs could benefit from digital infrastructure, enhancing efficiency, productivity, global competitiveness, customer base, and investor attraction. However, he acknowledged challenges like high initial costs, regulatory inconsistencies, knowledge gaps, and data privacy concerns.
Conclusion: NACC
Peter Olusoji Ogundele, Country Manager of LM Ericsson Nigeria Limited, emphasized the crucial role of technology in achieving business goals with cost-effectiveness. Bolanle Tyson, Head of SME Digital Products at Sterling Bank, highlighted technology’s potential to address SME pain points through automation, artificial intelligence, machine learning, augmented reality, virtual reality, cloud computing, and analytics. The consensus among speakers was that embracing technology is essential for SMEs to thrive and overcome obstacles in the evolving business landscape, NACC.
