The Development Bank of Nigeria (DBN) emphasizes the importance of Micro, Small, and Medium Enterprises (MSMEs) embracing digital transformation in response to the changing global business landscape and the imperative for industries to adjust by incorporating new digital technologies. Despite the hurdles associated with digital transformation, the financial institution highlights that businesses adopting technological innovations have witnessed substantial enhancements in operational efficiency.
In underscoring the significance of technology, Dr. Shehu Yahaya, the Chairman of DBN, expressed, “DBN is committed to actively supporting MSMEs in adopting digital technologies through our financing initiatives and capacity-building programs. We believe that by embracing technology, we can unlock the full potential of Nigeria’s entrepreneurial spirit and propel our economy towards sustainable growth and prosperity.”
Kashifu Abdullahi, the Director-General of the National Information Technology Development Agency (NITDA), urges a digital Nigeria through collaboration between government and private sectors. Government institutions must create a conducive policy environment and invest in digital infrastructure, while technology firms provide customized solutions. Abdullahi underscores digitalization’s impact on economic growth and enhancing business ease for MSMEs. Embracing digital transformation enhances small businesses’ flexibility, speed, and income potential, while resistance poses risks to competitiveness and scalability.
Tony Okpanachi, DBN’s managing director/CEO, emphasizes the transformative impact of the Internet on human interaction and commerce. Acknowledging Nigeria’s internet penetration challenges, Okpanachi affirms DBN’s commitment to promoting solutions that unlock innovative funding for MSMEs while driving creativity to enhance the country’s Ease of Doing Business ranking. Through initiatives like the Annual Lecture Series and the Techpreneur Summit, DBN continues to lead discussions on fostering innovation, resilience, and profitability for small businesses, especially within the context of emerging technology.
