FG and Access Bank Promote AI for MSME Growth

The federal government and Access Bank Plc have intensified efforts to promote the adoption of artificial intelligence (AI) and digital financial solutions among Micro, Small and Medium Enterprises (MSMEs) to drive Nigeria's ambition of achieving a $1 trillion economy. This initiative was announced at the Access Bank MSME Digital Growth Conference in Lagos, themed “AI for SMEs: Scaling Through Digital Tools.” During the event, Access Bank launched the Access SME Application, a digital platform aimed at providing financial services and digital tools for small businesses.

Chalya Shagaya, Senior Special Assistant to the President on Entrepreneurship Development, emphasized the importance of MSMEs in the Tinubu administration’s economic agenda, stating their success is crucial for the country's long-term growth. Abiodun Olubitan, Head of SME Banking at Access Bank, noted that MSMEs contribute approximately 50% of Nigeria’s GDP and provide around 84% of the workforce.

Prof. Sunday Adebisi from the University of Lagos Business School highlighted the sector's significance as Nigeria's largest employer and urged entrepreneurs to leverage AI for operational efficiency.