The Federal Government has thrown its weight behind the Access Bank AI-Powered App, describing artificial intelligence as a key driver of productivity and competitiveness for Nigeria’s small and medium-sized enterprises.
The endorsement came on Monday at Access Bank’s SME Conference in Lagos, where the lender unveiled the AI-powered mobile application designed to help entrepreneurs simplify business operations, improve financial management and scale their businesses.
Speaking at the event, the Senior Special Assistant to the President on Entrepreneurship Development in the Office of the Vice President, Chalya Maryam Shagaya, said technology had become indispensable for businesses seeking sustainable growth.
She urged entrepreneurs to embrace digital innovation, noting that business success increasingly depends on the effective adoption of technology.
“Every business represented here today began with an idea. However, you have to make sure that you are able to execute. And execution these days, for most businesses, comes through being technologically inclined,” she said.
Shagaya disclosed that President Bola Tinubu had approved a national artificial intelligence policy aimed at strengthening Nigeria’s AI ecosystem and supporting young entrepreneurs through dedicated innovation and capacity-building initiatives.
According to her, the President directed the Ministry of Communications, under the leadership of the Minister of Communications, Bosun Tijani, to establish an AI hub that would provide training and support for youths and business owners seeking to adopt artificial intelligence solutions.
She urged entrepreneurs to continue developing their digital skills, warning that rapid technological advancement requires continuous learning and adaptation.
Shagaya added that artificial intelligence could improve inclusion by enabling neurodivergent entrepreneurs to operate businesses more independently.
“So, AI can solve that for them. Artificial intelligence and technology is the way forward for neurodivergent individuals to be included,” she said.
She, however, cautioned business owners against depending entirely on AI-generated information, saying digital tools should complement human judgement because they could sometimes generate inaccurate outputs.
She also advised entrepreneurs experiencing regulatory bottlenecks to channel such complaints through her office for possible intervention.
Access Bank said the AI-powered application forms part of its broader strategy to deepen digital banking services for micro, small and medium-sized enterprises by providing tools that simplify business management and improve operational efficiency.
The bank’s Head of SME Banking, Abiodun Olubitan, said MSMEs contribute about 50 per cent of Nigeria’s Gross Domestic Product and account for approximately 84 per cent of employment, making them central to economic growth.
She said the digital platform was developed to help entrepreneurs manage their businesses more efficiently while supporting long-term expansion.
Olubitan urged business owners to recognise the value of their enterprises regardless of size.
“You need to recognise and celebrate your work. Success is not solely defined by becoming a large enterprise like Dangote Group. We must support MSMEs at all stages, from the smallest start-ups to larger businesses,” she said.
Also speaking, the Executive Director of the University of Lagos Business School, Prof. Sunday Adebisi, said Nigeria’s more than 39 million MSMEs remain the backbone of the economy.
He said the sector accounts for about 84 per cent of national employment, underscoring its importance to inclusive economic growth.
According to Adebisi, nearly half of small businesses fail within their first year because of operational challenges, making technology adoption increasingly important.
He said artificial intelligence could help businesses improve customer engagement, inventory management, data analysis and strategic decision-making.
Adebisi warned that entrepreneurs who fail to embrace emerging technologies risk becoming less competitive in an increasingly digital business environment.
