The Director-General of National Information Technology Development Agency (NITDA), Mal. Kashifu Inuwa has declared that the footing of the Nigerian economy rests on a strong Small and Medium Enterprises (SMEs) segment.
Mal. Inuwa, who was speaking at the Abuja Enterprise Agency Entrepreneurial Complex in Abuja where he delivered a keynote address titled; ‘Leveraging on Technology and Innovation for Enterprise Productivity’ at the 8th edition of Business 360 Clinics by the Abuja Enterprise Agency (AEA), also added that Small and Medium Enterprises (SMEs) are predominantly the backbone of economic growth in any country and have accounted for the successes of most businesses globally, with ICT being a major driving force for enhancing efficiency.
According to Inuwa, SMEs represent 90% of businesses and more than 50% of employment globally, adding that SMEs contribute 48% of the National GDP and account for 96% and 84% of businesses and employment respectively.
“SMEs provide cornerstones on which economic growth and stability of any country solidly depend. Thus, SMEs are key contributors to employment, economic and export growth to the Nigerian economy,” he said.
He disclosed this is why NITDA has always been at the forefront of supporting SMEs through one of its subsidiaries, which has supported over 200 local startups that leverage on technology as a tool for entrepreneurship.
“You may be aware that, as part of our 20th Anniversary celebration, we launched and unveiled a four-year Strategic Roadmap and Action Plan (SRAP 2021 – 2024). One of the pillars of this roadmap, Pillar 4 – Digital Innovation and Entrepreneurship, has initiatives targeted at identifying and prioritizing areas of support for Micro, Small and Medium Enterprises (MSMEs) in addition to strengthening the Innovation-Driven Enterprises (IDEs) ecosystem – through the implementation of the Massachusetts Institute of Technology Regional Entrepreneurship Acceleration Program (MIT-REAP),” he added.