The growth of Micro, Small, and Medium Enterprises (MSMEs) is undeniably pivotal to Nigeria’s economic prosperity, as these enterprises are recognized as major contributors to the country’s Gross Domestic Product (GDP). The significance of MSMEs was emphasized during a recent ‘digital policy dialogue’ session on the Nigeria Start-up Act (NSA), held in Lagos.
Organized by GIZ/Digital Transformation Centre (DTC), Germany Cooperation, and Nigeria Innovation Technology and Digital Agency (NITDA), the digital policy dialogue was jointly funded by the European Union and the German Federal Ministry for Economic Cooperation and Development (BMZ), with Deutsche Gesellschaft fuer Internationale Zusammenarbeit (GIZ) GmbH serving as the implementing partner.
Thuweba Diwani, the Head of Project at GIZ/DTC Nigeria, highlighted the critical role of MSMEs in shaping the country’s economic landscape. She emphasized that the growth of MSMEs directly impacts Nigeria’s overall economy, making it essential to create enabling policies and a conducive environment to support their success. A thriving MSME sector would lead to positive economic growth while neglecting their needs could have adverse consequences.
Diwani stressed the importance of synergy among tech start-ups and businesses, as cohesive collaboration would propel the sector to new heights. The digital policy dialogue aimed to foster inclusive discussions and gather valuable insights from stakeholders, with the objective of formulating a practical framework that promotes innovation, entrepreneurship, and sustainable economic growth within the Nigerian start-up ecosystem and digital economy.
Aminu Muhammed, the Special Adviser to the DG NITDA on Digital Transformation, explained that the Nigeria Start-up Act (NSA) was specifically designed to attract investments, create job opportunities, and stimulate innovation in the economy. He emphasized that digital transformation requires a change in mindset and behavior from all stakeholders, focusing on people, processes, and technology. Embracing new technology and efficient ways of working would be crucial for businesses to thrive in the digital era.
The dialogue brought together various speakers and panelists who shared their perspectives on the importance of inclusive discussions and stakeholder engagement in formulating policies that foster innovation, entrepreneurship, and sustainable growth in the Nigerian start-up ecosystem and digital economy.
The commitment to supporting MSMEs and promoting a conducive environment for digital innovation is seen as a cornerstone of Nigeria’s economic progress, paving the way for a thriving and resilient business landscape in the face of evolving challenges and opportunities.
