TheCable

Dominic Joshua, an investment expert and proprietor of a leading fintech enterprise, says there is a need for strategic tech integration for sustainable growth of micro, small and medium enterprises (MSME).

Speaking during a recent symposium, Joshua said a paradigm shift is required for MSMEs to flourish in a rapidly evolving business landscape.

The symposium spotlighted the indispensable role of technology in steering the sustainable growth of MSMEs in Nigeria.

According to data from the National Bureau of Statistics (NBS), SMEs contribute a substantial 48 percent to Nigeria’s Gross Domestic Product (GDP) and employ over 84 per cent of the workforce.

Despite their significant role in the economy, the United Nations Industrial Development Organization (UNIDO) observes that only 20 percent of these enterprises survive beyond five years, grappling with challenges such as limited access to finance and cut-throat competition.

Joshua emphasised that the adoption of strategic technological integration is not confined to the establishment of a digital presence but rather extends to leveraging technology to automate tasks, streamline operations, and extract valuable insights for informed decision-making.

He noted that a holistic approach, combining automation tools, online marketing platforms, and data analytics, is crucial for MSMEs to not only enhance operational efficiency but also foster a culture of innovation that enables them to compete on a global scale.

Drawing on data from reputable agencies, Joshua shed light on the transformative power of technology which goes beyond immediate operational benefits.

He said the integration of technology facilitates innovation, thereby positioning MSMEs as dynamic entities capable of navigating the global business arena.

“As the digital landscape evolves, Nigerian businesses that embrace technology hold the key to unlocking their full potential,” Joshua said.

“This forward-looking perspective resonated deeply with the audience, leaving them empowered and equipped to navigate the digital age, thereby driving sustainable growth for their enterprises.”