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Tag: MSMEs

  • SMEDAN unveils 2026 roadmap to boost MSMEs with low-interest loans, job creation

    SMEDAN unveils 2026 roadmap to boost MSMEs with low-interest loans, job creation

    The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has reaffirmed its commitment to providing single-interest loans to Micro, Small, and Medium Enterprises (MSMEs) as part of ongoing government support for the sector. 

    The agency also unveiled its 2026 roadmap aimed at creating more jobs, easing access to affordable financing, and driving inclusive growth for small businesses nationwide.

    The Director-General of SMEDAN, Charles Odii, disclosed this during an interactive session with the media in Abuja, highlighting plans to build on the agency’s 2025 achievements. 

    The 2026 agenda includes creating over 90,000 direct jobs and disbursing ₦12 billion in affordable financing to MSMEs across Nigeria.

    Odii emphasised the importance of reducing the cost of doing business for small enterprises while ensuring government interventions reach their intended beneficiaries. 

    “Our focus is job creation and ensuring that small businesses can access finance at single-digit interest rates; anything above that is not sustainable for MSMEs, and the agency will not be a part of it,” he said.

    He added that SMEDAN will expand low-cost funding through partnerships with the Bank of Industry, state governments, and other development partners. Several states, including Kaduna, Enugu, and Zamfara, have adopted a matching-fund model, committing up to ₦1 billion each to support MSMEs in their jurisdictions. 

    Under these arrangements, funds can be accessed for three main purposes: boosting working capital, procuring workspaces or farms, and acquiring essential work tools, with strict monitoring to ensure funds are used solely for business growth.

    Beyond financing, SMEDAN is prioritising skills acquisition and inclusion, particularly for vulnerable and marginalized groups. 

    A key initiative in the 2026 roadmap is an inmate rehabilitation and reintegration programme, which will provide vocational training to prison inmates six months to a year before their release.

    “The initiative is designed to break the stigma faced by formerly incarcerated persons and reintegrate them into the productive economy. Many have told us that because of stigma, people do not want to employ them. SMEDAN wants to equip them with skills and work with employers to absorb them back into the workforce as responsible, employable citizens,” Odii explained.

  • Bank unveils PoS solution for MSMEs

    Bank unveils PoS solution for MSMEs

    Moniepoint Microfinance Bank has launched Moniebook, a comprehensive all-in-one Point-of-Sale (POS) solution designed to transform how businesses in retail, hospitality, health, and beyond manage their operations.

    Moniebook combines software with reliable hardware, helping business owners streamline operations, boost efficiency, and empower business owners with data-driven insight for growth.

    It is available in two pricing tiers namely Core at N6,000/month for small business operations and Pro at N8,500/month for advanced, multi-location enterprises. Optional add-ons, including extra registers, branches, and implementation support, make it scalable for growing businesses.

    Key features and benefits of the Moniebook platform include inventory management, real-time stock monitoring with automated reordering and specialized expiry tracking to minimise waste and prevent stockouts, among others.

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    The product provides business owners with a suite of tools to manage inventory, track sales, process payments, foster customer relationships, and generate reports from a single platform.

    Babatunde Olofin, managing director, said: “Our mission has always been to help businesses grow by giving them tools to succeed. This is in consonance with our mantra of creating financial happiness even as we power dreams of of those who love and trust the brand as enabler of progress, businesses or individuals.

    Head of Product, Oluwole Adebiyi, added: “We built Moniebook with realities of Nigerian business owners in mind which begins with a deep understanding of their everyday challenges.’’

  • Firm commits to MSMEs growth, holds summit

    Firm commits to MSMEs growth, holds summit

    Fortis Mobile Money has pledged to remove the constraints stifling growth of Micro, Small and Medium Enterprises – access to finance, poor digital infrastructure, weak operational systems, and overreliance on informal financial practice that limit their potential for scale. MSMEs is the backbone of Nigeria’s economy. They account for more than 90 per cent of registered businesses, contribute nearly half of GDP, and provide more private-sector jobs. Yet despite their centrality, they continue to operate under tough conditions.

    Fortis believes this gap is not merely an economic challenge but an opportunity — one that can unlock growth, deepen financial inclusion, and strengthen livelihoods. As the organisation undergoes a transformation to become a digitally driven, technology-first platform, Fortis has placed MSMEs at the heart of its strategy. The company sees small business owners, traders, cooperatives and artisans not as peripheral actors, but as the most critical engines of wealth creation and social stability.

    “MSMEs have always been the life force of Nigeria’s real economy,” a senior Fortis executive noted. “What they lack is not ambition, capacity or creativity. What they need is access — access to finance, access to tools, access to markets, and access to predictable digital payment infrastructure. That is where Fortis stands.”

    To deepen this resolve, Fortis is convening its first MSME Summit, bringing together small business owners, cooperatives, industry leaders, policymakers, financial institutions, and development partners.

    Fortis’ renewed focus on MSMEs builds on more than a decade of supporting financially excluded communities, particularly through its work in delivering social and humanitarian payments. As the organisation transitions into a more retail-focused operator, it is leveraging this experience to design products, partnerships and digital channels that meet MSMEs where they are.

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    The company is restructuring around a technology-driven operating model that directly supports small businesses through accessible digital payments, merchant tools, cooperative savings structures, and targeted financial products. Fortis’ new direction aims to solve the everyday frictions MSMEs face: fragmented collection systems, cash-heavy operations, poor access to capital, and limited visibility into financial performance.

    The Summit will serve as a marketplace of ideas and a collaborative arena for re-imagining the future of MSME finance in Nigeria. Discussions will explore how digital payments, data-driven lending, cooperative finance, agent networks, and emerging technologies can power the next decade of MSME growth. It will also showcase Fortis’ evolving suite of MSME-centric products designed to simplify collections, improve access to credit, strengthen business resilience, and integrate informal enterprises more fully into the formal economy.

    According to Fortis, the Summit is not only an engagement platform but a strategic milestone in its transformation journey. “We see MSMEs as partners,” the executive added. “Their success is our success. Their resilience is our resilience. The Fortis MSME Summit will allow us to listen, collaborate and co-create solutions that respond directly to the needs of Nigeria’s real economy.”

    As Nigeria confronts the dual challenge of economic uncertainty and rising cost pressures on households and small businesses alike, Fortis Mobile Money’s stance is clear: supporting MSMEs is not optional; it is foundational. The sector’s growth is inseparable from the country’s prosperity, and Fortis aims to be a major catalyst in that journey.

    The Fortis MSME Summit will be held in Abuja, at The Wells Carlton Hotels on the 21st of November 2025, with participation from state governments, private-sector leaders, cooperative federations, industry experts, academia and frontline business owners. It represents a new chapter in the organisation’s mission to empower Nigeria’s productive sectors through innovation, partnership and financial inclusion.

    With its renewed focus, Fortis Mobile Money is positioning itself not just as a platform for payments, but as a development partner for Nigeria’s most vital economic actors, that is the millions of MSMEs powering the country’s future.

  • ‘MSMEs unprepared as AI use drops under 15%

    ‘MSMEs unprepared as AI use drops under 15%

    Nigeria’s push into a fully digital tax administration system may have collided with a major technology gap, as fewer than 15 percent of the country’s Micro, Small and Medium Enterprises (MSMEs) currently use artificial intelligence (AI) in their operations, a development experts say could slow compliance and expose businesses to new risks.

    MSMEs function as ancillary units that support larger industries, significantly contributing to the nation’s overall industrial development. They are actively involved in the production, manufacturing, and processing of various goods and commodities.

    Digital skills consultant Akin-Ayeni warned that the new Nigeria Tax Act (NTA) reforms represent a “transformative overhaul” that automates tax filings, eliminates manual errors and demands a new level of digital competence from every taxpayer.

     “The reforms require a new level of digital readiness from every taxpayer. AI skills are now essential—especially for MSMEs, the backbone of the economy,” he said.

    Ayeni said AI is fast becoming a mandatory business tool, improving productivity, strengthening customer acquisition, sharpening cash-flow management and opening access to finance. Yet most small businesses remain unprepared due to a widening skills gap, limited national digital capacity and poor awareness—trends global studies predict will worsen by 2025.

     “These gaps will pose serious challenges for the Federal Inland Revenue Service (FIRS). The processes built into the new law are digitally driven and cannot be handled manually,” he said. “Anyone who cannot function in an AI-supported environment cannot operate effectively as a tax consultant.”

    Under the new framework, businesses are expected to migrate to predictive digital systems that estimate tax liabilities in advance and influence financial planning, asset decisions and broader business strategy.

    Access to finance will also hinge on digital readiness. “AI tools will be required to track invoices, analyse transactions, prepare accounts, generate reports and support strategic decisions,” he said.

    He emphasised that data analytics is now a core requirement for accountants and tax practitioners. “If you call yourself an accountant, tax practitioner or consultant, you must understand data analytics and tools like Power BI. The era of spending three days auditing data manually is over.”

    A key feature of the new system is the direct integration of company accounting software with the national tax database. Through API connectivity, FIRS will automatically monitor income, expenses and invoices in real time.

     “The era of paper invoicing is over. E-invoicing is now mandatory. Once you generate an invoice, the national database receives it instantly. When you file your taxes, FIRS already knows your true assessment,” he explained.

    This level of automation is expected to tighten compliance, reduce tax evasion and enable businesses to generate receipts instantly without visiting tax offices.

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    Ayeni disclosed that EDLI Digital, where he serves as lead consultant, is launching specialised training programmes focused on AI adoption, digital readiness and compliance with the NTA reforms. The sessions cover prompt engineering, data analytics, business AI tools and system integration with FIRS platforms. The company has also published a book on practical AI applications for Nigerian SMEs.

     “When you understand the cost of not training, you will realise education is cheaper than ignorance,” he said.

    He noted that the reforms include new incentives for small businesses: companies with turnover below ₦100 million will not pay company income tax. However, individuals operating unregistered businesses could face heavier tax burdens once their turnover crosses ₦50–100 million—while registered companies in the same bracket may pay nothing. “This is why awareness and education are critical,” he said.

    Responding to questions on the financial sector, Ayeni confirmed that Nigerian banks have already deployed AI tools, e-invoicing systems and advanced digital compliance platforms. He said ongoing recapitalisation efforts have accelerated the adoption of business intelligence technologies across top lenders, citing Access Bank’s expansion and innovation as an example of digital strength.

    Ayeni stressed that Nigeria’s shift to a fully digital tax ecosystem marks a decisive turning point for businesses of all sizes.

     “You must understand the new tax law. You must understand why AI matters. And you must begin learning immediately,” he said, warning that MSMEs that fail to build digital capacity risk being left behind in a rapidly evolving business environment.

  • FG urges alignment of policy, finance, innovation to boost MSMEs

    FG urges alignment of policy, finance, innovation to boost MSMEs

    …DBN Disburses N1.1tr to 700,000 MSMEs

    The federal government has called on Nigerians to seize the opportunity to align government policies, private sector innovation, and development finance towards building a thriving economy where small businesses flourish, industries expand, and prosperity is widely shared.

    Vice President Kashim Shettima made the appeal on Thursday in Abuja at the 6th Annual Lecture of the Development Bank of Nigeria (DBN).

    He was represented at the event by his Special Adviser on Economic Matters, Dr. Tope Fasua.

    According to Shettima, the theme of this year’s lecture, “Positioning Nigerian MSMEs for Growth in a Dynamic Policy Environment”, speaks directly to the government’s Renewed Hope Agenda. He said micro, small, and medium enterprises (MSMEs) remain central to economic growth and national development.

    “MSMEs are not peripheral actors; they are the lifeblood of our economy, accounting for over 80 percent of employment and making a significant contribution to GDP,” the Vice President said. “As the government provides policy clarity and enabling infrastructure, institutions like DBN are critical partners in translating that vision into action, ensuring that every entrepreneur, from the farmer in Kano to the digital innovator in Lagos, can access the tools to thrive.”

    Earlier in his remarks, the Managing Director of DBN, Dr. Tony Okpanachi, revealed that the Bank had disbursed over N1.1 trillion to MSMEs across the country as of December 2024.

    The funds were channelled through 79 Participating Financial Institutions to support over 700,000 businesses.

    “These figures represent more than just numbers; they reflect jobs sustained, dreams realised, and enterprises positioned for growth,” Okpanachi said.

    He acknowledged that MSMEs have faced significant challenges over the years, particularly limited access to finance, which has hampered their growth and sustainability.

    However, he pointed to recent interventions, including the inauguration of the National Council on MSME, as a sign of renewed commitment to the sector.

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    “In recent years, we have seen a new dawn and a rekindled hope for MSMEs in Nigeria with unwavering commitment to alleviating their challenges,” Okpanachi said. “We at DBN align strongly with this agenda and are doing a lot to ensure that MSMEs continue to prosper and flourish. Nigerian MSMEs, with their resilient, creative, and adaptive DNA, can rise stronger, provided we equip them with the right tools, access to finance, knowledge, and enabling policies.”

    Delivering this year’s lecture, the Managing Director and Chief Executive Officer of Melvine Teas, Flora Mutahi, urged African entrepreneurs to scale their businesses and bridge the gap between the continent’s large number of enterprises and their relatively low contribution to economic growth.

    Mutahi noted that Africa has about 24 million MSMEs, representing 22 percent of the global total, yet they contribute only 40 percent to the continent’s GDP. By comparison, MSMEs in India account for 50–60 percent of GDP, while SMEs in Europe contribute between 53–60 percent of global GDP, despite having fewer enterprises.

    She attributed the disparity to infrastructure bottlenecks, fragmented markets, and poor access to capital, stressing that Africa receives only one percent of global venture capital funding. She also cited data from the African Development Bank showing that while 10–12 million young people enter the job market annually, only 3 million jobs are created.

    Calling for a mindset shift among African entrepreneurs, Mutahi said, “We must really buckle up, pull up our socks, and build our MSMEs to stand on local, regional, and global platforms.”

    She outlined four pillars that she believes are critical for success: a clear sense of purpose in solving customer problems; solid business models supported by advisory structures; strong systems and processes to avoid bottlenecks; and leadership that empowers teams as businesses expand.

    Mutahi concluded that with resilience, innovation, and the right support, African MSMEs could transform into sustainable drivers of growth and job creation across the continent.

  • MSMEs N75b: Fed Govt disburses N16.1 billion to 22 manufacturers

    MSMEs N75b: Fed Govt disburses N16.1 billion to 22 manufacturers

    The Federal Government, through the Bank of Industry (BoI), has disbursed N16.1 billion to 22 manufacturing companies in the first tranche of disbursement.

    The initial plan was for 75 companies to benefit from the N75 billion fund at N1 billion each.

    The Nation’s investigation revealed that 22 companies, through the BoI, have got the first tranche of N16.1 billion, while another report said 140 manufacturers were listed as recipients of the fund.

    The funds are meant to support the manufacturing companies to bolster their production capabilities and expand their distribution networks. Seventy-five registered companies that are members of the Manufacturers Association of Nigeria (MAN) are among the beneficiaries.

    The Nation also discovered that the loan disbursement began 14 months after the announcement. This is at a nine per cent annual interest rate.

    The loan is meant to help big companies to pass through the current economic challenge and cope with production and operation costs.

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    Apart from the manufacturers’ N75 billion vote in the scheme, it was learnt that the government earmarked another N75 billion to Micro, Small and Medium Enterprises (MSMEs).

    The disbursements of the funds had been delayed by government bureaucratic processes, but disbursement has begun.

    The Federal Government had, in December 2013, unveiled the Presidential Conditional Grant Scheme, a programme targeted at supporting businesses to navigate the economic weather caused by reforms, especially the removal of subsidy payment on petroleum products and the consolidation of foreign exchange (forex).

    The sum of N75 billion was also earmarked to MSMEs as part of the government’s plan to drive economic growth, support production and distribution in the manufacturing sector.

    There was an agreement between the Federal Government and BoI to support 75,000 MSMEs with N1 million each as a loan. This also enables MSMEs to approach the bank with business proposals for credit facilities.

  • Fed Govt disburses N250,000 grants to MSMEs in Ondo

    Fed Govt disburses N250,000 grants to MSMEs in Ondo

    The Federal Government has disbursed N250,000 each in unconditional grants to outstanding small business owners in Ondo State.

    It was at the launch of the seventh Expanded National Micro, Small and Medium Enterprises (MSME) Clinic in Akure by Vice President Kashim Shettima.

    The grants, according to the Vice President, demonstrate President Bola Ahmed Tinubu’s commitment to building a thriving and inclusive economy by empowering grassroots entrepreneurs.

    “This is not a loan. It is a gift from the Nigerian people, through their government, to the champions of local industry.

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    “We see you, we value you, and we believe in your journey,” Shettima declared at the event, which attracted state governors, traditional rulers, and business stakeholders.

    He said President Tinubu has approved a bold agricultural initiative to plant 100 million oil palm trees across Nigeria, as part of his administration’s efforts to revamp the country’s economy and boost food production.

    Shettima said the Tinubu Administration is committed to revitalising Nigeria’s cocoa industry, in line with the administration’s Renewed Hope Agenda.

    “The President is determined to revive the Oil Palm industry in this country.

    “He has given a clear directive that we should plant 100 million oil palm trees across the country.

    “ We are also going to revive the cocoa industry,” he said.

    Describing MSMEs as the “silent architects of survival” and “the pulse of every community,” the Vice President said their empowerment remains central to the economic policy of the Renewed Hope administration, especially as they account for over 90 per cent of businesses in Nigeria, contribute more than 45 percent to GDP, and employ over 60 million Nigerians.

    “This administration is deliberate in walking the talk, and one of the ways we do so is through platforms such as the MSME Clinic, conceived to draw the Federal Government closer to the creators of jobs, the innovators, the dreamers who make things happen in our communities,” he added.

    The MSME Clinic, initiated to provide direct interface between small businesses and relevant government agencies, also serves as a platform for problem-solving and partnership building, Shettima said.

    He noted that the Ondo edition offers small business operators a unique opportunity to engage directly with regulators, financial institutions, and support organisations.

    In addition to the N250,000 grants for exhibiting MSMEs at the clinics, the Vice President highlighted other federal interventions under the Tinubu administration.

    These include the N75 billion MSME Intervention Fund administered by the Bank of Industry; the N50 billion Presidential Conditional Grant Scheme targeting one million nano businesses across all 774 local government areas; and the N75 billion Manufacturers Fund that enables manufacturers to access up to N1 billion in loans at a 9 per cent interest rate.

    “These interventions are not theories or wishful thinking. They are real-time, face-to-face, problem-solving solutions for small business challenges,” Shettima said.

    He urged small business owners to take full advantage of the clinic by engaging the agencies present, asking questions, and leveraging the platforms to elevate their enterprises.

    The event also featured a tour of a product exhibition by MSME operators from across Ondo State and beyond.

    Ondo State Governor Lucky Aiyedatiwa reiterated his administration’s alignment with the federal government’s MSME agenda.

    He said Ondo’s seven-point development plan places strong emphasis on empowering small businesses, with successes recorded in agriculture, fashion, and light manufacturing.

    “Your presence here demonstrates your unwavering commitment to the development of our state and key sectors of our nation’s economy.

    “Your interest in promoting MSMEs across Nigeria has changed the fortunes and stories of small businesses”, the governor told the Vice President.

  • BOI continues disbursement of N75b MSMEs intervention fund

    BOI continues disbursement of N75b MSMEs intervention fund

    Bank of Industry (BOI) has reiterated its commitment to improving access to affordable financing for the Micro Small and Medium Enterprises (MSMEs) by the continuous disbursement of the N75 billion intervention fund aimed at empowering MSMEs, creating over 75,000 direct jobs and 150,000 indirect jobs nationwide.

    Managing Director, Bank of Industry ( BOI), Dr Olusupo Olusi, assured all stakeholders  of  government’s commitment and focus on driving inclusive economic growth through small business development.

    Olusi said: “While loans have been approved for many applicants, some disbursements are being delayed because of incomplete documentation and other compliance gaps that could easily be resolved. This MSMEs engagement is designed to address these challenges head-on. We want every qualified Nigerian entrepreneur to benefit from this fund.

    “The programme is in line with the presidential directive to make credit accessible to Nigerian businesses, promote sustainability, support families, and contribute meaningfully to the nation’s Gross Domestic Product. We want to support MSMEs in a sustainable manner. We are not just providing funds, we are building capacity, monitoring impact, and ensuring that these loans translate to job creation and economic value”.

    Olusi, who was represented by the Divisional Head, Multilaterals Division, Yinka Adegboye, spoke during the Presidential Loan Clinic for MSMEs in partnership with the Special Adviser to the President on Micro, Small and Medium Enterprises and Job Creation at the weekend in Abuja.

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    BOI Regional Manager-North Central, Nasiru Ozovehe, gave further insight into the impact of the loan programme so far, stating that the funds are still available, and the bank is urging more  entrepreneurs to take advantage of them. In the Federal Capital Territory (FCT) alone, the bank has approved funding for 662 businesses totalling N2.9 billion, out of which about N900 million has already been disbursed to 262 companies.

    He noted that the loan scheme is targeted at MSMEs across all sectors, with a focus on registered businesses that demonstrate potential for growth and job creation. Also all unregistered businesses should formalize their operations to benefit from the fund. The objective of the programme is to support MSMEs with affordable financing, create at least 100,000 sustainable jobs, and improve the overall welfare of Nigerian households.

    He added that, “the maximum loan amount is N5 million, and it is only accessible to businesses with valid registration and documentation.

    Speaking, the Special Adviser to the President on Micro, Small and Medium Enterprises and Job Creation, Mr. Temitola Adekunle-Johnson, said the intervention was designed not only to make funding accessible but also to ensure entrepreneurs receive the support needed to put the funds to productive use.

    “The Bank of Industry is here to ensure that those issues and conditions that may limit your loan application success are addressed. The BOI is working directly with beneficiaries to ensure proper documentation and utilization.This is not just about giving out money, it’s about making sure the money works for your business, creates jobs, and grows the economy”.

    Adekunle-Johnson commended BOI for its commitment in helping Nigerian businesses access funding in a transparent and effective manner, stating that the programme is a demonstration of President Bola Tinubu’s Renewed Hope Agenda for job creation, youth empowerment, and economic stability.

    The Bank of Industry reaffirmed that the initiative is structured not just to distribute loans, but to build a thriving ecosystem of MSMEs capable of stimulating national economic growth. MSMEs plays a vital role in national development, with over 39 million MSMEs in Nigeria contributing nearly 50 per cent to the GDP and accounting for over 80 per cent of employment in the country.

  • How tech is powering growth of Nigeria’s MSMEs

    How tech is powering growth of Nigeria’s MSMEs

    In a country where over 39 million micro, small and medium enterprises (MSMEs) power the economy but face endless challenges, from limited market access to poor record-keeping, digital innovation is emerging as a solution. Yet, most MSMEs still struggle to take that leap.

    Bridging that gap is Samuel Jackson, a certified business coach and digital expert, who is helping Nigerian entrepreneurs understand that the future of business isn’t just global, it’s digital.

    When Lagos-based tailor Amaka Nwankwo began using WhatsApp Business to take orders and share photos of her outfits, she didn’t know her small fashion brand would attract customers from outside Nigeria. Within six months, she was sending dresses to clients in Ghana, the UK, and Canada. What changed her business? One simple thing, technology.

    In a country where many small businesses struggle to grow, digital tools are quietly solving real problems, lack of visibility, low sales, and poor customer service. Yet, millions of Nigeria’s Micro, Small and Medium Enterprises (MSMEs) still find it hard to embrace technology. That’s where people like Samuel Jackson come in.

    Jackson is a certified business coach and digital expert who has made it his mission to help small businesses succeed through technology. He believes digital tools are not only affordable but essential for survival in today’s business world.

    “Technology is the bridge between a small business and big opportunities,” he said. “You don’t need to be a tech expert. You just need the right support and mindset.”

    Why MSMEs struggle to go digital

    Despite the rise in mobile phone use and internet access, many MSMEs still operate the old-fashioned way, using pen and paper, depending only on word-of-mouth, and keeping records in notebooks.

    Jackson says this happens for several reasons. “First, many business owners don’t understand how digital tools can help them. They think it’s expensive or too complicated. Second, there’s limited access to training in local languages or formats they can easily follow,” he said.

    He believes education is key. With the right information, more business owners would be open to trying tools like online payment systems, social media marketing, or digital bookkeeping.

    Another major challenge is the cost of internet data, devices, and software subscriptions. “A tailor in Aba or a food vendor in Ibadan may not afford a laptop or data to run ads online,” Samuel noted.

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    Practical solutions that work

    Instead of waiting for full-scale digital makeovers, Samuel advises MSMEs to start small.

    For example, free tools like Google My Business help local shops appear in online searches. Simple accounting apps like Zoho Books or QuickBooks help track sales and expenses. WhatsApp Business, used by many vendors already, can become a full customer service and order platform.

    “Even Instagram and Facebook can be powerful if you use them well. They allow you to showcase products, reach new customers, and even take payments,” Samuel said.

    Online stores, whether built on Shopify, Paystack Storefronts, or local platforms like Jumia and Konga, offer small businesses a chance to sell beyond their immediate community, without needing a physical shop.

    Govt, private sector must step in

    While digital tools are available, Samuel believes the journey to full digital adoption must be supported by both government and private sector players.

    He suggests that the government should give MSMEs grants, tax breaks, or subsidised loans to adopt digital tools. They should also fund nationwide digital training programs, especially in local languages, so that more business owners can understand and use the tools.

    On the private side, tech companies should develop user-friendly digital tools made for African businesses. Banks and fintech companies can provide loan products specifically for digital transformation, while big corporations can offer mentorship and training programmes.

    “It has to be a joint effort,” Samuel said. “MSMEs are the backbone of our economy. Helping them go digital is not just good for business, it’s good for national development.”

    Stories of digital success

    The good news is that many small businesses are already showing what’s possible with digital tools.

    In the agriculture sector, FarmCrowdy has used a digital platform to connect rural farmers with investors. This helped increase farm productivity, gave farmers access to better markets, and improved their incomes.

    Many Nigerian tailors, caterers, and hair stylists have built large customer bases using just Instagram and WhatsApp. Others, who started by selling on social media, have now moved to full online stores where they receive payments and track orders.

    “These stories prove that even small steps into the digital space can lead to big results,” Jackson said.

    What’s coming next?

    Samuel believes MSMEs should prepare for future digital trends that are becoming more important.

    Tools powered by Artificial Intelligence (AI) will soon become common. For example, chatbots that reply to customers or AI tools that help businesses know what products are selling well. Voice search, where customers simply speak into their phones, will also change how people find local businesses.

    As environmental concerns grow, digital tools that help businesses track waste and energy use will become more useful. But with all this digital growth comes the need for cybersecurity. Samuel warns that small businesses must also learn how to protect themselves online.

    “It’s not just about being online. It’s about being smart, safe, and ready for growth,” he said.

    A future full of possibilities

    The road to digital transformation for MSMEs in Nigeria may be slow, but the signs are clear: with the right tools, training, and support, small businesses can do much more than survive, they can thrive.

    Jackson is hopeful. “I see a future where our tailors, farmers, traders, and creatives are using digital tools not just to sell more, but to build brands that go beyond Nigeria.”

    And for business owners like Amaka Nwankwo, that future is already here, one digital step at a time.

  • MSMEs get N3m grants at leather fair

    MSMEs get N3m grants at leather fair

    Wema Bank has given N3 million in business grants to three top businesses at the Lagos Leather Fair 2025, a strong reaffirmation of its commitment to growth of Micro, Small and Medium Enterprises (MSMEs).

    The beneficiaries — EwaOluwa Morenikeji of House of Ewa Limited, Joy Fache James of Paciencia, and Fatima Yusuf of House of Zibima — each got N1 million following their performances at a pitch competition sponsored by Wema Bank at the fair.

    The initiative, which coincided with World MSME Day, is part of the bank’s broader strategy to empower indigenous businesses, boost economic inclusion, and foster sustainable business practice in Nigeria’s MSME sector.

    EwaOluwa Morenikeji, founder and chief executive of House of Ewa,  a  bag-making brand,  said the grant would be channelled on advanced machinery and improving production output.

    “I’m grateful for this opportunity to put my business out there and get the support I need to scale. This will help my business grow, and I thank Wema Bank for thinking of small businesses like mine and supporting us,” she said.

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    Wema Bank’s Managing Director and chief executive officer, Moruf Oseni, noted the bank’s long commitment to empowering businesses and driving inclusive economic growth.

    “MSMEs present a two-fold opportunity for us at Wema Bank. Empowering MSMEs not only stimulates the Nigerian economy, but it also extends the reach of our impact to the grassroots.

    “For 80 years, we have been committed to empowering lives and businesses. We will continue to meet needs of MSMEs and create tailored opportunities for them to thrive,” Oseni said.

    The fair, considered the premier leather industry event in West Africa, drew local and international stakeholders across the value chain — including designers, manufacturers, and suppliers.

    Wema returned for the second consecutive year as a major sponsor, reinforcing its role in driving innovation and excellence.

    The bank also leveraged the fair to spotlight its banking solution for high-net-worth individuals, Prestige by Wema, while offering tangible support to emerging entrepreneurs through the grants.

    Wema Bank, established in 1945, has evolved into a leading supporter of Nigeria’s SME ecosystem. Over the past five years, the bank has disbursed more than N300 billion in business loans and grants, empowered 800,000 SMEs, and facilitated market access for over 250,000 businesses across Nigeria’s six geopolitical zones and select international markets.