The Federal Government has endorsed Access Bank Plc’s newly launched artificial intelligence (AI)-powered mobile application for small and medium-sized enterprises (SMEs), describing digital technology as a key driver of business productivity, market expansion and enterprise growth.
The endorsement was announced at the bank’s SME Conference in Lagos, where the AI-powered application was unveiled alongside discussions on the role of artificial intelligence and other digital tools in supporting micro, small and medium-sized enterprises (MSMEs).
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 businesses must increasingly adopt technology to remain competitive.
She noted that the Federal Government is strengthening policies and infrastructure to support digital entrepreneurship across the country.
According to Shagaya, every successful business starts with an idea, but effective execution now depends largely on the use of technology.
She disclosed that President Bola Tinubu has approved a national artificial intelligence policy aimed at strengthening Nigeria’s AI ecosystem and supporting young entrepreneurs through capacity-building initiatives.
Shagaya said the President has directed the Ministry of Communications, under the leadership of Bosun Tijani, to establish an AI hub that will provide training and support for young business owners and startups.
She encouraged entrepreneurs to continuously improve their digital skills, stressing that rapid technological advancements require constant learning and adaptation.
Shagaya also highlighted the potential of AI to promote inclusion for neurodivergent entrepreneurs by enabling individuals with communication and learning challenges to operate businesses more independently.
However, she cautioned business owners against relying solely on AI-generated information, noting that artificial intelligence can sometimes produce inaccurate results and should be complemented with human judgment.
She also advised entrepreneurs facing regulatory challenges to report such issues through her office for possible government intervention.
Access Bank said the AI-powered application is part of its strategy to expand digital support for businesses by providing tools that simplify business operations, financial management and enterprise growth.
The bank’s Head of SME Banking, Abiodun Olubitan, said MSMEs contribute about 50 per cent of Nigeria’s Gross Domestic Product (GDP) and account for approximately 84 per cent of employment, underscoring their importance to the economy.
She explained that the new application is designed to help entrepreneurs manage their businesses more efficiently while supporting long-term growth.
Olubitan urged business owners to recognise the value of their enterprises regardless of size, stressing that success should not be measured only by building large corporations.
She noted that MSMEs at every stage of development deserve support and recognition.
Also speaking, the Executive Director of the University of Lagos Business School, Prof. Sunday Adebisi, described MSMEs as the backbone of Nigeria’s economy.
He said there are more than 39 million small businesses operating across the country, accounting for 84 per cent of national employment.
Adebisi warned that nearly half of small businesses fail within their first year, highlighting the need for stronger business practices and wider adoption of technology.
He said artificial intelligence can improve customer engagement, inventory management, data analysis and business decision-making, adding that entrepreneurs who fail to embrace emerging technologies risk losing competitiveness in an increasingly digital economy.
