SMEs urged to explore ICT-based growth strategies

The Minister of Communication Technology, Dr. Omobola
Johnson, has urged Small and Medium Enterprises (SMEs)
players across the country to take potential advantages and
benefits embedded in the ICT sector to grow their businesses.
Johnson said technology allows SMEs to increase their
productivity and have access to market, which they wouldn’t
have ordinarily by putting their business on the Internet.
Speaking shortly after the Fidelity Bank’s SME Forum Radio
Show in Lagos, she said SMEs need to step up efforts to
integrate ICT into their business modules by leveraging ICT to
stimulate growth.
She explained: “There are two things technology does for
SMES. First, it allows them to increase their productivity,
which is important and two, it allows them to have access to
market, which ordinarily you wouldn’t have access to, putting
your business on the internet, instead of just your local
market. You have access to millions if not billions of people, it
means you can actually sell across markets and companies.”
Speaking on the SMEs investment, she said the ministry has
seen a lot of opportunities in software development, saying it
will support SMEs that are IT focused in the country.
She added: “We have about 120 million mobile lines in the
country today. Developing mobile application that makes
sense, relevant to people that is one of those areas that will
make a lot of sense. And there are much bigger areas when
we talk about data centres, device manufacturing plants,
smart card manufacturing, and much bigger investment and
that is beauty of the ICT sector.”
Speaking of its commitment to SMEs, Managing/Chief
Executive Officer, Fidelity Bank, Mr. Nnamdi Okonkwo, said
that a lot of people are financially excluded and that banks
need to bring them into the financial system by giving them
access to finance.
Said he: “If nobody supports SMEs, how do we build a new
Dangote tomorrow? We at Fidelity Bank have a well thought
out strategy to play SME and it is not just by providing loans.
We designed products for equity SME clusters and that is why
we need a forum like what we have now by bringing people
like the Minister.
“As an SME, it is not just about physical market but you have
to think about how to take advantage of digital economy,
which is what the Minister has been talking about today and
is just one of the ways we at Fidelity Bank have continued to
create awareness in the SME space because that is where the
future lies, that is where you have the billionaires club of
tomorrow,” he said.
He said the bank would continue to create awareness and
help SMEs to succeed in the country by providing the
necessary information by ensuring their businesses survive.