As discussions about Nigeria hitting a $1 trillion economy target by 2030 continue, experts have hinted at the indispensable role of Small and Medium-sized Enterprises (SMEs), in realizing that goal.
SMEs, which form the backbone of the economy (contributing nearly 50 per cent to GDP and over 80 per cent to employment), must be at the forefront of this transformation.
Suleiman Shaibu, an Artificial Intelligence (AI) expert and business management consultant, has highlighted ways AI can be adopted by SMEs to boost operations and contribute significantly to the Nigerian government’s quest to achieve a $1 trillion economy by 2030.
In an exclusive interview with Pinnacle Daily on the sidelines of a book launch by a tech expert, Kazeem Tewogbade, recently in Lagos, Shaibu said Adopting Artificial Intelligence is not just a luxury for large corporations; it is a critical lever for SMEs to drive efficiency, scale operations, and create new value.
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He said SMEs must pay attention to integrating AI into their business operations to make operations seamless and more efficient in terms of service delivery, and also reduce the cost of hiring staff. He said small businesses that can’t afford to hire certain category experts can leverage the opportunities presented by AI.
“People running Small businesses should pay particular attention to using AI,” he advised, adding that “it is an employee that doesn’t get tired, doesn’t go on sick leave or maternity leave and can do a lot of things faster and even cheaper.”
According to him, AI can be used by businesses for invoicing, running customer services with the creation of a chatbot for real-time response, content creation, calculation/accounting, marketing proposal, and creating graphics (fliers, posters, illustrations, etc.) for communicating with customers/members of the public.
The expert stressed that many business owners, managers, and those in academia need to embrace AI and acquire other vital digital skills they need to remain relevant in their work in the 21st century, driven by the IT revolution.
Speaking on the downsides, Shaibu urged people to learn how to use AI ethically and achieve maximum results.
“We should use AI like an assistant to support us. It doesn’t replace us; it is to make our work easier.”
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Speaking further on how AI can help SMEs contribute to boosting the national economy, the expert pointed out that through capacity training on AI and other vital tech skills, there can a pool of Nigerians who will be able to work for foreign companies while residing in Nigeria. He recalled that the Federal Government, the National Information Technology Development Agency (NITDA), and the National Office for Technology Acquisition and Promotion (NOTAP) had offered to train many young people on how to use AI.
“The more we train people on how to use AI, the more we can get foreign jobs and work remotely without leaving Nigeria; just access to the Internet, and there are many things we can do from here using AI. It could be either to help them automate their processes.”
For SMEs, he said, there are some things they do that are repeated and can be automated using AI to save time, reduce costs, and improve the efficiency of service delivery. In terms of shopping, he said AI can be used to shop for certain products online with an appropriate system and settings in place.
AI in Agribusiness
He also stated that AI can be deployed by SMEs in agribusiness to boost operations. In terms of agriculture, he said AI-powered apps with satellite imagery can be used to analyze soil health, predict optimal planting times, and detect pest outbreaks early.
For the business side, he mentioned that some AI tools can analyse market trends to advise farmers on the best time and place to sell their produce for maximum profit.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X
