Startups have been identified as major sources of employment and drivers of economic development in any country.
According to the National Bureau of Statistics, Small and Medium Enterprises contribute about 48 per cent of Nigeria’s gross domestic product, making them a critical driver of economic growth and development.
SMEs are involved in various sectors of the economy, including agriculture, manufacturing, services, and retail, among others.
In July 2023, the Director General of the National Information Technology Development Agency, Kashifu Inuwa, said, “SMEs make up a huge percentage of businesses and economic growth, the digitisation of Micro Small Medium Enterprises would increase revenue by 26 per cent as well as reduce operating cost by 22 per cent, and contribute $53bn to the Nigerian economy.”
Inuwa stated this during his opening remark at TechMyBiz Pitch-A-Thon event held in Lagos, which was jointly funded by the European Union and the German Federal Ministry for Economic Cooperation and Development.
