ICT experts have called for need to revolutionise the activities of Small and Medium enterprises in Nigeria through technological innovations.
They hinged their call on the need to reposition SMEs as a crucial sector in the country’s economic resurgence.
Mr Meshach Owolabi, Managing Director of Tycoon Concept, an Information Communication Technology (ICT) company, said that unlocking the full potential for the development of SMEs would depend on effective combination of strategy, planning, resources and technological innovations.
According to Owolabi, one of the biggest causes of failure of small business is lack of appropriate technologies to grow the sector.
He said that while the issue of dealing with power remains paramount, ‘‘technological innovations are equally essential in growing SMEs.
‘‘Other countries are already doing what we expect the government to do to grow SMEs.
‘‘It is imperative for the government to understand what the SMEs need.
‘‘Why would government not provide free internet like Google does in some SME clusters in Abuja and why would government not provide solar power equipment to boost the activities of registered SMEs in the country,’’ Owolabi said.
Mr Akere Musbau, a system Analyst M and R Technologies, said that technology based enterprises are specifically smart to policy makers because of their propensities for job creation and wealth-generation compared to non-technology based firms.
‘‘SMEs are important business organs which form a strong constituent of the global economy. In most emerging countries economic growth and employment are led by SMEs.
‘‘Innovation adoption enables SMEs to survive in tight competition, global economic crisis and compete against larger organisations.’’
He said that SMEs knowledge and capabilities to adopt technological innovation is limited, financial institutions and government is less supportive of SMEs.
According to him, increased organisational productivity can be achieved by adopting technological innovations.
‘‘Innovation adoption enables SMEs to survive in tight competitions, global economic crisis and compete against larger organisations,’’ Musbau said.
On his part, Mujideen Adoye described technology and entrepreneurship as vital tools used for national economies in the 21st century.
‘‘With technological innovations, transaction, advertising and promotion costs are reduced.
‘‘It also eliminates traditional supply chain and facilitates speedy communication with customers,’’ Adoye added.