Connect with us

General News

How Digital Technology Has Redefined the MSME Sector

Published

on

Kindly share this post

By Adeniyi Ogunfowoke,

The MSME sector is the backbone of Nigeria’s economy. Studies by the International Finance Corporation (IFC) show that approximately 96% of Nigerian businesses are MSMEs, compared to 53% in the US and 65% in Europe. Of this number, about 99.87% of MSMEs in Nigeria are micro-enterprises. With a total number of about 17.4 million, SMEs contribute about half (48%) of the entire GDP in Nigeria.

Thanks to digital technology, it is worth noting that ecommerce platforms like Jumia have so far played a key role in boosting and accelerating MSMEs in the last 7 years. A significant number of MSMEs are riding on the Jumia platform to reach millions of customers in Nigeria and across Africa. Today, these MSMEs are raking in more revenue compared to the past.

The fact is, there is a link between technology adoption and the MSME sector growth with some stating that MSMEs who were early adopters of the technology have increased their annual revenue 15% faster than their competitors. This is what the vendors on Jumia are currently enjoying. This article explores the five leading ways in which technology will encourage growth in the MSME sector.

Creating a digital business

Thinking through and executing a digital business model requires a fundamental shift in strategy because it is completely different from offline business. In this case, you either bring out a new offering or take the existing offering to market in newer ways. This means being able to explore technologies such as the Internet of Things and Artificial Intelligence to make the customer experience seamless. The option for digital technology in MSMEs is numerous. It only requires very strong business understanding to be able to analyze what the ecosystem looks like, have a very strong understanding of the customer and their insatiable expectations to be able to devise an appropriate strategy to create the digital business that meets their needs.

Social impact

You can’t afford to operate your business as if it exists in a vacuum any longer. The rise of social media networks such as Twitter, Facebook and Instagram mean your customers are simply a click away and now users can connect without regard to the geographical obstacle, financial background, or even social status.  Indeed, in the past, there were very limited avenues for customers to raise their queries but now as a business, you are likely to incur an unfavourable rant or a bad review on Facebook. This is why as a business, you should not compromise on standards because what goes on on the Internet stays on the Internet. This means that if you earn a bad reputation, it’s going to stick with you. It is for this reason that businesses large and small worry about their digital footprint and a good number of organisations have experts who are on the lookout for potential “bad press” and are out making the rounds trying to be proactive.

Increased interest in and need for security

Businesses of all sizes need to be increasingly aware of the need for enhanced security. The rise in cyber-crime has also led to an increase in interest in protecting data, training employees and incorporating IT into every aspect of the business. At the very least, an organization needs to be committed to protecting data with backups, integrating patches and updates regularly and training all employees to spot the signs of trouble.

Connectivity

Digital technology has also increased the ease with which we can all stay in touch, interact and engage. Whether it’s having your coworkers and employees available via text/video chat at a moment’s notice, or being able to send targeted promotional email blasts to pre-qualified customers when they’re shopping at nearby businesses, the rise of mobile technology has blended almost seamlessly with communication software to create a web of real-time information.

Improved access to information and data

Digital Technology has made it easier than ever to research and find data without leaving the office. Enhanced access to data gives your business the ability to offer your customer service team not only a way to connect with customers but also a way to instantly access complete customer history. In addition to this, you can provide a better user experience for anyone who interacts with your brand.

Irrespective of how big or small a business enterprise is, application of digital technology offers numerous benefits including those that facilitate the smooth running of business operations. These benefits are sometimes tangible while other times; they are intangible. The bottom line is that business applications play a significant role in increasing profitability for businesses while generating the results that customers need.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

General News

FG Scraps Common Entrance Exam, Introduces Student Tracking ID to Curb Dropout Crisis

Published

on

Kindly share this post

Federal Government has unveiled bold reforms to scrap the Junior Secondary School Common Entrance Examination and launch a nationwide Learner Identification Number (LIN) system to track every student’s academic journey.

FG Scraps Common Entrance Exam, Introduces Student Tracking ID to Curb Dropout Crisis

Education Minister Tunji Alausa

Education Minister Tunji Alausa announced the changes during a media interactive session in Lagos, stressing that the moves will boost access to education and plug massive gaps in pupil transitions. “We can’t keep losing millions of children between primary and secondary school,” Alausa declared.

The Common Entrance Exam will give way to a Continuous Assessment (CA) model, capturing a pupil’s performance from primary level. Records will seamlessly follow students—even during school transfers—ensuring no child slips through the cracks.

Government figures paint a stark picture: Nigeria boasts over 50,000 public primary schools serving more than 23 million pupils, yet fewer than 3 million make it to public junior secondary schools. Private institutions can’t bridge this chasm, Alausa noted, urging states to ramp up secondary school construction.

The LIN, assigned from primary school onward, will act as a lifelong academic passport. It enables real-time tracking: if a child expected in JSS1 vanishes from records, officials can swiftly investigate dropouts and intervene.

Complementing these steps, the FG plans to resuscitate the school feeding programme under the Education Ministry’s direct oversight for better accountability, enrolment, and retention.

These reforms signal a determined push to fortify Nigeria’s education framework, slash dropouts, and guarantee basic education for all


Kindly share this post
Continue Reading

General News

Court Jails ‘Colonel’, ‘Major’ of Global Money-Laundering Ring

Published

on

Kindly share this post

A “colonel and a major” in a “worldwide highly sophisticated money-laundering syndicate on a breathtaking scale” have been jailed for nine years and 7 and half years respectively.

Court Jails ‘Colonel’, ‘Major’ of Global Money-Laundering Ring

Ejike Francis Ogbuefi (42) of Clonard Road, Crumlin, Dublin 12, and Steven Silvester (32) of the Paddocks, Morristown, Newbridge, Co Kildare, were both convicted of directing the activities of a criminal organisation following a trial at Dublin Circuit Criminal Court in February.

Ogbuefi was also convicted of 32 counts of money laundering and seven of conspiracy to launder money.

The jury also convicted Silvester of five counts of money laundering, two of attempted money laundering, four of conspiracy to launder money and one of using a false instrument.

Both defendants had no previous convictions here or in another jurisdiction.

The court heard that both men were assessed to be above mule herders and money mules in the operation, with Ogbuefi having a more active role.

During the sentence hearing, Judge Martin Nolan suggested to the investigating garda that the men were a “colonel and a major”, which Det Garda Steven Kelly agreed with.

Imposing sentence on Friday, the judge said both men were involved in the offending and played certain roles.

He noted that the scheme’s ambition was to “get accounts to launder illicit monies” which were “undoubtedly the product of criminal behaviour” and that third parties unknown to the court suffered as a result.

“Both men were reasonably experienced in how the banking system works” and aware of its weaknesses which they tested, sometimes successfully, the judge said.

The judge said he had considered the mitigation and there was a “good chance” the men would not reoffend in future, but that the court could not be certain.

The judge noted that money laundering is a “serious problem” and the court often dealt with cases of people who provided their bank details to be used in these schemes.

“These bank accounts are absolutely necessary for all fraud, because monies have to come to earth somewhere,“ the judge said, noting that the defendants’ main role was to procure bank accounts so that money could be sent to others who profited.

He imposed on Ogbuefi a sentence of nine years and imposed a 7½ year sentence on Silvester, whom he considered to be at a lower level.

Kelly told Seoirse Ó Dúnlaing, prosecuting, that the Garda investigation looked at various bank accounts, transactions and online communications.

Evidence suggested both men were receiving requests, often from phone numbers in Nigeria, to launder money from different types of frauds.

Kelly agreed with Conor Devally, defending Ogbuefi, that his client is from Nigeria and his family is law-abiding.

Garda Kelly agreed with Maurice Coffey, defending Silvester, that his client became involved in this criminality some time after his arrival in Ireland in 2015 and had no record of shopping in high-end stores or trappings of wealth.

It was also accepted that Ogbuefi appeared to have a more active role than Silvester.

Defence counsel told the court their clients accepted the verdicts of the jury and were remorseful.

Testimonials were handed to the court on behalf of both men.

Mr Devally asked the court to view Ogbuefi as being “appointed to a position of local authority in a wider organisation”.

Mr Coffey said Silvester was under pressure and desperate at the time.

He asked the court to consider that his client did not come to Ireland to get involved in this offending, but fell into temptation at a time of vulnerability.


Kindly share this post
Continue Reading

General News

Activist Warns against Rising Junk Food Culture in Nigeria

Published

on

Kindly share this post

Nnimmo Bassey, environmental activist and food sovereignty advocate has raised concerns over the growing influence of junk food culture and global food politics on Nigeria’s food systems.

Activist Warns against Rising Junk Food Culture in Nigeria

Nnimmo Bassey, environmental activist

Bassey warned that the increasing consumption of highly processed foods poses serious risks to public health, cultural identity, and national food security.

He made these remarks on Thursday while speaking at the Sustain-Ability Academy lecture on Food, Power and the  Politics of Hunger, organised by the Health of Mother Earth Foundation in collaboration with the University of Port Harcourt.

“Food is not just for sustenance; it is central to our identity, our relationships, and our traditions,” he said.

He explained that traditional diets reflect the diversity of Nigeria’s ethnic groups and have historically fostered unity within communities.

Bassey traced the evolution of food systems in Nigeria, highlighting how colonialism, commerce, and conflict have reshaped local diets.

He referenced the Nigerian Civil War as a turning point when food was weaponized, leading to widespread malnutrition and long-term dietary changes, particularly in the Eastern region.

The activist criticized the rapid rise of fast food consumption, describing it as a product of modern society’s demand for instant gratification.

According to him, fast food outlets use sensory stimulation, bright lighting, loud music, and constant visual entertainment to distract consumers from questioning the nutritional value of what they eat.

“People leave with more than just a full stomach, they carry heavy metals, artificial colourings, and harmful substances in their bodies,” he said.

Bassey also expressed alarm over the increasing presence of genetically modified organisms (GMOs) in Nigeria’s food system.

He argued that such products, often introduced without sufficient scrutiny, could have long-term health and environmental consequences.

He further cautioned against the role of political leaders in normalizing unhealthy consumption patterns.

“When top politicians publicly consume junk food and sugary drinks, they send a dangerous message that such habits are acceptable or even desirable,” he said.

At the heart of his argument is what he described as “food colonialism” a system driven by global power dynamics, where economic pressures, debt, and cultural influence shape local food choices to benefit multinational corporations at the expense of local farmers.

Bassey called for a “decolonization” of food systems across Africa, urging governments and citizens to prioritize indigenous foods, protect seed-sharing traditions, and resist policies that undermine local agricultural practices.

He also challenged prevailing narratives around hunger, questioning whether food insecurity is truly a result of low productivity.

“In countries like Nigeria, nearly half of all food produced goes to waste. The issue is not just production, but distribution, policy, and power,” he explained.

The session concluded with a call for urgent reforms to ensure fairness, resilience, and sustainability in food systems, with a focus on supporting smallholder farmers and addressing the structural causes of hunger.


Kindly share this post
Continue Reading

Trending