The General Manager/Co-Founder, VConnect, Mr. Deepankar Rustagi, in this interview with Okechukwu Nnodim, highlights the need for Nigerian SMEs to embrace technology to increase productivity and boost economic growth

What are some of the challenges SMEs are facing?

Small scale businesses hold the key to the survival and growth of any economy. Nigeria, being a large economy, must begin to see small and medium scale enterprises through the same prism by ensuring that necessary investments are channelled towards that direction. Key constraints of the SMEs in this market include lack of awareness or knowledge about the different schemes and tools available in the market for their financial and marketing needs and the lack of know-how to promote their businesses to reach a wider audience at the right price. There are other problems such as poor power supply and lack of access to funding, among others.

How can these challenges be addressed?

Internet technology has greatly changed the way business is conducted all over the world. In terms of marketing and promotion which is critical to the growth of any business, SMEs in Nigeria must embrace technology. There is a dire need for businesses especially SMEs, to leverage e- commerce solutions to grow and improve their productivities. Technology allows SMEs to increase their productivities and have access to markets which they wouldn’t have had without putting their business on the Internet. Research shows that most SME owners lack the technological know-how of leveraging Internet solutions to boost their productivities. What VConnect has done is to create a marketplace platform to empower local businesses by unleashing their online marketing potential. The platform was designed to enable SMEs gain more visibility and sell to a wider range of audience. We are also organising seminars and workshops tagged ‘Empower’ where we gather business owners and tutor them on the benefits of getting their business online and also provide them with the tools needed to succeed. Nigerian business environment must tap into the wealth of opportunities the Internet offers. In a few years’ time, the contribution of SMEs to the Gross Domestic Product will reach new heights.

Do you think your workshops and seminar will make any meaningful impact on SME growth in the country?

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