Lack of access to modern technology hinders business growth in Nigeria -NACETEM


By Sylvester Thompson
Abuja, Nov. 14, 2020 The National Centre for Technology Management (NACETEM), says lack of access to modern technology and internet connectivity are the greatest obstacles to business growth in Nigeria.

NACETEM Director General, Prof. Okechukwu Ukwuoma, said this at a workshop for business operators in the informal sector of the economy in Ile-Ife, Osun.

Mr Isaac Oluyi, spokesman for the organisation said this in a statement on Friday in Abuja.

Ukwuoma said also that a survey by NACETEM revealed that most business owners in Nigeria lacked knowledge on how to innovate their businesses for better performance.

“Innovation occurs when an enterprise makes changes in what it does or how it does it,” he said.

He also said that when businesses innovate they become more profitable thereby creating jobs and increasing productivity in the country at large.

He said that the informal sector has been playing prominent role in the development of the country’s economy.

“This is because the informal sector accounts for about seven out of every 10 active businesses in Nigeria, and employs 80 per cent of all persons working in the private sector.

“According to the statistics from the International Monetary Fund, the sector contributes about 65 per cent to Nigeria’s Gross Domestic Product(GDP) in 2017,’’ he said.

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