Small and Medium Enterprises (SMEs) have been encouraged to adopt data, storytelling and digital tools to improve competitiveness and growth prospects.
Business leaders at the 2025 BusinessDay Top 100 Fastest Growing SMEs in Nigeria event said SMEs must combine data-driven decisions, digital adoption, storytelling and financial discipline to compete in local and global markets.
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Data-led decisions
During a panel session on Digital Transformation for SME Growth, speakers said SMEs need practical steps to scale in 2025 and beyond.
“Data is everything,” said Isaac Oladipupo, Co-founder/CEO of Afrilearn and Moneywise Africa, noting that businesses must understand customer needs through data rather than assumptions.
“People buy solutions to their problems, not products and services. Data tells you the truth about your business and should guide your decisions,” he said.
He encouraged SMEs to ask customers how they heard about the business and to use insights to refine processes, improve products and build relevance. Oladipupo also urged entrepreneurs to develop storytelling as a key skill, adding that “No matter how automated the world becomes, people still buy from people.”
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Digital adoption and value definition
Adeshina Adewunmi, CEO of Trade Lenda, said SMEs should start their digital journey by defining the value they want to deliver and selecting suitable channels.
He explained that social media remains an organic tool for building trust and attracting customers. “When you are offering value, people will follow you and not necessarily because of paid ads,” he said.
“Knowledge is the foundation. Many people jump into business because they need a job, not because they understand the value they are offering,” he added. He encouraged businesses to prioritise learning, research sector practices, and invest in websites and platforms that support e-commerce.
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Digital tools and compliance
Suliat Aliyu, Head, Partnerships at Interswitch Limited, said digital tools are changing SME operations by removing geographical barriers and improving trust through verifiable transactions.
“E-commerce gives SMEs visibility and credibility. But compliance must be a priority because we operate in a regulated environment,” she said, warning that non-compliance attracts sanctions.
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Financial data and credit access
Tina Nwaiwu, Director of Sales at UCEE Microfinance Bank, said financial data plays a central role in helping SMEs secure loans.
“Start small, but track everything. The data lenders need your financial health which is your income and expenses,” she said. She advised SMEs to route business transactions through their bank accounts to improve credit scoring.
Chibuike Goodnews, CEO of Dochase Adx Digital Ltd, added that social media algorithms now enable faster access to target audiences. “Your location does not matter. With the right digital channels, your product can reach the people who need it,” he said.
