THE Director General of Small Medium Enterprises Development Agency of Nigeria, SMEDAN, Umaru Dikko Radda, yesterday said that digital marketing holds the key to the development of the nation’s Micro, Small and Medium Enterprises, MSME, sub-sector.
Given the global economy that we are now part of it is imperative that Nigerians young and old have the skills needed to thrive in this digital age. Nigerians consumers are moving more and more towards online market places and Micro, Small, Medium and large enterprises need to be able to market to this changing demographic. Also as Nigerians population continues to grow and get younger on average, this trajectory will continue to shift. Consumers in the future will use online platforms to buy more and more of their products and companies will demand more and more digitally skilled employees.
Mkinsey a business consultancy firm state that they expect that the next chapter of emerging middle class growth in Nigeria will be in the retail sector. Fueled by a new generation of Nigerian consumers, wholesale and retail sales are already the third largest contributors to Nigeria’s GDP, contributing 16 percent to the total, albeit mostly through informal markets.
They estimate that between 2008 and 2020, there is a $40 billion growth opportunity in food and consumer goods in Nigeria, the highest of any African nation. Despite the fact that Nigeria’s GDP per capita is $1,443, they believe that formal retail chains have a significant opportunity to capture the growth in this market.
With Half of all Nigerians having accessed the internet over the past four weeks, and 21 percent of Nigerian mobile phone users using the internet on a daily basis and 37 percent accessing it monthly and the medium age of Nigerians being 18 years old, Digital Marketing is imperative to any business looking to expand into the future locally and internationally and to any person looking for strong career prospects within Nigeria, the continent or worldwide.
Rhian Fowler, Director SMM Academies
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