This call was made at the 2025 Social Enterprise Dialogue session, powered by the Enterprise Development Centre (EDC) of Pan-Atlantic University and Fidelity Bank during the 2025 Global Entrepreneurship Week held in Lagos.

Mrs. Odunayo Sanya, the keynote speaker and executive director at MTN Nigeria Foundation, who spoke on the theme: ‘Purpose meets profit: building an impact-driven enterprise for a better future’, reechoed the call and urged entrepreneurs to ensure the purpose of their businesses is bigger than profit.

She said,

“Entrepreneurs need to know that purpose is critical in building a business. That it is not just about the profits, when you have a purpose, and you are driven by your purpose, you will be guided by pillars to purpose, which include ethics, values, and good governance.”

Mrs. Sanya emphasised the importance of culture in building local businesses and advised entrepreneurs to consider culture as a critical ingredient because culture will always eat strategy for breakfast,” she added.

She advised entrepreneurs to build beyond themselves because small businesses grow into big businesses in the long term.

According to her,

“Entrepreneurs should build beyond themselves. A small business today grows into a big business tomorrow. They shouldn’t settle for the small visions of their businesses, and the small versions, too. They should have a mental image of what their business is about in the long term. And they shouldn’t play the short-term game, but they should play the long-term game, where even after they’re long gone, their efforts through their establishments will continue to serve humanity,” she enthused.

Dr. Olawale Anifowose, the managing director, Global Entrepreneurship Network (GEN Nigeria), encouraged Nigerian-owned small businesses to innovate and create offerings that do not just generate revenue but also fulfil the needs of both individuals and the community.

Chiwike Okere, team lead in the SMEs Banking Group at Fidelity Bank, who spoke on the bank’s collaborative effort with EDC said,

“Fidelity Bank, being a bank that is focused on supporting entrepreneurs and SMEs, deems it very key and important to be associated with this event. And that is why we are partnering with one of our long-standing partners, EDC, to support the various activities that are geared towards showcasing entrepreneurs showcasing how different kinds of institutions can support entrepreneurs, and more importantly, showcasing how our bank is supporting entrepreneurs in Nigeria.”

Speaking on the report during the launch, the Managing Director/CEO of eTranzact International Plc, Mr. Niyi Toluwalope, said as a leading fintech company, eTranzact views Artificial Intelligence not as a distant prospect but as an immediate opportunity for Nigerian businesses.

“This research bridges the knowledge gap by helping SMEs understand their current AI adoption status and what they need to compete both locally and globally,” he stated. The study also reinforces eTranzact’s expanding role as an enabler of digital growth and innovation beyond just payments, he noted. 

Explaining further, eTranzact CEO said the report offers SMEs a fact-based assessment of their AI readiness, guiding informed investment and capacity-building decisions. 

For Nigeria, he said, the findings serve as a strategic blueprint to enhance competitiveness, job creation, and innovation-driven economic growth.

Mr. Toluwalope highlighted that policymakers, financiers, and educators will be better equipped with data in the report to design support programs tailored to SME needs.

The comprehensive study, conducted over several months across key regions including Enugu, Kano, Lagos, Abuja, and Port Harcourt, highlights the current state of Artificial Intelligence adoption readiness among Nigeria’s over 39 million Small and Medium Enterprises (SMEs) and Micro, Small and Medium Enterprises (MSMEs). 

While there is evident enthusiasm for AI among SME entrepreneurs, the study also identifies critical gaps in awareness, access, and tailored solutions necessary to harness AI’s full potential.

The managing director emphasized that the report offers more than just data, it provides a strategic roadmap to foster an inclusive and intelligent digital economy in Nigeria. 

He said, “Through direct engagement with entrepreneurs across diverse geo zones, we have gained invaluable insights into their hopes and challenges. 

“At eTranzact, innovation is core to our values, and we are committed to collaborating with policymakers, innovators, and SME leaders to develop practical AI solutions that address real business needs.”

The organizations also noted that both electronic copies and hard copies are available.

Director of Programs & Partnerships at the Enterprise Development Centre (EDC), Pan-Atlantic University, Dr. Olawale Anifowose,stated, “The study adopted a mixed-method research approach, involving the use of both quantitative and qualitative data collection and analysis methods.

“The quantitative approach was implemented through a sample survey of SMEs with 5,290 responses across the 36 states of the federation, including the Federal Capital Territory. 

“The qualitative aspect was implemented through focus group discussions/summits with 212 participants across five states in the country, aimed to collect rich, in-depth information about issues in the study.”

The visit, part of a broader initiative to nurture entrepreneurship, as explained by the Head, of the Alumni Relations and Support Services Department at the Pan Atlantic University, Mrs. Nnenna Ugwu, highlights the partnership between the EDC and the Mastercard Foundation for the implementation of the ‘Transforming Nigeria Youth Programme’.

According to Mrs. Ugwu, “This program is dedicated to empowering Nigerian youths, between ages 15 to 35, by providing them with essential skills and resources to generate sustainable employment opportunities.

“With various training programs, consulting services, and incentives, EDC is fostering entrepreneurship and empowering youths across Nigeria,” she said.

Mrs. Ugwu underscored the tangible benefits of such collaborative ventures, citing significant advancements in job creation, market access, business formalization, and overall economic development within the region.

She further expressed profound appreciation to the team at both Kodex Africa and Anambra State ICT Agency for their hospitality and knowledge shared as well as potential for future partnerships.

In his remarks, Chukwuemeka Fred Agbata, the MD/CEO, of Anambra State ICT Agency, shared success tips with the eager entrepreneurs and highlighted the critical role of partnerships in entrepreneurial success.

“Partnerships are the cornerstone of success. There is a whole lot you can achieve when you collaborate with the right people. I encourage you to leverage partnerships that work, and target trending skills like AI to propel your business forward,” CFA added.

On his part, Mr. Ifedi Eze, director at Kodex, urged participants to keep partnership and collaboration at the forefront of their minds in achieving the shared vision for Anambra’s tech ecosystem.

During the event, Chidimma Idika, operations lead at Kodex, provided invaluable insights into the company’s activities and its unwavering commitment to fostering entrepreneurship not only in Anambra but across the African continent.

Similarly, the ICT Agency team seized the opportunity to showcase Anambra’s technological advancements under the visionary leadership of Governor Charles Chukwuma Soludo, further cementing the state’s position as a hub for technological innovation and entrepreneurial growth.

The event featured enriching discussions and experience-sharing sessions around entrepreneurship and the ongoing developments in Anambra State.

The Governor was commended for his efforts in this regard.

On behalf of the young entrepreneurs, Mr. Okorie Kalu expressed their heartfelt appreciation to the Kodex Africa team and ICT Agency for their invaluable contributions and insights shared on their learning experience to the state and pledged to work with the state to achieve greater heights.