Ayoba, an all-in-one app transforming communication, entertainment and e-commerce in Africa, has teamed up with Adanian Labs to launch an SME Accelerator program aimed at empowering and accelerating the growth of small businesses in Nigeria.
This collaboration comes at a critical juncture as Nigerian SMEs play a pivotal role in driving economic growth and job creation within the country.
Recent statistics reveal that SMEs account for over 90 per cent of businesses in Africa, contributing approximately 50 per cent of employment as well as 33 per cent of the continent’s GDP. In Nigeria alone, SMEs represent about 96 per cent of businesses, employing millions of people and serving as engines of innovation and economic progress.
The SME Accelerator seeks to address the primary challenges faced by small businesses, including limited access to capital, technology infrastructure, market opportunities, and mentorship. The programme has been designed to foster innovation, enhance competitiveness, drive sustainable growth and create employment opportunities.
By harnessing the combined strengths of Ayoba’s app, encompassing messaging, hyperlocal content, gaming, music and e-commerce, and Adanian Labs’ technology solutions and ecosystem development, the SME Accelerator programme aims to provide Nigerian SMEs with essential resources.
These resources include digitalisation support, mentorship, access to networks, technological assistance, as well as mobilisation of partners for funding. Through these provisions, the programme aims to help SMEs overcome barriers and achieve sustainable growth.
The accelerator will also offer tailored mentorship, access to funding opportunities, and technological resources, equipping Nigerian SMEs with the necessary tools to thrive in the digital age.
Shiela Yabo, head of ecosystem development at Ayoba, said: “Through this collaboration, we aim to unlock the potential of Nigerian SMEs, driving economic prosperity and creating opportunities for sustainable development.”
“By strengthening this sector, the country can experience accelerated economic growth, increased job opportunities, and enhanced competitiveness on the global stage. Furthermore, supporting small businesses fosters entrepreneurship, drives innovation, and contributes to wealth creation, ultimately improving the overall socio-economic landscape of Nigeria.”
While Killian Mayua, country manager for Adanian Labs in Nigeria, added: “Our joint efforts will support the growth of SMEs, boost economic resilience, and contribute to the overall development of this important sector.”
The programme officially launches on 10 July, initiating a two-week application period. Following the application review process, the Adanian Labs website will announce the top 20 selected businesses.