Digital Technologies for Business Sustainability in Nigeria An Empirical Analysis
Article Sidebar
Main Article Content
Abstract
Advances in Information and Communication Technology (ICT) are rapidly transforming the way most things (Social, Economic, Political etc) are done. Business growth and sustainability now greatly depend on the deployment of digital technologies. Adapting digital technologies to businesses in Nigeria is imperative at a time like this. Digital technologies are electronic tools, systems, devices and resources that generate, store or process data. Digitalization, digital transformation, and digital technologies have a lot of potential for organizations' environmental, administrative, economic, and social sustainability, and they can be applied to a variety of enterprises. This paper is aimed at investigating theoretically and empirically how Micro, Small and medium enterprises (MSMEs) in Nigeria have fared over the period 1990 to 2020 using Ordinary Least Squares (OLS) technique. The results showed that access to electricity and cellular subscription had a positive and statistically significant impact on SME contribution to Gross Domestic Product (GDP). The SME output however had a negative and insignificant impact on SME contribution to GDP against apriori expectation. The paper concludes with recommendations to businesses to access digitization and well as to government to improve access to electricity in a bid to improve SMEs in Nigeria.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
References
Akinwale, Y.O.; Adepoju, A.O. & Olomu, M.O. (2017). The impact of technological innovation on SME’s profitability in Nigeria. International J. of Research, Innovation and Commercialization. 1(1): 74 – 92.
Bucy M., Finlayson,A., Kelly G. & Moye C. (2016), The How of Transformation, available at https://www.mckinsey.com/industries/retail/our-insights/the-how-of-transformation, accessed May 24th 2022
Diana B. & Radka R. (2021), Digital Transformation in the Context of the European Union and Decent Work and Economic Growth. Springer, UK Available at https://www.researchgate.net/publication/332414437_Sustainable_Business_Strategy accessed Jun 13th 2022.
Durowoju, S.T. (2017). Impact of technological change on small medium enterprises performance in Lagos State. Economic and Environmental Studies. 17(4): 43 – 56.
Ernad K. & Atif A. (2021), Impact of Digital Technologies on Business Performance in Serbia, Journal of Sustainable Business and Management Solutions in Emerging Economies. 2(3): 22-31.
Gartner Glossary (2022), Digitalization. Available at https://www.gartner.com/en/information-technology/glossary/digitalization. Accessed April 24th 2022
Grant McGregor (2017), How Technology Can Help You Grow Your Business, available at https://blog.grantmcgregor.co.uk/2017/how-technology-can-help-you-grow-your-business. Accessed April 6th 2022
Honest Pros and Cons (HPC) (2021), What Is Digital Technology? 25 Best Examples. Available at https://honestproscons.com/what-is-digital-technology-25-best-examples/. Accessed May 6th, 2022
Jabil Inc. (2022), Biggest Barriers To Digital Transformation and How to Overcome Them. Available online at https://www.jabil.com/blog/overcoming-the-top-digital-transformation-challenges.html. Accessed May 26th, 2022
Liberto, D. (2020). Endogenous growth theory definition. Available at investomedia.com. Accessed 15th July, 2022.
Long T.B. (2020), Sustainable Business Strategy. In Leal Filho, W., Azul, A.M., Brandli, L., MaQuail D. (2005), McQuail’s Mass Communication. 5th Edition, SAGE Publications, Delhi.
Nebojša S., Belgrade J. L., Belgrade Z. K. & Belgrade E. M. (2018), Digital Transformation: Challenges For Companies In Serbia. Available at https://scindeks-clanci.ceon.rs/data/pdf/0353-443x/2019/0353-443x1902101s.pdf. Accessed May 26th, 2022.
Nguyen S. (2021), 50+ Critical Digital Transformation Statistics to know (2021). Available at https://whatfix.com/blog/digital-transformation-statistics/ accessed May 24th 2022
Obokoh, L.O. (2008). Small and medium sized enterprises development under trade liberalization: a survey of Nigerian experience. International Journal of Business and Management. 3(12):92 – 101.
Ojeka, A and Muroko, O.O (2011). International financial reporting standards (IFRS) and SMEs in Nigeria: perceptions of academics. International Journal of Research and Commerce Management. 2(1):13 – 30.
Okoro U.R., Awodele O.,Kuyoro S.O., Adekunle Y.A., (2013), Office of the Future: Digitizing Record Keeping, from https://www.semanticscholar.org/paper/Office-of-the-Future-%3A-Digitizing-Record-Keeping-OkoroU-Awodele/248cc49807c5345aa4382ba95a96- be-954fa57e6e. Accessed April 6th 2022.
Oladimeji, M.S. and Muhammed, O.I. (2018). The effect of international business on SME growth in Nigeria. Journal of Competitiveness. 9(3):67 – 80.
Otugo, N.S.; Edoko, T.D. & Ezeanolue, U.S. (2018). Effect of small and medium enterprises on economic growth in Nigeria. Sumerianz Journal of Business Management and Marketing. 1(2):73 – 78.
TruQC (2022) Digitization vs Digitalization: Differences, Definitions and Examples. Available at https://www.truqcapp.com/digitization-vs-digitalixation-differences-definitions-and-examples. Accessed April 24th 2022.
United Nation (2020), The Impact of Digital Technologies. Available at https://www.un.org/en/un75/impact-digital-technologies. Accessed May 4th, 2022.
Victoria State Government (VSG) (2019) Teach with Digital Technologies. Available online at https://www.education.vic.gov.au/school/teachers/teachingresources/digital/Pages/teach.aspx. Accessed May 4th, 2022.
Wade M. (2015) Digital Business Transformation: A Conceptual Framework. Available at https://www.imd.org/contentassets/d0a4d992d38a41ff85de509156475caa/framework. Accessed May 4th 2022.
Wikipedia (2022). Endogenous growth theory. Accessed at en.m.wikipedia.org/endogenous_groth_theory on 15th July, 2022.