SME-LED GROWTH: HARNESSING INNOVATION AND FRONTIER TECHNOLOGIES FOR NIGERIA'S 2025 DEVELOPMENT

Abstract

The convergence of frontier technologies and innovative business models is crucial for advancing development agendas. In response to the need to rejuvenate a challenged economy and sustain economic diversification, the Nigerian government introduced the National Development Plan (NDP), 2021–2025. This medium-term blueprint seeks comprehensive, sustainable, and all-encompassing national development, with a focal point on Small and Medium-sized Enterprises (SMEs). This paper explores the pivotal role of innovation and frontier technologies in achieving diversification goals, emphasizing the contributions and challenges faced by SMEs. It employed qualitative research approach in its analysis. The paper evaluates the outcomes of the Economic Recovery and Growth Plan (ERGP), 2017-2020, building upon achievements and insights gained during its implementation. It scrutinizes NDP objectives and targets, revealing progress in meeting Vision 2020 goals. Despite GDP ranking improvements, the target to be among the world's top 20 economies was not achieved. The paper underscores the necessity of aggressive integration of innovation and frontier technologies for NDP's aims, including generating 21 million jobs and lifting 35 million people out of poverty by 2025. SMEs play a central role in this process. The study recommends a well-conceived plan, learning from ERGP shortcomings, and advocates for holistic adoption of innovation and technology. Recognizing SMEs as key drivers of economic transformation, the study contributes valuable insights to the discourse on sustainable economic development, providing a roadmap for stakeholders in Nigeria's journey towards prosperity, with a focus on SME-led growth.