Nigeria’s Finance Minister, Taiwo Oyedele, has said businesses need more than conventional loans to expand, calling for patient capital, experienced investors and institutional support to help entrepreneurs overcome barriers to growth.
Oyedele spoke on Saturday in Abuja at the fourth edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation, where seven startups received awards worth a combined $277,000. He was represented by his Special Adviser on Finance and Investment, Marie Ukpere.
The minister said many promising small and medium-sized enterprises struggle to expand because they lack access to finance, technical skills and the institutional support needed to compete and enter new markets.
He added that Nigeria’s ambition to build a $1 trillion economy depended partly on helping small businesses grow into medium-sized and large enterprises capable of competing internationally.
Oyedele highlighted initiatives including the Development Bank of Nigeria, the National Credit Guarantee Company and the Investment in Digital and Creative Enterprises (iDICE) programme as part of efforts to support businesses and entrepreneurs.
He also disclosed that the NSIA was anchoring venture capital funds to attract institutional investment into Nigerian enterprises and developing an impact innovation fund with the Japan International Cooperation Agency, with British International Investment expressing interest in participating.
The minister’s comments come amid wider calls for measures to reduce the cost of doing business and strengthen domestic production. The Nigerian Economic Summit Group has also urged the government to address structural challenges that raise operating costs for businesses. Read more in TheDailyNewsHub’s report, NESG: Lower Business Costs Key to Bringing Down Nigeria’s Inflation.
At the event, NSIA Managing Director Aminu Umar-Sadiq said the 12 finalists were selected from more than 6,000 applications following five stages of screening and business development activities.
Come Again Foods emerged as the overall winner, receiving $105,000, while Protein Kapital and InstantRad placed second and third, with awards of $70,000 and $50,000 respectively.
Entrepreneurs were also encouraged to understand customer needs, build professional networks and prepare their businesses to attract investment. Organisers said the initiative aims to support promising enterprises and encourage sustainable business growth.