NIGERIAN BUSINESSES NEED MORE THAN LOANS TO GROW — OYEDELE

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for broader support for Nigerian businesses, saying loans alone cannot remove the obstacles preventing many entrepreneurs from expanding.

Speaking at the fourth Nigeria Sovereign Investment Authority Prize for Innovation in Abuja on Saturday, Oyedele said promising businesses also needed long-term investment, experienced partners, practical skills and access to new markets.

The minister, represented by his Special Adviser on Finance and Investment, Marie Ukpere, spoke at an event where seven startups received awards worth $277,000.

He explained that small and medium-sized businesses support millions of livelihoods but often struggle to grow because financing is only one part of their challenge.

According to Oyedele, Nigeria’s ambition to build a $1 trillion economy requires helping small enterprises develop into larger companies that can compete internationally.

He highlighted the Development Bank of Nigeria and the National Credit Guarantee Company as institutions working to improve access to finance. He said credit guarantees could reduce lenders’ risks and encourage more lending to businesses and manufacturers.

Oyedele also cited the $618 million Investment in Digital and Creative Enterprises programme, which combines funding with skills development and business support.

He disclosed that the NSIA was supporting venture capital funds and developing an impact innovation fund with the Japan International Cooperation Agency. British International Investment had expressed interest in participating, he added.

Addressing the finalists, the minister urged them to focus on building lasting businesses beyond the competition.

NSIA Managing Director Aminu Umar-Sadiq said the 12 finalists were selected from more than 6,000 applications through five stages of screening and business development activities.