Morganable Business/Economy
Oyedele noted that small and medium-sized enterprises remained critical to Nigeria’s economic development, providing employment opportunities and sustaining millions of households across the country
KaNo —
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said access to loans alone is insufficient to guarantee the growth and sustainability of Nigerian businesses, stressing the need for patient capital, experienced investors and stronger institutional support.
Oyedele stated this on Saturday in Abuja during the fourth edition of the Nigeria Sovereign Investment Authority Prize for Innovation, where seven startups received awards valued at $277,000.
The minister, who was represented by his Special Adviser on Finance and Investment, Marie Ukpere, explained that entrepreneurs required comprehensive financial and technical support to overcome structural challenges limiting business expansion.
According to him, although conventional credit remains important, many promising businesses need long-term investment partnerships, mentorship and access to markets to achieve sustainable growth.
“We also recognise that high-potential businesses often require more than conventional credit. They need patient capital, experienced investment partners, and networks that can help them enter new markets and achieve scale,” he said.
Oyedele noted that small and medium-sized enterprises remained critical to Nigeria’s economic development, providing employment opportunities and sustaining millions of households across the country.
However, he expressed concern that many businesses continued to operate below their potential because of limited access to appropriate financing, inadequate technical capacity and insufficient institutional backing.
“Too many promising businesses struggle to grow because they cannot access financing, skills, or institutional support they need to succeed,” the minister added.
He explained that addressing these challenges would require coordinated interventions involving government institutions, development finance organisations and private-sector investors.
According to him, Nigeria’s ambition to build a $1tn economy would depend significantly on its ability to support small businesses to become medium-sized enterprises and eventually large companies capable of competing in international markets.
He stressed that developing a stronger entrepreneurial ecosystem would help stimulate productivity, create employment opportunities and strengthen the country’s economic competitiveness.
The minister identified the Development Bank of Nigeria and the National Credit Guarantee Company as important institutions established to improve financing opportunities for businesses.
He explained that the National Credit Guarantee Company was designed to reduce lending risks faced by financial institutions, thereby encouraging banks to extend credit to small businesses and manufacturers.
Oyedele also highlighted the $618m Investment in Digital and Creative Enterprises programme as another government-backed intervention aimed at supporting young entrepreneurs.
He said the initiative combined financing with skills development and business assistance to enable participants to develop commercially viable enterprises.
The minister maintained that such interventions demonstrated the importance of moving beyond traditional lending arrangements towards a more comprehensive business development framework.
Earlier, the Managing Director and Chief Executive Officer of the Nigeria Sovereign Investment Authority, Aminu Umar-Sadiq, disclosed that the 12 finalists in this year’s competition were selected from more than 6,000 applications.
He explained that the participants underwent five stages of screening and business development activities before emerging as finalists.
Umar-Sadiq said the competition formed part of the authority’s broader investment strategy to support innovation and entrepreneurship alongside its infrastructure financing responsibilities.
Speaking with journalists, he explained that the initiative was designed to identify promising businesses and provide opportunities for their development and expansion.
According to him, this year’s competition focused on healthcare, manufacturing and food systems because of their capacity to generate employment, develop skills and improve national productivity.
He noted that investments in these sectors could strengthen domestic production and create opportunities for innovative businesses to address critical economic challenges.
The NSIA boss further disclosed that all 12 finalists would participate in a six-week learning programme at Lagos Business School.
He added that strategic partners involved in the initiative would provide further opportunities for financing, mentorship and business development.
Umar-Sadiq maintained that the programme was intended to equip entrepreneurs with the knowledge and institutional connections required to transform innovative ideas into sustainable businesses.
Also speaking at the event, the National Coordinator of the Presidential Unlocking Healthcare Value Chain Initiative, Dr Abdu Mukhtar, identified healthcare as a major investment opportunity for Nigerian entrepreneurs.
Mukhtar estimated the country’s addressable healthcare market at approximately $20bn, noting that the sector offered significant opportunities for business development and job creation.
“We estimate that across the healthcare value chain, the addressable market is about $20bn. There are already about 250,000 SMEs in healthcare, according to the IFC,” he said.
He identified pharmaceutical manufacturing, medical devices, clinical research, telemedicine and healthcare logistics as areas with considerable investment potential.
According to him, expanding entrepreneurial participation across the healthcare value chain could contribute to improving access to essential medical products and services while strengthening domestic capacity.
Mukhtar’s remarks highlighted the opportunities available to businesses seeking to develop innovative solutions to challenges confronting Nigeria’s healthcare system.
Similarly, the founder and Chief Executive Officer of ReelFruit and lead judge of the competition, Affiong Williams, urged entrepreneurs to prioritise preparation, credibility and resilience when seeking investment.
Williams disclosed that her company had raised more than $7m over 14 years, attributing its fundraising success to sustained preparation and the ability to build investor confidence.
She encouraged business owners to understand customer demand, establish strong professional networks and maintain their focus despite prevailing economic difficulties.
According to her, entrepreneurs must demonstrate the viability of their businesses and develop the capacity to manage investments effectively.
Also speaking, the founder and director of Cascador, Dave DeLucia, emphasised that preparing businesses to attract investment was equally important as making capital available.
“Capital readiness is just as important or more than the capital itself,” he said.
DeLucia noted that entrepreneurs operating outside Lagos often faced additional challenges in accessing investment opportunities and institutional support.
He stressed the need to strengthen business development structures to enable more entrepreneurs across the country to benefit from financing opportunities.
At the competition, Come Again Foods emerged as the overall winner, receiving a combined prize of $105,000.
Protein Kapital secured second position with $70,000, while InstantRad finished third and received $50,000.
The awards formed part of the $277,000 prize package presented to seven startups during the event.
The competition underscored growing efforts to strengthen Nigeria’s entrepreneurial ecosystem through investment, business development and institutional partnerships, particularly in sectors considered critical to economic diversification and sustainable growth.
