Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for broader support for businesses, saying access to loans alone cannot address the challenges preventing many Nigerian enterprises from growing.
Oyedele made the remarks at the fourth edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation in Abuja, where seven startups received awards worth a combined $277,000.
Represented by his Special Adviser on Finance and Investment, Marie Ukpere, the minister said promising businesses needed patient capital, experienced investment partners and networks capable of helping them enter new markets and expand their operations.
He noted that small and medium-sized enterprises remained important to employment and livelihoods across Nigeria but continued to face barriers involving financing, technical expertise and institutional support.
According to him, transforming small businesses into medium-sized enterprises and eventually large companies would be critical to Nigeria’s ambition of building a $1 trillion economy.
Oyedele highlighted institutions and initiatives supporting enterprise development, including the Development Bank of Nigeria, the National Credit Guarantee Company and the Investment in Digital and Creative Enterprises programme.
He also pointed to efforts by the NSIA to attract venture capital into Nigerian businesses, alongside plans for an impact innovation fund being developed with the Japan International Cooperation Agency, with British International Investment expressing interest in participating.
The NSIA’s Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, said the competition attracted more than 6,000 applications, with 12 finalists selected after five stages of screening and business development activities.
He said this year’s programme focused on healthcare, manufacturing and food systems because of their potential to generate employment, strengthen skills and improve productivity.
Come Again Foods emerged as the overall winner, receiving a combined $105,000, while Protein Kapital and InstantRad placed second and third, receiving $70,000 and $50,000 respectively.
Other beneficiaries included Eight Medical, Uwana Energy, Tryctor and Smartei Agri Tech. The total award package of $277,000 comprised contributions from the NSIA, Cascador and Wema Bank.
Oyedele said the long-term success of business-support programmes should be measured by the enterprises they help build and the jobs and economic opportunities they create, rather than by the immediate value of awards or funding received.