Nigerian Businesses Need More Than Loans To Grow — Oyedele

Nigerian businesses need more than access to loans to expand, create jobs and compete effectively, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.

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 totalling $277,000.

Represented at the event by his Special Adviser on Finance and Investment, Marie Ukpere, the minister said small and medium-sized enterprises remained essential to employment generation and economic development but faced persistent barriers to growth.

He explained that while access to credit was important, businesses also needed patient capital, technical expertise, experienced investors and institutional support to build sustainable operations.

According to him, Nigeria’s ambition to develop a $1 trillion economy would require more small businesses to grow into medium-sized enterprises and eventually larger companies capable of competing in international markets.

Oyedele highlighted government-backed initiatives aimed at improving financing opportunities for businesses, including the Development Bank of Nigeria, the National Credit Guarantee Company and the Investment in Digital and Creative Enterprises programme.

He said credit-guarantee arrangements could help reduce lending risks for financial institutions and encourage financing for small businesses and manufacturers.

The minister also highlighted efforts by the NSIA to establish venture capital funds capable of attracting institutional investors to Nigerian enterprises. An impact innovation fund being developed with the Japan International Cooperation Agency was among the initiatives discussed.

NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, said the competition received more than 6,000 applications, with 12 finalists emerging after a multi-stage selection process.

The competition focused on healthcare, manufacturing and food systems, sectors identified for their potential to improve productivity, create employment and address critical development needs.

Come Again Foods emerged as the overall winner, receiving a combined $105,000. Protein Kapital placed second with $70,000, while InstantRad came third with $50,000. Other award recipients included Eight Medical, Uwana Energy, Tryctor and Smartei Agri Tech.

The finalists were also scheduled to participate in a six-week learning programme at Lagos Business School.

Oyedele’s remarks underscore the need for a broader approach to enterprise financing, combining access to capital with skills, investment partnerships and support systems that can help Nigerian businesses scale sustainably.