Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for stronger investment support for Nigerian businesses, saying access to conventional loans alone is insufficient to drive sustainable growth.
Oyedele made the observation on Saturday, October 24, 2026, during the fourth edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation in Abuja.
Represented by his Special Adviser on Finance and Investment, Marie Ukpere, the minister identified long-term investment, experienced financial partners and access to business networks as essential requirements for expanding Nigerian enterprises.
He explained that many promising small and medium-sized businesses continue to face difficulties because of inadequate financing, limited technical expertise and insufficient institutional support.
According to the minister, Nigeria's ambition to develop a one-trillion-dollar economy depends partly on helping smaller enterprises grow into established companies capable of competing in international markets.
Oyedele highlighted government-backed financial institutions, including the Development Bank of Nigeria and the National Credit Guarantee Company, as important channels for improving access to business financing.
He also referred to the Nigerian Consumer Credit Corporation's efforts to support household purchasing power and the $618 million Investment in Digital and Creative Enterprises programme, designed to assist entrepreneurs through funding, training and business development.
The minister disclosed that the NSIA was working to attract institutional capital through venture capital initiatives, including a proposed impact innovation fund being developed with the Japan International Cooperation Agency.
He said British International Investment had also expressed interest in participating in the initiative.
At the innovation competition, seven Nigerian startups received a combined $277,000 in awards.
Come Again Foods emerged as the overall winner, securing $105,000, while Protein Kapital finished second with $70,000 and InstantRad placed third with $50,000.
Other beneficiaries included Eight Medical, Uwana Energy, Tryctor and Smartei Agri Tech.
The NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, revealed that the 12 finalists were selected from more than 6,000 applications through a five-stage evaluation process.
He explained that the programme prioritised businesses operating in healthcare, manufacturing and food systems because of their potential to support employment, skills development and increased productivity.
All 12 finalists will also participate in a six-week learning programme at Lagos Business School.
Speaking on investment opportunities in healthcare, the National Coordinator of the Presidential Unlocking Healthcare Value Chain Initiative, Dr Abdu Mukhtar, estimated Nigeria's potential healthcare market at approximately $20 billion.
He identified pharmaceutical manufacturing, medical technology, clinical research, telemedicine and healthcare logistics as promising areas for entrepreneurs.
Meanwhile, ReelFruit founder and competition lead judge Affiong Williams encouraged business owners to focus on building credibility, understanding customer demand and developing networks that could attract investment.
The event reinforced the government's position that expanding Nigeria's entrepreneurial sector requires a combination of financial resources, business expertise, market access and long-term investment partnerships.
Oyedele maintained that the lasting success of innovation programmes should be measured by the sustainable businesses participants eventually build, rather than the immediate value of prizes received.
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#Taiwo Oyedele
#Nigerian Economy
#SMEs
#Entrepreneurship
#Business Growth
#Startup Funding
#NSIA
#Finance
#Innovation
#Glow FM
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Finance Minister Taiwo Oyedele says Nigerian businesses need patient capital, experienced investors and stronger institutional support to expand, as seven startups receive awards worth $277,000 at the NSIA Prize for Innovation. Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for stronger investment support for Nigerian businesses, saying access to conventional loans alone...
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- Finance Minister Taiwo Oyedele says Nigerian businesses need patient capital, experienced investors and stronger institutional support to expand, as seven startups receive awards worth $277,000 at the NSIA Prize for Innovation.
- Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for stronger investment support for Nigerian businesses, saying access to conventional loans alone is insufficient to drive sustainable growth.Oyedele made the observation on Saturday, October 24, 2026, during the fourth edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation in Abuja.Represented by his Special Adviser on Finance and Investment, Marie Ukpere, the minister identified long-term investment, experienced financial partners and access to business networks as essential requirements for expanding Nigerian enterprises.He explained that many promising small and medium-sized businesses continue to face difficulties because of inadequate financing, limited technical expertise and insufficient institutional support.According to the minister, Nigeria's ambition to develop a one-trillion-dollar economy depends partly on helping smaller enterprises grow into established companies capable of competing in international markets.Oyedele highlighted government-backed financial institutions, including the Development Bank of Nigeria and the National Credit Guarantee Company, as important channels for improving access to business financing.He also referred to the Nigerian Consumer Credit Corporation's efforts to support household purchasing power and the $618 million Investment in Digital and Creative Enterprises programme, designed to assist entrepreneurs through funding, training and business development.The minister disclosed that the NSIA was working to attract institutional capital through venture capital initiatives, including a proposed impact innovation fund being developed with the Japan International Cooperation Agency.He said British International Investment had also expressed interest in participating in the initiative.At the innovation competition, seven Nigerian startups received a combined $277,000 in awards.Come Again Foods emerged as the overall winner, securing $105,000, while Protein Kapital finished second with $70,000 and InstantRad placed third with $50,000.Other beneficiaries included Eight Medical, Uwana Energy, Tryctor and Smartei Agri Tech.The NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, revealed that the 12 finalists were selected from more than 6,000 applications through a five-stage evaluation process.He explained that the programme prioritised businesses operating in healthcare, manufacturing and food systems because of their potential to support employment, skills development and increased productivity.All 12 finalists will also participate in a six-week learning programme at Lagos Business School.Speaking on investment opportunities in healthcare, the National Coordinator of the Presidential Unlocking Healthcare Value Chain Initiative, Dr Abdu Mukhtar, estimated Nigeria's potential healthcare market at approximately $20 billion.He identified pharmaceutical manufacturing, medical technology, clinical research, telemedicine and healthcare logistics as promising areas for entrepreneurs.Meanwhile, ReelFruit founder and competition lead judge Affiong Williams encouraged business owners to focus on building credibility, understanding customer demand and developing networks that could attract investment.The event reinforced the government's position that expanding Nigeria's entrepreneurial sector requires a combination of financial resources, business expertise, market access and long-term investment partnerships.Oyedele maintained that the lasting success of innovation programmes should be measured by the sustainable businesses participants eventually build, rather than the immediate value of prizes received.
- This story is filed under business on Glow 99.1 FM.
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Finance Minister Taiwo Oyedele says Nigerian businesses need patient capital, experienced investors and stronger institutional support to expand, as seven startups receive awards worth $277,000 at the NSIA Prize for Innovation. Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for stronger investment support for Nigerian businesses, saying access to conventional loans alone...
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Glow 99.1 FM published this story with OYEBODE OLUWAFEMI EMMANUEL listed as author.
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October 25, 2026
