Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele, has reaffirmed the Federal Government’s commitment to supporting small and medium-sized enterprises (SMEs) to stimulate economic growth, create jobs and promote entrepreneurship.
Oyedele gave the assurance at the fourth edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation (NPI) Demo Day 2026, held in Abuja on Saturday. He was represented at the event by his Special Adviser on Investments, Marie Ukpere.
The minister described SMEs as the backbone of the Nigerian economy, noting that they sustain millions of livelihoods, generate employment and support economic activities across various sectors.
He said Nigeria’s ambition to build a trillion-dollar economy depended significantly on its ability to help small businesses grow into medium-sized enterprises and eventually become large, globally competitive companies.
According to him, the government is addressing financing and capacity constraints that hinder business expansion through initiatives such as the Development Bank of Nigeria, the National Credit Guarantee Company and the Investment in Digital and Creative Enterprises (iDICE) programme.
Oyedele also highlighted the NSIA’s support for venture capital funds to mobilise institutional investment into promising Nigerian businesses.
He urged the finalists to remain ambitious, disciplined and committed to building sustainable enterprises, emphasising that their long-term success would be determined by the businesses they establish beyond the competition.
“The real measure of your success will not be the prize you receive today, but the businesses you go on to build afterwards,” he said.
The minister commended the NSIA for creating a platform to identify and nurture entrepreneurial talent. He also acknowledged the contributions of partners, mentors and investors to the development of Nigeria’s business ecosystem.
Earlier, the Founder and Chief Executive Officer of ReelFruit, Mrs Affiong Williams, advised entrepreneurs to understand their customers, build strong professional networks and remain resilient to succeed in business.
Williams, one of the judges at the competition, shared lessons from her entrepreneurial journey with the finalists, stressing the importance of understanding target customers and ensuring that products meet market needs rather than focusing exclusively on innovation.
She also encouraged entrepreneurs to establish strong professional networks and build reputations for commitment, preparedness and credibility to improve their chances of attracting investors.
Drawing on her experience, Williams disclosed that her business had raised more than seven million dollars in funding from individuals and institutions.
She further urged entrepreneurs to remain resilient amid Nigeria’s economic challenges, including currency fluctuations, policy changes and macroeconomic instability.
Williams encouraged the finalists to view the competition as a stepping stone to greater opportunities and remain focused on building sustainable businesses capable of creating jobs, generating wealth and delivering economic impact.
Also speaking, Cascador Founder Dave DeLucia, one of the NPI sponsors, emphasised the importance of capital readiness for entrepreneurs seeking investment and sustainable business growth.
DeLucia said Cascador supported technology and real-economy businesses through capital-readiness training and funding options, including working-capital credit lines, long-term debt and equity, in partnership with Sterling Bank.
He noted that preparing businesses to access funding required considerable time and effort, adding that entrepreneurs operating outside Lagos needed greater support to develop the capacity required to attract investment.
He advised the finalists to remain humble, recognise the challenges involved in scaling their businesses and actively seek guidance from experienced professionals to improve their prospects of success.
The News Agency of Nigeria (NAN) reports that the NSIA Prize for Innovation is designed to support early-stage Nigerian innovators developing transformative solutions to address some of the country’s most pressing challenges.
The fourth edition of the competition focused on three core areas: healthcare, manufacturing and climate, and food security.
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