By Oluwakemi Kindness
The Federal Government says limited access to finance, business skills and investor support is preventing many Nigerian small businesses from expanding, warning that addressing these challenges will be critical to achieving the country’s one-trillion-dollar economy target.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this at the fourth edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation in Abuja at the weekend where he was represented by his Special Adviser on Investments, Marie Ukpere.
Oyedele said Nigeria’s economic ambition depends on helping small businesses grow into medium-sized enterprises and eventually become large companies capable of creating jobs, attracting investments and competing in international markets.
He described small and medium-sized enterprises as the backbone of the economy, noting that they provide employment and sustain economic activities across several sectors.
The minister identified limited access to funding and business support as major obstacles to expansion, highlighting government initiatives such as the Development Bank of Nigeria and the National Credit Guarantee Company as efforts to improve access to finance for businesses and manufacturers.
He also cited a 618-million-dollar programme designed to support technology and creative enterprises with funding, skills and business development opportunities.
According to Oyedele, entrepreneurs need more than bank loans to succeed. They also require patient capital, experienced investors and business networks to help them enter new markets and expand their operations.
He urged young Nigerians to focus on building sustainable businesses, stressing that the success of entrepreneurship initiatives should be measured by the companies they develop and the jobs they create.
Managing Director and Chief Executive Officer of the NSIA, Aminu Umar-Sadiq, said the authority’s support for entrepreneurs extends beyond prize money to include business development, equity support and access to investors.
He said eligible winners could apply for up to 1.5 million dollars in growth capital through the Pula Xcelerator and participate in a fully funded entrepreneurial development programme at the Enterprise Development Centre in Lagos.
Umar-Sadiq said sustained support would be necessary to help small businesses overcome growth challenges, create jobs and contribute meaningfully to Nigeria’s economic development.
12 finalists, selected from 6,000 applications, presented innovative solutions in manufacturing, climate and food security, and healthcare.
The competition’s overall winner, Come Again Foods, received a 100,000-dollar prize for producing packaged snacks from locally sourced agricultural produce.
Protein Kapital came second with 70,000 dollars, while Instant Rad, an artificial intelligence-powered platform connecting hospitals with radiologists across Africa, placed third with 50,000 dollars.
