Nigerian businesses must look beyond conventional bank loans to secure the long-term funding, expertise and market connections needed to expand, Finance Minister Taiwo Oyedele has said.

Oyedele made the call as the Federal Government seeks to build a $1 trillion economy, stressing that helping small businesses grow into larger, competitive enterprises will be critical to achieving the ambition.

The Minister of Finance and Coordinating Minister of the Economy spoke on Saturday in Abuja at the fourth edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation, where seven startups received awards worth a combined $277,000.

Represented by his Special Adviser on Finance and Investment, Marie Ukpere, Oyedele said access to credit alone could not resolve the structural challenges preventing many Nigerian entrepreneurs from expanding their operations.

He said promising businesses also needed patient capital, experienced investment partners and networks that could connect them to new markets and support their growth.

“Too many promising businesses struggle to grow because they cannot access financing, skills, or institutional support they need to succeed,” the minister said.

According to him, small and medium-sized enterprises remain essential to employment, livelihoods and economic activity across Nigeria, but many lack the resources and institutional backing required to move beyond their current size.

Oyedele said the country’s economic ambition depended partly on its ability to help small enterprises develop into medium-sized businesses and eventually larger companies capable of competing across Africa and international markets.


The minister highlighted government-backed institutions and programmes designed to improve financing options and strengthen the capacity of businesses.

He identified the Development Bank of Nigeria and the National Credit Guarantee Company as part of the support framework intended to improve access to funding for small businesses and manufacturers.

The National Credit Guarantee Company is designed to reduce lending risks and encourage financial institutions to extend credit to businesses that might otherwise struggle to secure loans.

Oyedele also pointed to the Nigerian Consumer Credit Corporation, which seeks to strengthen household purchasing power and domestic demand, as part of the wider effort to support economic activity.

Another initiative highlighted was the $618 million Investment in Digital and Creative Enterprises programme, which provides support for young entrepreneurs through financing, skills development and business assistance.

The minister said the Nigeria Sovereign Investment Authority was also anchoring venture capital funds to attract institutional investment into Nigerian businesses.

He disclosed that the authority was developing an impact innovation fund in partnership with the Japan International Cooperation Agency, with British International Investment expressing interest in participating.

The proposed fund is expected to support commercially viable businesses addressing economic and development challenges.

The remarks were delivered at the NSIA Prize for Innovation, which recognised seven startups with awards totalling $277,000.

The programme provides a platform for innovative businesses to gain recognition and access support that could help them develop their ideas into sustainable enterprises.

Oyedele urged the participating entrepreneurs to look beyond the immediate benefits of winning awards, emphasising the importance of building businesses capable of sustaining growth and delivering results.

“The real measure of your success will not be the prize you receive today. It will be the businesses you go on to build afterwards,” he said.