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Finance Minister Taiwo Oyedele says businesses need patient capital, experienced investors, and institutional support beyond conventional loans.
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Seven startups received awards worth a combined $277,000 at the fourth NSIA Prize for Innovation.
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Come Again Foods won $105,000, while healthcare, manufacturing and food systems were prioritised for their investment and job-creation potential.
October 26, (THEWILL) – Nigerian businesses need more than conventional loans to expand, with patient capital, experienced investors and institutional support required to help promising enterprises scale, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.
Oyedele made the observation on Saturday in Abuja at the fourth edition of the Nigeria Sovereign Investment Authority Prize for Innovation, where seven startups received awards valued at a combined $277,000.
Represented by his Special Adviser on Finance and Investment, Marie Ukpere, the minister said access to credit alone could not resolve the structural constraints facing entrepreneurs.
“High-potential businesses often require more than conventional credit. They need patient capital, experienced investment partners, and networks that can help them enter new markets and achieve scale,” he said.
He noted that small and medium-sized enterprises sustain millions of livelihoods and provide employment across Nigeria, but many struggle to expand because of gaps in financing, technical expertise, and institutional support.
Oyedele argued that Nigeria’s ambition to build a $1tn economy would depend partly on helping small businesses grow into medium-sized enterprises and eventually large companies capable of competing internationally.
Financing gap extends beyond bank credit
The minister identified the Development Bank of Nigeria and the National Credit Guarantee Company as institutions intended to improve access to financing for businesses.
He said the National Credit Guarantee Company was designed to reduce lending risks and encourage financial institutions to extend credit to small businesses and manufacturers.
Oyedele also cited the $618m Investment in Digital and Creative Enterprises programme as an intervention supporting young entrepreneurs through financing, skills development and business assistance.
His remarks point to a broader challenge for Nigerian businesses: obtaining a loan may provide working capital, but scaling operations can also require equity investment, management expertise, market access and the capacity to meet larger orders.
At the event, the NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, said the 12 finalists had emerged from more than 6,000 applications after five stages of screening and business development activities.
He described the competition as part of NSIA’sstrategy to support entrepreneurship alongside its investments in infrastructure.
Umar-Sadiq said healthcare, manufacturing and food systems were selected as priority sectors this year because of their potential to create jobs, build skills and improve productivity.
All 12 finalists are expected to participate in a six-week learning programme at Lagos Business School, while strategic partners are to provide further opportunities for financing and business development.
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Healthcare, food systems attract attention
The National Coordinator of the Presidential Unlocking Healthcare Value Chain Initiative, Abdu Mukhtar, identified healthcare as a major investment opportunity, estimating Nigeria’s addressable healthcare market at $20bn.
He said the sector offered opportunities across pharmaceutical manufacturing, medical devices, clinical research, telemedicine and healthcare logistics.
Mukhtar also cited an International Finance Corporation estimate of about 250,000 small and medium-sized enterprises operating in healthcare, underscoring the scale of business activity across the value chain.
Entrepreneurs and investors at the event stressed that access to capital must be matched by business readiness.
Affiong Williams, founder and chief executive of ReelFruit and lead judge of the competition, said her company had raised more than $7m over 14 years.
She attributed its ability to attract investment to preparation, credibility and resilience, urging entrepreneurs to understand customer demand and build strong business networks.
Dave DeLucia, founder and director of Cascador, similarly argued that preparing businesses to attract investment was as important as securing the funding itself.
“Capital readiness is just as important or more important than the capital itself,” he said, adding that businesses operating outside Lagos often needed stronger institutional support.
Come Again Foods emerged as the overall winner, receiving a combined $105,000 in prizes. Protein Kapital placed second with $70,000, while InstantRad came third with $50,000.
The awards highlight the role of targeted financing and business development programmes in supporting emerging companies.
However, the wider challenge remains whether such interventions can help more Nigerian enterprises overcome funding and capacity constraints, expand operations and create sustainable employment.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
