Finance minister highlights credit guarantees, consumer financing and youth entrepreneurship programmes as key tools to help Nigerian businesses expand……
The Federal Government says it is supporting small businesses through targeted financing initiatives and entrepreneurship programmes to stimulate economic growth, create jobs and strengthen the private sector.
Taiwo Oyedele, minister of finance and coordinating minister of the economy, stated this on Saturday at the fourth edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation (NPI) Demo Day 2026 in Abuja.
Oyedele, who was represented by Marie Ukpere, his special adviser on investments, described small and medium-sized enterprises (SMEs) as a critical part of Nigeria’s economy, noting that they sustain millions of livelihoods, generate employment and support economic activities across multiple sectors.
He said expanding the capacity of small businesses to grow into larger enterprises would be essential to achieving Nigeria’s ambition of building a trillion-dollar economy.
“Our ambition to build a trillion-dollar economy will depend in no small measure on our ability to help small businesses become medium-sized enterprises, medium-sized enterprises become large companies, and Nigerian companies become competitive players across Africa and the world,” he said.
According to the minister, Nigeria must create an environment where young people can establish businesses, develop new industries and employ others, rather than depend exclusively on existing companies for job opportunities.
He said a stronger entrepreneurial ecosystem would help expand employment opportunities while enabling more Nigerian businesses to compete in regional and international markets.
Oyedele identified several government-backed initiatives aimed at improving access to financing and supporting business expansion, particularly among SMEs, manufacturers and young entrepreneurs.
Among them is the National Credit Guarantee Company, which is designed to reduce lending risks for financial institutions and encourage banks to extend more credit to businesses that may struggle to meet conventional lending requirements.
The initiative is expected to improve access to finance for small businesses and manufacturers by providing credit guarantees that help address some of the risks associated with lending to these sectors.
The minister also highlighted the Nigerian Consumer Credit Corporation, known as CreditCorp, which is intended to expand access to responsible consumer credit.
According to him, the initiative is aimed at strengthening purchasing power and supporting domestic demand by enabling eligible consumers to access financing for goods and services.
Oyedele further cited the Investment in Digital and Creative Enterprises (iDICE) programme, which supports young entrepreneurs in Nigeria’s technology and creative sectors through financing, skills development and business support.
He said the initiatives formed part of broader efforts to create opportunities for entrepreneurship, improve access to capital and help businesses develop the capacity to grow.
Oyedele urges innovation finalists to build sustainable businesses
Addressing the finalists at the innovation competition, Oyedele encouraged them to remain ambitious, disciplined and committed to developing businesses capable of surviving beyond the competition.
He said the value of the programme should not be measured solely by the prizes awarded to participants but by the enterprises they establish and the economic impact they generate afterwards.
“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 urged the entrepreneurs to focus on building sustainable companies that can create jobs, generate wealth and contribute to Nigeria’s long-term economic development.
Earlier, Affiong Williams, founder and chief executive officer of ReelFruit and one of the competition’s judges, advised entrepreneurs to prioritise customer needs, develop strong professional networks and remain resilient in the face of business challenges.
Williams said innovation alone was insufficient to guarantee commercial success, stressing that entrepreneurs needed to understand their target markets and develop products that addressed genuine customer demands.
She urged participants to establish strong relationships within their industries and build reputations for reliability, preparedness and credibility, which she said could improve their chances of attracting investors.
Williams also encouraged entrepreneurs to remain persistent despite Nigeria’s challenging business environment, including currency fluctuations, policy changes and wider macroeconomic uncertainty.
She advised the finalists to view the competition as a platform for accessing greater opportunities rather than an end in itself.
According to her, their long-term focus should be on developing sustainable businesses that generate employment, create wealth and deliver economic value.
Entrepreneurs urged to prepare for investment
Also speaking, Dave DeLucia, founder of Cascador and one of the NPI sponsors, said entrepreneurs needed to prepare their businesses adequately before seeking investment.
He noted that attracting funding required significant time and effort, with businesses expected to demonstrate their readiness for growth and their ability to deploy capital effectively.
DeLucia also highlighted the need to provide greater support for entrepreneurs operating outside Lagos, saying they required additional assistance to build the capacity needed to attract investment.
His remarks underscored the importance of expanding access to business development support beyond Nigeria’s major commercial centres.
The discussions at the event highlighted the role of financing, innovation, customer-focused business models and investment readiness in helping Nigerian entrepreneurs build sustainable enterprises.
For the Federal Government, expanding support for small businesses remains a key part of efforts to strengthen private-sector activity, increase employment and develop Nigerian companies capable of competing across Africa and beyond.
