Nigerian businesses need more than loans to grow — Oyedele

Nigerian Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has emphasized that Nigerian businesses need more than conventional loans to grow, stressing the importance of patient capital, experienced investors, and institutional support. At the Nigeria Sovereign Investment Authority Prize for Innovation, Oyedele highlighted that while small and medium-sized enterprises (SMEs) sustain millions of livelihoods, many struggle to expand due to inadequate financing, technical capacity, and institutional backing.

He identified the Development Bank of Nigeria, the National Credit Guarantee Company, and the Nigerian Consumer Credit Corporation as institutions supporting access to business financing. The minister also mentioned the $618 million Investment in Digital and Creative Enterprises program as an intervention supporting young entrepreneurs through financing, skills development, and business assistance.

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