Nigerian businesses need more than loans to grow – Oyedele
Finance Minister Taiwo Oyedele says Nigerian businesses need patient capital, experienced investors, and institutional support, not just loans, for growth. Read More: https://punchng.com/nigerian-businesses-need-more-than-loans-to-grow-oyedele-2/
Nigerian businesses require more than traditional loans to grow, stated Minister of Finance Taiwo Oyedele during the fourth Nigeria Sovereign Investment Authority Prize for Innovation in Abuja. Oyedele emphasized the need for patient capital, experienced investors, and institutional support to overcome barriers to growth for small and medium-sized enterprises (SMEs).
These ventures, which sustain millions of livelihoods, often struggle due to a lack of financing, technical capacity, and institutional backing. Nigeria's goal of building a $1tn economy hinges on transforming SMEs into large, internationally competitive companies. The Development Bank of Nigeria and the National Credit Guarantee Company support SME financing, while the NSIA's $618m Investment in Digital and Creative Enterprises program assists young entrepreneurs through financing, skills development, and business assistance.
The NSIA, represented by its CEO Aminu Umar-Sadiq, highlighted the 12 finalists, chosen from over 6,000 applications, with a focus on healthcare, manufacturing, and food systems. The competition aims to provide six weeks of learning at Lagos Business School and additional financing opportunities for the finalists.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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