{
  "id": 16532727,
  "title": "Nigerian businesses need more than loans to grow – Oyedele",
  "url": "https://urgent.news/2026/10/25/nigerian-businesses-need-more-than-loans-to-grow-oyedele-16532727",
  "topic": "world",
  "section": "World",
  "published": "2026-10-25T23:36:56.000Z",
  "source": {
    "name": "Punch",
    "slug": "punch",
    "url": "https://punchng.com/nigerian-businesses-need-more-than-loans-to-grow-oyedele-2/"
  },
  "original_language": "en",
  "account": "Nigerian entrepreneurs require more than mere loans to flourish, according to Finance Minister Taiwo Oyedele. He emphasized the necessity for patient capital, seasoned investors, and institutional backing to surmount obstacles to growth during the fourth edition of the Nigeria Sovereign Investment Authority Prize for Innovation in Abuja. Seven startups received $277,000 in awards. Oyedele, represented by his Special Adviser on Finance and Investment Marie Ukpere, explained that credit access alone is insufficient to tackle the structural hurdles confronting entrepreneurs. He stressed that high-potential businesses often need more than traditional credit, including patient capital, experienced investment partners, and networks to enter new markets and achieve scale. Despite sustaining millions of jobs and livelihoods, many small and medium-sized enterprises (SMEs) struggle to expand due to inadequate financing, technical capability, and institutional support. Nigeria's goal of achieving a $1tn economy hinges on converting small businesses into medium-sized and eventually large international competitors. The minister highlighted institutions like the Development Bank of Nigeria and the National Credit Guarantee Company as crucial for supporting business financing, with the latter designed to mitigate lending risks and encourage banks to provide credit to SMEs and manufacturers. The $618 million Investment in Digital and Creative Enterprises programme was also mentioned as an initiative aiding young entrepreneurs through financing, skills development, and business assistance. The Ministry of Finance and Coordinating Minister of the Economy underlined that the NSIA's competition, featuring 12 finalists, is part of its investment strategy to support entrepreneurs alongside infrastructure financing activities. All 12 finalists would participate in a six-week learning programme at Lagos Business School, with strategic partners providing additional financing and business development opportunities. Dr Abdu Mukhtar, the National Coordinator of the Presidential Unlocking Healthcare Value Chain Initiative, identified healthcare as a significant investment opportunity, estimating Nigeria's addressable healthcare market at $20bn. He pinpointed pharmaceutical manufacturing, medical devices, clinical research, telemedicine, and healthcare logistics as areas with substantial potential for entrepreneurial growth. The winner of the competition, Come Again Foods, received a combined $105,000 prize, followed by Protein Kapital and InstantRad, who took home $70,000 and $50,000, respectively.",
  "summary": "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/",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Premium Times",
        "title": "Nigerian businesses need more than bank loans to thrive – Finance Minister",
        "url": "https://urgent.news/2026/10/25/nigerian-businesses-need-more-than-bank-loans-to-thrive-finance",
        "published": "2026-10-25T13:20:45.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}