Nigerian Businesses Need More Than Loans, Says Finance Minister Oyedele

Hibbatullah Shittu

October 26, 2026
2 min read
loans

Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele has stated that expanding Nigerian enterprises require patient capital, experienced investors, and strategic market access beyond traditional bank loans to overcome growth barriers.

Oyedele stated this on Saturday in Abuja during the fourth edition of the Nigeria Sovereign Investment Authority Prize for Innovation, where seven tech startups received awards totaling 277,000 dollars.

Represented at the ceremony by Special Adviser on Finance and Investment Marie Ukpere, the minister noted that while small and medium enterprises drive national employment, limited technical capacity and high financing costs restrict their ability to scale up operations.

“High-potential businesses often require more than conventional credit,” Oyedele said. “They need patient capital, experienced investment partners, and networks that can help them enter new markets and achieve scale.”

Oyedele explained that government initiatives like the National Credit Guarantee Company and the Development Bank of Nigeria are actively working to reduce risk for commercial lenders. He added that expanding domestic enterprises remains vital to building a one-trillion-dollar national economy.

At the ceremony, food production startup Come Again Foods took the top prize of 105,000 dollars, while health tech firms Protein Kapital and InstantRad secured 70,000 dollars and 50,000 dollars respectively.