Nigerian businesses need more than conventional loans to expand, according to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele. Speaking at the fourth edition of the Nigeria Sovereign Investment Authority Prize for Innovation in Abuja, where seven startups received awards totalling $277,000, Oyedele said high-potential businesses require patient capital, experienced investment partners and networks to help them enter new markets and achieve scale. He noted that although small and medium-sized enterprises sustain millions of livelihoods and provide employment across the country, many struggle to expand because of inadequate financing, technical capacity and institutional backing.
Oyedele stressed that access to credit alone cannot address the structural challenges confronting entrepreneurs. Nigeria's ambition to build a $1 trillion economy depends significantly on transforming small businesses into medium-sized enterprises and eventually large companies capable of competing internationally, he said. The minister highlighted support from institutions including the Development Bank of Nigeria and the National Credit Guarantee Company, which was designed to reduce lending risks and encourage banks to extend credit to small and medium-sized enterprises and manufacturers. He also cited the $618 million Investment in Digital and Creative Enterprises programme as supporting young entrepreneurs through financing, skills development and business assistance.
The Nigeria Sovereign Investment Authority is anchoring venture capital funds to attract institutional investment into Nigerian enterprises and developing an impact innovation fund with the Japan International Cooperation Agency, with British International Investment expressing interest in participating, Oyedele said. The NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, disclosed that the 12 finalists emerged from more than 6,000 applications following five stages of screening and business development activities. The programme focused on healthcare, manufacturing and food systems because of their potential to generate employment, develop skills and improve productivity.
Come Again Foods emerged as the overall winner, receiving a combined $105,000 prize, while Protein Kapital and InstantRad finished second and third, securing $70,000 and $50,000 respectively. Other beneficiaries included Eight Medical, Uwana Energy, Tryctor and Smartei Agri Tech. All 12 finalists will participate in a six-week learning programme at Lagos Business School, with strategic partners providing additional opportunities for financing and business development. The NSIA said the $277,000 award package comprised $220,000 from the authority, $45,000 from Cascador and $12,000 from Wema Bank.
The National Coordinator of the Presidential Unlocking Healthcare Value Chain Initiative, Dr Abdu Mukhtar, identified healthcare as a major investment opportunity, estimating Nigeria's addressable healthcare market at $20 billion. Pharmaceutical manufacturing, medical devices, clinical research, telemedicine and healthcare logistics offer opportunities for entrepreneurs, he said. ReelFruit founder and Chief Executive Officer Affiong Williams, who led the competition judges, said her company had raised more than $7 million over 14 years, attributing its ability to attract investment to preparation, credibility and resilience. Cascador Founder and Director Dave DeLucia argued that preparing businesses to attract investment was as important as providing capital.