Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, has reaffirmed the Federal Government’s commitment to supporting SMEs to drive economic growth, create jobs and promote entrepreneurship.
Oyedele, gave the assurance at the Fourth Edition of the Nigeria Sovereign Investment Authority, NSIA, Prize for Innovation, NPI 4.0, in Abuja on Saturday.
He was represented by Marie Ukpere, his Special Adviser on Investments.
He said small and medium-sized enterprises, SMEs, remained the backbone of the Nigerian economy, sustaining millions of livelihoods, creating employment, and supporting economic activity across sectors.
The minister said Nigeria’s ambition to build a trillion-dollar economy depended significantly on the ability to help small businesses grow into medium-sized businesses evolve into large, globally competitive companies.
He said the government was addressing financing and capacity constraints limiting business growth.
The minister said this was being done through initiatives such as the Development Bank of Nigeria, National Credit Guarantee Company and the Investment in Digital and Creative Enterprises, iDICE, programme.
Mr Oyedele said that the NSIA was also supporting venture capital funds to mobilise institutional investments into promising Nigerian businesses.
He urged the finalists to remain ambitious, disciplined and committed to building sustainable enterprises, stressing that their long-term success would be measured by the businesses they established after the competition.
“The real measure of your success will not be the prize you receive today, but the businesses you go on to build afterwards,” he said.
Mr Oyedele commended the NSIA for creating a platform to identify and nurture entrepreneurial talent, while acknowledging the contributions of partners, mentors and investors to the development of Nigeria’s business ecosystem.
Earlier, Founder and Chief Executive Officer of ReelFruit, Affiong Williams, advised entrepreneurs to understand their customers, build strong professional networks and remain resilient to succeed in business.
Mrs Williams, one of the Judges, gave the advice while sharing lessons from her entrepreneurial journey with finalists at the event.
She urged entrepreneurs to prioritise understanding their target customers and ensuring that their products meet market needs, rather than concentrating solely on product innovation.
The ReelFruit founder also urged entrepreneurs to build strong networks and establish a reputation for commitment, preparedness and credibility to attract investors.
Drawing from her experience, she said that her business had raised more than seven million dollars in funding from individuals and institutions.
Mrs Williams further encouraged entrepreneurs to remain resilient amidst Nigeria’s economic challenges, including currency fluctuations, policy changes and macroeconomic instability.
She urged the finalists to see the competition as a stepping stone to greater opportunities and remain focused on building sustainable businesses that create jobs, wealth and economic impact.
Also, Founder of Cascador, Dave DeLucia, one of the sponsors of the NPI, stressed the importance of capital readiness for entrepreneurs.
DeLucia said that businesses needed to be adequately prepared to attract investment and achieve sustainable growth.
He said Cascador supported technology and real-economy businesses through capital-readiness training and funding options, including working-capital credit lines, long-term debt and equity, in partnership with Sterling Bank.
He said that preparing businesses to access funding required considerable time and effort, adding that entrepreneurs outside Lagos need greater support to build the capacity required to attract investment.
DeLucia advised the finalists to remain humble, acknowledge the challenges of scaling their businesses and actively seek guidance from experienced people to improve their chances of success.
The NPI is designed to support early-stage Nigerian innovators who are developing transformative solutions to address some of the country’s most pressing challenges.
The fourth edition of the NPI focused on three core areas: Healthcare, Manufacturing and Climate, and Food Security.
NAN