FG backs SMEs to drive growth, create jobs – Oyedele

By Mariam Abeeb

The Federal Government is supporting small businesses to drive economic growth, create jobs and expand entrepreneurship as part of efforts to build a $1tn economy, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.

Oyedele stated this on Saturday at the fourth edition of the Nigeria Sovereign Investment Authority Prize for Innovation Demo Day 2026 in Abuja.

He was represented by his Special Adviser on Investments, Marie Ukpere.

The minister described small and medium-sized enterprises as the backbone of the Nigerian economy, noting that they sustain millions of livelihoods, create jobs and support economic activities across various sectors.

He said the country’s ambition to build a trillion-dollar economy would depend largely on the ability of local businesses to grow and compete internationally.

“Our ambition to build a trillion-dollar economy will depend in no small measure on our ability to help small businesses become medium-sized enterprises, medium-sized enterprises become large companies, and Nigerian companies become competitive players across Africa and the world,” he said.

Oyedele said Nigeria needed an economy where young people could establish businesses, develop new industries and create employment for others rather than depend solely on existing companies for jobs.

He added that the government was introducing initiatives to improve access to finance and support businesses, particularly small enterprises and manufacturers.

The minister cited the National Credit Guarantee Company, which he said was designed to reduce lending risks and encourage financial institutions to extend more credit to small businesses and manufacturers.

He also identified the Nigerian Consumer Credit Corporation, known as CreditCorp, as an initiative aimed at expanding access to responsible consumer credit, strengthening purchasing power and supporting domestic demand.

Oyedele said the Investment in Digital and Creative Enterprises programme, known as iDICE, was designed to support young entrepreneurs in the technology and creative sectors through financing, skills development and business support.

He urged the finalists at the innovation competition to remain ambitious, disciplined and committed to building sustainable enterprises beyond the event.

“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.

…Entrepreneurs need customers, networks — Williams

Earlier, the Founder and Chief Executive Officer of ReelFruit, Affiong Williams, urged entrepreneurs to understand their customers, build strong professional networks and remain resilient to succeed in business.

Williams, who was one of the judges at the competition, said entrepreneurs should focus on identifying their target markets and ensuring their products met customers’ needs rather than concentrating solely on innovation.

She said a business idea, no matter how innovative, would struggle to succeed without a clear understanding of the market it intended to serve.

Williams also advised entrepreneurs to build professional relationships and establish reputations for commitment, preparedness and credibility to improve their chances of attracting investors.

She urged them to remain resilient amid Nigeria’s economic challenges, including currency fluctuations, policy changes and macroeconomic instability.

According to her, the finalists should regard the competition as a stepping stone to greater opportunities and remain focused on building sustainable businesses capable of creating jobs, generating wealth and contributing to economic development.

### Entrepreneurs outside Lagos need support — DeLucia

Also speaking, the Founder of Cascador and one of the sponsors of the NSIA Prize for Innovation, Dave DeLucia, said entrepreneurs needed to prepare their businesses adequately to attract investment and achieve sustainable growth.

He noted that securing funding required considerable time, effort and preparation, urging business owners to strengthen their operations before approaching investors.

DeLucia also called for greater support for entrepreneurs operating outside Lagos, saying they needed assistance to build the capacity required to attract investment.

He stressed that expanding support for businesses beyond the country’s commercial hub would help more entrepreneurs access opportunities and develop viable enterprises.

The NSIA Prize for Innovation Demo Day provides a platform for entrepreneurs to showcase their business ideas and innovations, while engaging with potential investors and other stakeholders in the business ecosystem.