KEY POINTS

• The Federal Government says it is committed to helping small businesses grow, create jobs and contribute to its trillion-dollar economy ambition.
• Finance Minister Taiwo Oyedele highlighted financing and business development initiatives, including the Development Bank of Nigeria and iDICE programme.
• ReelFruit founder Affiong Williams urged entrepreneurs to understand their customers, build networks and remain resilient.
• Cascador founder Dave DeLucia said businesses must prepare properly before seeking investment.
• The NSIA Prize for Innovation focuses on healthcare, manufacturing and climate, and food security.

MAIN STORY

The Federal Government has reaffirmed its commitment to supporting small and medium-sized enterprises (SMEs), saying their growth is important to job creation, entrepreneurship and Nigeria’s ambition to build a trillion-dollar economy.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, gave the assurance at the fourth edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation Demo Day 2026 in Abuja on Saturday. He was represented by his Special Adviser on Investments, Marie Ukpere.

Oyedele said small businesses sustain millions of livelihoods, provide employment and support economic activity across different sectors. He added that Nigeria’s economic ambitions depended partly on helping small businesses expand into medium-sized firms and eventually become large companies capable of competing internationally.

The minister said the government was working to address difficulties businesses face in accessing finance and developing the capacity needed to grow. He cited initiatives such as the Development Bank of Nigeria, the National Credit Guarantee Company and the Investment in Digital and Creative Enterprises (iDICE) programme.

He also said the NSIA was supporting venture capital funds to attract institutional investment into promising Nigerian businesses.

Addressing finalists in the competition, Oyedele urged them to remain ambitious, disciplined and focused on building businesses that could survive and grow beyond the competition. He said their lasting achievement would depend on what they built after the event, rather than the prizes they received.

He commended the NSIA for creating a platform to identify and support entrepreneurial talent, while acknowledging the contributions of partners, mentors and investors to Nigeria’s business community.

Earlier, ReelFruit founder and Chief Executive Officer Affiong Williams advised entrepreneurs to focus on understanding their customers and ensuring their products meet actual market needs.

Williams, one of the competition’s judges, said businesses needed to understand what customers wanted rather than concentrating only on developing innovative products. She also encouraged founders to build professional networks and establish reputations for reliability, preparation and credibility, which can help them attract investors.

Drawing from her experience building ReelFruit, Williams said the business had raised more than $7 million from individuals and institutions. She urged entrepreneurs to remain resilient despite challenges in Nigeria, including changes in the exchange rate, government policies and wider economic conditions.

She encouraged finalists to use the competition as a starting point for pursuing bigger opportunities and building businesses that create jobs, wealth and lasting economic value.

Dave DeLucia, founder of Cascador and one of the competition’s sponsors, also stressed the need for businesses to prepare before seeking investment.

He said Cascador supports technology businesses and companies in the wider economy through training to help them become ready for investment, alongside funding options such as short-term business credit, long-term loans and equity investment in partnership with Sterling Bank.

DeLucia said preparing a business to attract funding takes time and effort. He also highlighted the need for more support for entrepreneurs outside Lagos to develop the skills and business structures required to attract investors.

He advised finalists to remain humble, recognise the difficulties involved in expanding a business and seek guidance from experienced people.

According to the News Agency of Nigeria, the NSIA Prize for Innovation supports early-stage Nigerian innovators developing solutions to major national challenges. The fourth edition focused on healthcare, manufacturing and climate, and food security.

THE ISSUES

Access to finance remains only one part of the challenge facing small businesses. Companies also need to understand their customers, manage costs, build reliable operations and demonstrate that their products can attract sustained demand.

For entrepreneurs seeking investment, this means having more than an appealing business idea. They need to show how the business earns money, who will buy its products and how additional funding will help it grow.

The emphasis on businesses outside Lagos also points to the importance of making business support and investment opportunities accessible beyond the country’s main commercial centre. Entrepreneurs in other states may need stronger networks, practical training and access to suitable funding to expand.

Government-backed financing initiatives and private investment programmes can help address some of these barriers, but their impact will depend on whether businesses can access the support and use it to build sustainable operations.

WHAT’S BEING SAID

“The real measure of your success will not be the prize you receive today, but the businesses you go on to build afterwards.” – Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy.

WHAT’S NEXT

The impact of the NSIA Prize for Innovation will depend on whether participating businesses can turn their ideas into products and services that attract customers, secure funding and create jobs.

The government’s SME support initiatives will also be important to watch, particularly how effectively they help businesses overcome financing difficulties and build the capacity to expand.

BOTTOM LINE

Supporting Nigerian entrepreneurs requires more than providing prizes or funding. Businesses need access to finance, a clear understanding of their customers and the skills to manage growth. The challenge is turning these forms of support into companies that survive, employ people and compete beyond Nigeria.

Source: News Agency of Nigeria (NAN)