FG Reaffirms Commitment to SMEs as Engines of Economic Growth
25th October 2026
The Federal Government has reaffirmed its commitment to strengthening small and medium-sized enterprises (SMEs) as key drivers of economic growth, job creation and entrepreneurship, with renewed emphasis on improving access to finance and building business capacity.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, gave the assurance at the fourth edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation (NPI) Demo Day 2026, held in Abuja on Saturday.
Represented by his Special Adviser on Investments, Marie Ukpere, Oyedele described SMEs as a vital component of Nigeria’s economy, sustaining livelihoods, generating employment and supporting activities across multiple sectors. He noted that the country’s ambition to achieve a trillion-dollar economy would depend partly on helping small businesses scale into medium-sized enterprises and eventually become globally competitive companies.
According to the minister, the government is pursuing interventions to address financing and capacity constraints facing businesses, including initiatives through the Development Bank of Nigeria, the National Credit Guarantee Company and the Investment in Digital and Creative Enterprises (iDICE) programme. He added that NSIA was supporting venture capital funds to attract institutional investment into promising Nigerian enterprises.
Oyedele challenged participating entrepreneurs to look beyond winning the competition and concentrate on building resilient, sustainable businesses. He commended NSIA and its partners, mentors and investors for creating opportunities to identify promising innovators and strengthen Nigeria’s entrepreneurial ecosystem.
Offering practical insights on business development, the Founder and Chief Executive Officer of ReelFruit, Mrs Affiong Williams, urged entrepreneurs to prioritise customer needs, build professional networks and remain resilient amid economic uncertainty. Williams, who served as a judge, stressed that innovation must translate into products and services that solve real market problems. Drawing from her entrepreneurial experience, she disclosed that her business had raised more than $7 million from individual and institutional investors.
Williams further encouraged the finalists to remain focused despite challenges such as foreign exchange fluctuations, policy changes and wider macroeconomic pressures. She noted that entrepreneurs who demonstrate preparedness, credibility and a clear understanding of their markets would be better positioned to attract investment and pursue growth opportunities.
Similarly, the Founder of Cascador and competition sponsor, Dave DeLucia, emphasised the importance of preparing businesses to become investment-ready. He explained that Cascador supports technology-enabled and real-economy enterprises through capital-readiness training and funding options, including working-capital credit lines, long-term debt and equity, in partnership with Sterling Bank.
DeLucia also called for greater support for entrepreneurs outside Lagos, noting the need to equip businesses across Nigeria with the skills and capacity required to attract investment. He advised finalists to remain teachable, recognise the challenges associated with scaling and seek guidance from experienced business leaders.
The NSIA Prize for Innovation is designed to identify and support early-stage Nigerian innovators developing solutions to pressing national challenges. The 2026 edition focused on three thematic areas: healthcare; manufacturing and climate; and food security.
For Nigeria’s business community, the emphasis on SME financing, investor preparedness and enterprise development reinforces the importance of building an enabling environment in which innovative businesses can access capital, expand operations, create jobs and contribute meaningfully to national economic growth.
Edited by Rosemary Aiyenale
Source: News Agency of Nigeria
