Nigerian businesses need more than loans to grow — Oyedele
Finance Minister Taiwo Oyedele stated that Nigerian businesses need patient capital, experienced investors, networks, skills, and institutional support beyond conventional loans to overcome barriers and achieve scale. He spoke at the NSIA Prize for Innovation event where seven startups received $277,000 in awards, highlighting initiatives like the Development Bank of Nigeria, National Credit Guarantee Company, and an impact innovation fund to help SMEs grow into larger competitive firms for Nigeria's $1tn economy goal.
Pidgin: Finance Minister Taiwo Oyedele talk say Naija businesses need patient capital, people wey get experience for investment, network, skills and institutional support more than ordinary loan before dem fit overcome obstacle and grow big. He talk am for NSIA Prize for Innovation event wey seven startups collect $277,000 award, as e highlight different initiatives like Development Bank of Nigeria, National Credit Guarantee Company and impact innovation fund to help SMEs grow become bigger companies wey fit compete for Naija $1tn economy target.
How this affects you: Small and medium-sized enterprises (SMEs) and startups in Nigeria, as they struggle to access financing, skills, or institutional support needed to expand and create employment.
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