BY CHIKA OKEKE, Abuja
The Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele has disclosed that Nigeria’s ambition to build a US$1trillion economy depended significantly on growing Small and Medium-sized Enterprises (SMEs) into large and globally competitive companies.
At the 4th Edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation (NPI) Demo Day 2026 presentation in Abuja, the minister stated that the Federal Government is addressing financing and capacity constraints limiting business growth.
This is carried out through initiatives such as the Development Bank of Nigeria (DBN), National Credit Guarantee Company (NCGC), and Investment in Digital and Creative Enterprises (iDICE) programme.
He informed that the NSIA is also supporting venture capital funds to mobilise institutional investments into promising Nigerian businesses, encouraging the finalists to remain ambitious, disciplined and committed to building sustainable enterprises.
The minister noted that their long-term success would be measured by the businesses they established after the competition, adding that the real measure of success depended on the growth of their businesses.
Oyedele, who was represented by his Special Adviser on Investments, Marie Ukpere disclosed that SMEs remained the backbone of the Nigerian economy, sustaining millions of livelihoods, creating employment, and supporting economic activity across sectors.
He praised 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.
Founder and Chief Executive Officer of ReelFruit, Mrs Affiong Williams advised entrepreneurs to understand their customers, build strong professional networks and remain resilient to succeed in business.
While sharing lessons about her entrepreneurial journey with the finalists, Williams is one of the Judges, tasked entrepreneurs to build strong networks and establish a reputation for commitment, preparedness and credibility to attract investors.
She enjoined 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 hinted that her business had raised more than $7 million dollars in funding from individuals and institutions, calling on entrepreneurs to remain resilient amidst Nigeria’s economic challenges, including currency fluctuations, policy changes and macroeconomic instability.
She informed 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.
Founder of Cascador, Dave DeLucia, who is one of the sponsors of the NPI harped on the importance of capital readiness for entrepreneurs, saying that businesses needed to be adequately prepared to attract investment and achieve sustainable growth.
He noted that 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.
Dave DeLucia disclosed that preparing businesses to access funding required considerable time and effort, noting that entrepreneurs outside Lagos need greater support to build the capacity required to attract investment.
He 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 fourth edition of the NPI, designed to support early-stage Nigerian innovators who are developing transformative solutions to address the country’s most pressing challenges, focused on three core areas such as healthcare, manufacturing and climate, and food security.
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