Abuja:Mr. Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, has reinforced the Federal Government’s dedication to bolstering small and medium-sized enterprises (SMEs) as a means to drive economic growth, create jobs, and foster entrepreneurship in Nigeria. He conveyed this commitment during the 4th Edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation (NPI) Demo Day 2026 Presentation held in Abuja.
According to News Agency of Nigeria, Oyedele, represented by Marie Ukpere, his Special Adviser on Investments, emphasized the pivotal role SMEs play in sustaining livelihoods, generating employment, and supporting economic activities across various sectors. He highlighted the government’s ambition to transform Nigeria into a trillion-dollar economy, which largely hinges on the capacity of small businesses to evolve into globally competitive entities.
The minister outlined several governmental initiatives aimed at overcoming financing and capacity challenges that impede business growth. These include the Development Bank of Nigeria, National Credit Guarantee Company, and the Investment in Digital and Creative Enterprises (iDICE) programme. Additionally, Oyedele noted that the NSIA is facilitating venture capital investments into promising Nigerian businesses.
Addressing the event’s finalists, Oyedele urged them to remain committed to building sustainable enterprises, stressing that their long-term success would be determined by the businesses they establish post-competition. He acknowledged the NSIA’s role in nurturing entrepreneurial talent and recognized the contributions of partners, mentors, and investors to Nigeria’s business ecosystem.
Mrs. Affiong Williams, Founder and CEO of ReelFruit, shared insights from her entrepreneurial journey, advising entrepreneurs to focus on understanding customer needs, building strong networks, and maintaining resilience. She underscored the importance of aligning products with market demands and establishing a credible reputation to attract investors.
Dave DeLucia, Founder of Cascador and one of the NPI sponsors, emphasized the necessity of capital readiness for businesses seeking investment. He highlighted Cascador’s support for technology and real-economy ventures through training and funding, in partnership with Sterling Bank. DeLucia encouraged finalists to remain humble, recognize the challenges of scaling, and seek experienced guidance to enhance their investment prospects.
The NPI, designed to support early-stage Nigerian innovators, focused its fourth edition on Healthcare, Manufacturing and Climate, and Food Security.