FG Backs SMEs to Drive Economic Growth, Create Jobs – Oyedele

The Federal Government has reaffirmed its commitment to supporting small and medium-sized enterprises (SMEs) as part of efforts to accelerate economic growth, generate employment and promote entrepreneurship across Nigeria.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this on Saturday at the fourth edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation (NPI) Demo Day 2026 in Abuja.

Oyedele, who was represented by his Special Adviser on Investments, Marie Ukpere, described SMEs as a critical pillar of the Nigerian economy, noting that they sustain millions of livelihoods, create jobs and drive economic activities across various sectors.

He said achieving Nigeria’s ambition of building a trillion-dollar economy would require deliberate efforts to help small businesses expand into medium-sized enterprises and large companies capable of competing effectively in African and global markets.

According to the minister, Nigeria must build an economy where young people are empowered to establish businesses, develop new industries and create employment opportunities for others, rather than depend solely on existing organisations for jobs.

Oyedele highlighted several government initiatives designed to improve access to finance and strengthen business development, including the National Credit Guarantee Company, which seeks to reduce lending risks and encourage financial institutions to provide more credit to SMEs and manufacturers.

He also identified the Nigerian Consumer Credit Corporation, popularly known as CreditCorp, as an initiative aimed at expanding access to responsible consumer credit, improving purchasing power and stimulating domestic demand.

The minister further cited the Investment in Digital and Creative Enterprises (iDICE) programme, which supports young entrepreneurs in the technology and creative sectors through financing, skills development and business support.

Addressing the finalists at the innovation competition, Oyedele urged them to remain ambitious, disciplined and committed to building sustainable enterprises.

He stressed that the true measure of their success would be the businesses they establish and sustain beyond the competition, rather than the prizes they receive.

“The real measure of your success will not be the prize you receive today, but the businesses you go on to build afterwards,” he said.

Entrepreneurs Urged to Understand Markets, Build Networks

Earlier, the Founder and Chief Executive Officer of ReelFruit, Affiong Williams, advised entrepreneurs to prioritise customer needs, develop strong professional networks and demonstrate resilience in navigating Nigeria’s challenging business environment.

Williams, who served as one of the judges, said innovation alone was insufficient to guarantee business success, emphasising the need for entrepreneurs to understand their target markets and develop products that address customers’ actual needs.

She also urged business owners to cultivate professional relationships and establish reputations for credibility, preparedness and commitment, noting that these qualities could improve their chances of attracting investors.

Williams encouraged the finalists to remain resilient despite economic challenges, including currency fluctuations, policy changes and macroeconomic instability.

She described the competition as a platform for greater opportunities, urging participants to remain focused on building sustainable businesses capable of creating jobs, generating wealth and contributing to economic development.

Similarly, Dave DeLucia, Founder of Cascador and one of the NPI sponsors, said entrepreneurs must adequately prepare their businesses to attract investment and achieve long-term growth.

DeLucia noted that becoming investment-ready requires significant time and effort, stressing the need to strengthen business operations and demonstrate the capacity to utilise funding effectively.

He also called for increased support for entrepreneurs outside Lagos, saying they need greater assistance to develop the capacity required to attract investment and expand their businesses.

The NSIA Prize for Innovation Demo Day brings entrepreneurs into the spotlight, providing a platform to showcase innovative business ideas and highlighting the role of entrepreneurship in driving economic growth, job creation and private-sector development in Nigeria.