Finance Minister urges Nigerian firms to seek patient capital beyond loans

Finance Minister calls for more than loans

Speaking at the fourth iteration of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation in Abuja on 25 October 2026, Taiwo Oyedele, who serves as Nigeria’s Finance Minister and Coordinating Minister of the Economy, addressed the audience. He said that Nigerian businesses need more than conventional loans to expand, stressing the importance of patient capital, experienced investors and institutional support.

The minister’s remarks followed the awarding of prizes worth $277,000 to seven startups. He noted that while access to credit is essential, it does not resolve the structural barriers that many entrepreneurs face, such as limited technical capacity and a lack of institutional backing.

Background

Nigeria’s ambition to build a $1 trillion economy hinges on turning small and medium‑sized enterprises into larger, internationally competitive firms. Oyedele pointed to the functions of the Development Bank of Nigeria and the National Credit Guarantee Company, noting that the latter was established to mitigate lending risks and motivate banks to provide loans to small and medium-sized enterprises and manufacturers.

He also mentioned the Nigerian Consumer Credit Corporation’s work to strengthen household purchasing power and domestic demand. The minister cited a $618 million Investment in Digital and Creative Enterprises programme that supports young entrepreneurs with financing, skills development and business assistance.

The NSIA is serving as the anchor for venture-capital funds aimed at drawing institutional capital into businesses within Nigeria. Additionally, the organization is collaborating with the Japan International Cooperation Agency to build an impact innovation fund, while British International Investment is reportedly keen to join the initiative. The proposed fund would support commercially viable businesses that address economic and development challenges.

Why it matters

According to Oyedele, numerous viable companies face growth hurdles due to a lack of access to necessary funding, expertise, and institutional backing. Without patient capital and experienced investment partners, SMEs may remain unable to scale or enter new markets. The government’s focus on institutional support aims to create a more conducive environment for business growth, which is essential for job creation and sustaining livelihoods across the country.

What happens next

The NSIA will continue to anchor venture‑capital funds and develop the impact innovation fund. The minister’s comments suggest that further programmes and partnerships will be pursued to provide patient capital and institutional backing for Nigerian enterprises.