FG pins trillion-dollar economy ambition on SMEs, moves to ease funding constraints
…says small firms must grow into globally competitive companies
…entrepreneurs urged to build investor-ready businesses

By Onu Okorie

Federal Government has said Nigeria’s ambition to build a trillion-dollar economy could be difficult to achieve unless small and medium-sized enterprises are able to overcome financing and capacity constraints and grow into globally competitive businesses.
It said expanding access to finance and strengthening the capacity of SMEs had therefore become critical to job creation, entrepreneurship and the country’s broader economic growth agenda.
Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, stated this at the fourth edition of the Nigeria Sovereign Investment Authority Prize for Innovation Demo Day 2026 in Abuja.
Oyedele, who was represented by his Special Adviser on Investments, Marie Ukpere, described SMEs as the backbone of the Nigerian economy, noting that they sustain millions of livelihoods and economic activities across different sectors.
According to him, the government’s trillion-dollar economy ambition will depend significantly on its ability to create an environment in which small businesses can become medium-sized enterprises and eventually develop into large companies capable of competing internationally.
He said the Federal Government was already tackling some of the financing and capacity barriers confronting businesses through initiatives including the Development Bank of Nigeria, National Credit Guarantee Company and the Investment in Digital and Creative Enterprises programme.
Oyedele added that the NSIA was supporting venture capital funds as part of efforts to mobilise institutional investment into promising Nigerian enterprises.
The minister urged entrepreneurs participating in the NSIA competition to look beyond prize money and concentrate on building businesses capable of surviving economic shocks, expanding operations and creating employment.
“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.
He commended the NSIA for providing a platform for identifying and nurturing entrepreneurial talent and acknowledged the contributions of investors, mentors and other partners to Nigeria’s emerging business ecosystem.
The emphasis on financing was reinforced by Founder and Chief Executive Officer of ReelFruit, Mrs Affiong Williams, who told entrepreneurs that having an innovative product alone was insufficient to guarantee commercial success.
Williams, who served as one of the judges, said entrepreneurs must understand their customers and ensure their products address genuine market needs.
Drawing from her experience building ReelFruit, she said entrepreneurs also needed strong professional networks and a reputation for preparedness, commitment and credibility to attract investors.
She disclosed that her business had raised more than $7 million from individual and institutional investors.
Williams also identified currency fluctuations, policy changes and wider macroeconomic instability as some of the challenges entrepreneurs operating in Nigeria must learn to navigate.
She urged the finalists to regard the competition as a springboard to bigger opportunities rather than an end in itself, while remaining focused on building sustainable enterprises capable of creating jobs and wealth.
Also speaking, Founder of Cascador and one of the sponsors of the NPI, Dave DeLucia, identified poor capital readiness as a major obstacle preventing promising businesses from securing investment.
According to him, businesses must have the appropriate structures and capacity in place before they can attract funding and achieve sustainable growth.
He said Cascador supports technology and real-economy businesses with capital-readiness training and financing options, including working-capital credit lines, long-term debt and equity, in partnership with Sterling Bank.
DeLucia noted that considerable preparation was required before businesses could successfully access capital, adding that entrepreneurs outside Lagos particularly needed greater support to develop the capacity required to attract investors.
He advised the finalists to remain humble about the challenges involved in scaling businesses and seek guidance from experienced entrepreneurs and professionals.
The 2026 edition of the NSIA Prize for Innovation focused on three broad areas — healthcare, manufacturing and climate, and food security — sectors considered critical to Nigeria’s economic development and employment creation.