Nigeria pledges support for SMEs to reach trillion-dollar economy goal

The Nigerian Federal Government has reaffirmed its commitment to supporting small and medium-sized enterprises (SMEs) as a core component of its ambition to build a trillion-dollar economy. Speaking at the fourth Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation Demo Day in Abuja, Finance Minister Taiwo Oyedele emphasized that SMEs are vital for job creation and sustaining millions of livelihoods.

Oyedele noted that access to credit alone is insufficient to overcome structural challenges. He stated that high-potential businesses require “patient capital, experienced investment partners, and networks” to scale and compete internationally. To address these needs, the government is utilizing initiatives such as the Development Bank of Nigeria, the National Credit Guarantee Company, and the $618 million Investment in Digital and Creative Enterprises (iDICE) programme.

During the event, seven startups received awards totaling $277,000. The NSIA Prize for Innovation specifically targets sectors including healthcare, manufacturing, climate, and food security to attract institutional investment into promising Nigerian businesses.