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Oyedele: Nigerian businesses need more than loans to grow
🇳🇬 Nigeria · Economy · 1 d ago
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25.10 09:09 UTC
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The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said Nigerian businesses need patient capital, experienced investors and institutional support to overcome growth barriers and compete internationally.
Oyedele spoke on Saturday in Abuja at the fourth edition of the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation, where seven startups received awards worth a combined $277,000.
Represented by his Special Adviser on Finance and Investment, Marie Ukpere, the minister said conventional loans alone could not address the structural challenges facing entrepreneurs.
They need patient capital, experienced investment partners, and networks that can help them enter new markets and achieve scale,” he said.
According to him, achieving Nigeria’s ambition of building a $1tn economy would require helping small businesses grow into medium-sized enterprises and eventually large companies capable of competing in global markets.
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