…SMEs backbone of Nigeria’s economy – Oyedele
By Sam Otuonye
The Nigeria Sovereign Investment Authority (NSIA) has awarded $220,000 as grant to Nigerian innovators who won the competition under the NSIA Prize for Innovation (NPI) Demo Day, even as the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described Small and Medium-sized Enterprises (SMEs) as the backbone of Nigeria’s economy, stressing that their growth is critical to job creation, economic prosperity and national development.
Speaking at the event, held on Saturday, October 24, 2026, in Abuja, the Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, who stressed the critical role of small and medium-sized enterprises (SMEs) in job creation and economic growth, said supporting entrepreneurs remained a fundamental component of the Authority’s investment strategy.
The NPI 4.0, reflecting the fourth in the series, themed, “Building for Impact,” showcased 12 finalists selected from approximately 6,000 applications submitted for the competition.
Umar-Sadiq stressed that SMEs were essential to Nigeria’s economic development, noting that their growth was directly linked to employment generation and increased economic activities.
“Without SMEs, you have no job creation. Without SMEs, you are unable to actually grow economically,” he said.
He explained that NSIA’s support for entrepreneurs extended beyond infrastructure investment to include initiatives such as the Fund for Agricultural Finance in Nigeria, the Development Bank of Nigeria and the NSIA Prize for Innovation.
According to him, the programme provides promising Nigerian innovators with education, equity and exposure to help them refine their ideas, strengthen their businesses and scale their operations.
Umar-Sadiq said the authority focused on healthcare, manufacturing and food systems in the fourth edition to encourage innovations capable of creating jobs and achieving sustainable growth.
He added that the programme had expanded over the past four years in terms of prize money, strategic partnerships and support for entrepreneurs.
The NSIA chief executive disclosed that the programme offered accelerator opportunities to the top 200 applicants, while the 12 finalists would also participate in a six-week learning programme at Lagos Business School after the Demo Day.
He identified Wema Bank, Pula and Cascador as strategic partners providing additional prizes and support to selected finalists.
On measuring the programme’s impact, Umar-Sadiq said NSIA would work closely with beneficiary companies to strengthen their business models, improve corporate governance and expand demand for their products.
The Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, represented at the event, said that although investment, infrastructure, industrialisation and fiscal stability remained important economic priorities, but the strength of the economy ultimately depended on businesses that produce goods, deliver services, employ citizens and create opportunities.
Oyedele said access to finance alone was insufficient to guarantee business success, noting that entrepreneurs also need patient capital, experienced investment partners, market access and opportunities to demonstrate the commercial viability of their ideas.
He described the NSIA Prize for Innovation as an important platform for preparing promising Nigerian businesses for sustainable growth, commending the NSIA for placing commercial viability and execution capacity at the centre of its selection process.
Among the winners were: Come Again Foods, who emerged as the first-prize winner, receiving $100,000, while Protein Kapital secured the second position with $70,000. Instant Rad placed third, receiving $50,000.
Other finalists recognised under the programme included Eight Medicals, Frotics, Plural Health, Ebees Green, Tryctor, Sambal Enterprise, Evet Africa and Unwana Energy.
NSIA Prize for Innovation, (NPI) was launched in 2022 to identify and support innovative Nigerian businesses with the potential to create jobs, address economic challenges and contribute to national development.
The initiative is designed to strengthen Nigeria’s innovation ecosystem by connecting entrepreneurs with funding, business education and strategic partnerships to help promising enterprises grow into sustainable businesses.
