Finance Minister Taiwo Oyedele said that Nigerian businesses require more than just loan financing to achieve sustainable growth, stressing the importance of patient capital and broader institutional support.
In his remarks, Oyedele highlighted that short‑term credit alone does not address the long‑term financing needs of firms seeking to expand, innovate or increase their competitiveness.
The minister’s comments come against a backdrop in which many small and medium‑sized enterprises in Nigeria rely heavily on bank loans, often at high interest rates, while lacking access to equity‑type funding that can provide the patience required for longer investment horizons.
Oyedele called for a coordinated effort to develop financing mechanisms that can offer longer repayment periods and lower cost of capital, alongside policies that strengthen the institutional framework supporting business development.
By encouraging a shift toward more patient and diversified financing, the finance ministry aims to create an environment where Nigerian companies can grow more robustly, contributing to job creation and broader economic development.
<small>Source: Punch Nigeria — read the original story there.</small>