Nigeria, Oct. 25 -- The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says Nigerian businesses need more than conventional loans to grow, calling for patient capital, experienced investors and stronger institutional support to help promising enterprises expand.

Mr Oyedele said access to credit alone would not resolve the structural challenges facing entrepreneurs, many of whom struggle to secure the financing, skills and networks required to scale their businesses.

He 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.

Speaking through his Special Adviser on Finance and I...