Innovation is cornerstone of Nigeria’s economic transformation – Edun

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has spotlighted innovation as the cornerstone of Nigeria’s economic transformation, describing innovation as the bedrock of productivity.

Delivering a keynote address at the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation (NPI) Demo Day 3.0, weekend in Abuja, the Minister emphasised that the country’s shift from potential to prosperity hinges on homegrown, scalable solutions led by its youthful population of over 65 percent that are under 30.

“Nigeria’s transformation must be built on ideas,” he said, “driven by our youth and anchored in inclusivity. For the private sector, the message was clear: Nigeria’s future growth will be fuelled by long-term investments in enterprise”.

Edun reaffirmed the Federal Government’s commitment to unlocking patient capital through mechanisms such as the N200 billion Presidential MSME Fund, streamlining regulation, and positioning government as an early adopter of tech-enabled solutions.

The Minister also announced upcoming policy tools—including National Innovation Hubs, Youth Innovation Trusts, and the mainstreaming of coding in basic education aimed at catalysing enterprise at scale.

Commending the NSIA’s support for startups beyond infrastructure into sectors like health, digital learning, and agri-value chains, Edun noted that the Demo Day exemplified how a strong innovation pipeline is central to Nigeria’s post-oil, private-sector-led growth.

“Our prosperity lies in our people,” he stated. “And the boldest ideas that will define Nigeria’s economic future are only just beginning.”

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