Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has identified innovation as the engine of the country’s economic transformation, calling it “the bedrock of productivity” during his keynote address at the NSIA Prize for Innovation (NPI) Demo Day 3.0 held over the weekend.
Speaking to an audience of entrepreneurs, investors, and government officials, Edun underscored the importance of harnessing Nigeria’s demographic advantage—where over 65% of the population is under the age of 30—through scalable, homegrown solutions. “Nigeria’s shift from potential to prosperity must be rooted in ideas, driven by our youth, and anchored in inclusivity,” he said.
Addressing the private sector, the Minister made a compelling case for long-term investment in local enterprises as a pathway to sustainable growth. He reiterated the Federal Government’s commitment to unlocking patient capital via initiatives like the N200 billion Presidential MSME Fund, regulatory reforms, and adopting tech-enabled solutions across government operations.
Edun also previewed several policy tools aimed at fostering innovation at scale, including the creation of National Innovation Hubs, Youth Innovation Trusts, and the integration of coding into the basic education curriculum.
He commended the Nigeria Sovereign Investment Authority (NSIA) for broadening its support for startups beyond traditional infrastructure into high-impact sectors such as healthcare, digital education, and agricultural value chains. “Demo Day showcases the strength of Nigeria’s innovation pipeline and its centrality to a post-oil, private sector-led economy,” Edun stated.
“Our greatest asset is our people,” the Minister concluded. “And the bold ideas that will define Nigeria’s economic future are only just beginning to take shape.”
