Business leaders have called for increased private-sector funding, stronger mentorship and improved access to markets to help young Nigerian entrepreneurs overcome financial barriers, expand their businesses and create jobs.
They made made at the fifth edition of the annual enterprise pitch competition, Gem Hunt 5.0, organised by the Bilaad Development Trust in Abuja, where stakeholders also advocated local content development and housing reforms to promote inclusive economic growth.
Speaking on the sidelines of the event, the Chairman of Bilaad Realty Limited and Coordinating Trustee of the Bilaad Development Trust, Dr. Sadiq Suleiman Abdullahi, said young entrepreneurs needed more than viable business ideas to succeed.
He identified high energy costs, limited digital access, inadequate mentorship and stringent collateral requirements by conventional financial institutions as major challenges facing emerging businesses.
Abdullahi called on International Oil Companies, commercial banks and other private-sector players to direct more Corporate Social Responsibility and impact-investment funding towards early-stage enterprises.
According to him, alternative funding mechanisms could help young entrepreneurs test their ideas, develop viable products and expand their operations despite difficulties accessing conventional bank loans.
He also advocated stronger market linkages to connect producers, particularly those in rural and underserved communities, with larger markets through improved digital integration and distribution networks.
Abdullahi also emphasised the need for capital mentorship, which he described as the transfer of business knowledge, experience, relationships and networks from established business leaders to emerging entrepreneurs.
He said mentorship should extend beyond motivational engagements to include practical guidance on business management, integrity, operations, market access and relationship building.
The 2026 edition of Gem Hunt, held under the theme, “From Roots to Riches: Building Nigeria’s Next Generation of Entrepreneurs,” brought together young entrepreneurs and innovators pitching solutions in technology, renewable energy, agriculture, commodity trading, fashion and other sectors.
Also speaking, the Chief Executive Officer of Bilaad Realty Nigeria Limited, Dr. Usman Emmanuel Bassi, commended the participants for presenting ideas focused on sustainability, local content and indigenous solutions to Nigeria’s challenges.
Bassi said entrepreneurship was not solely dependent on access to large amounts of money, but also on viable ideas, resilience and the effective use of local resources.
He maintained that modest but targeted financial support could help small businesses expand their workforce, moving from employing one or two people to creating jobs for five, 10 or more workers.
Bassi also called for greater attention to intrapreneurship, describing it as another avenue through which businesses could improve productivity, generate employment and contribute to long-term poverty reduction.
The organisers said Gem Hunt 5.0 was designed to identify promising young Nigerians and connect them with the funding, mentorship and networks needed to develop sustainable businesses.
Under the award package, third-place winners across the categories received N500,000, six months of corporate mentorship and access to the Bilaad Development Trust network.
Second-place winners received N750,000, a 12-month mentorship programme, national media visibility and network access.
The Grand Champion received a N2 million cash seed prize, 12 months of structured incubation, dedicated investor introductions, national media features and lifetime alumni network benefits.
