…Kola Oyeneyin unveils $1 million fund to support entrepreneurs
For Nigeria to unlock its vast potential in the food industry, entrepreneurs in the country’s culinary landscape must have access to cheap credit, become innovative and adopt technology to thrive.
The experts who spoke at the recently held Nigeria Food Summit 2025 that convened industry leaders, culinary innovators, and policymakers, urged the government to ensure that players in the industry access cheap credits.
According to him, the industry cannot thrive without adequate capital, noting that adequate finance is crucial to the growth and sustainability of any business.
“The success of any industry is deeply tied to access to capital,” Kola Oyeneyin, a seasoned investor and entrepreneur said during his keynote address.
“The Nigerian food industry is brimming with potential, but we risk stalling its growth without the right funding structures,” Oyeneyin said.
He noted that adequate finance empowers food entrepreneurs to scale, innovate, and compete globally. “Investing in food is not just about business; it’s about securing the future of our economy and ensuring food sustainability for generations to come.”
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To support entrepreneurs, scale and accelerate the growth of Nigeria’s food industry, Oyeneyin launched a $1 million fund for food businesses.
Speaking on the event theme ‘Making Nigeria a Global Destination,’ Gbalabo Adebakin, chef gibbs, emphasised the need to position Nigerian cuisine on the global stage and the importance of the country’s rich culinary heritage.
“Nigeria’s culinary heritage is one of the richest in the world, yet it remains underrepresented globally,” he said.
According to him, the summit is a call to action for food entrepreneurs, chefs, and policymakers to take ownership of the industry’s growth and development.
“We must innovate, collaborate, and harness the full potential of our local flavours and agricultural resources to make Nigeria a true food destination,” Adebakin added.
The summit’s highlight was a Pitch-a-thon, where three food businesses pitched their innovative ideas in an elevation pitch contest that Elizabeth Akinwole from Tblizs Foods won.
Akinwole got N1 million worth of business support from County Support Consulting, an all-expense-paid trip to a resort in Nigeria sponsored by Torrista, free branding services by Snappcode Productions, and business advisory support from Food Business Consultant for winning the competition.
