RismadarVoice Reporters, May 30, 2026
Ten Nigerian start-ups have received a total of N50 million in funding support as part of efforts to boost entrepreneurship and strengthen business operations in a challenging economic environment.
The financial support was provided by the founder and Group Managing Director of Rainoil Group, Dr Gabriel Ogbechie (OON), during the Dr Gabriel Ogbechie Entrepreneur Symposium held in commemoration of his 60th birthday.
Each of the selected start-ups received N5 million after a competitive selection process that began with over 100 applicants, which were narrowed down to 26 before the final 10 beneficiaries emerged.
The initiative was designed to support emerging businesses and encourage resilience among young entrepreneurs navigating Nigeria’s current macroeconomic conditions.
Speaking at the event themed “Resilient Entrepreneurship: Building in an uncertain economy,” Ogbechie highlighted Nigeria’s large population as a significant advantage for business growth, noting that strong consumer demand exists across sectors such as logistics, housing, agritech, and retail.
He urged entrepreneurs to prioritise discipline, long-term planning, and operational efficiency rather than focusing solely on immediate profits, adding that sustainable success requires patience and strategic execution.
Reflecting on his entrepreneurial journey, Ogbechie recalled starting Rainoil in 1997 with a modest capital base and gradually expanding it into a major player in Nigeria’s energy sector through strategic decisions in sourcing and distribution.
Guest speakers at the symposium also emphasised key lessons for business sustainability. Co-founder of Sahara Group, Tope Shonubi, advised entrepreneurs to embrace humility, continuous learning, and adaptability as essential tools for long-term success.
He noted that entrepreneurship should go beyond profit-making to include creating opportunities for others and contributing to broader economic development.
Similarly, Executive Chairman of AA Holdings Group, Austin Avuru, stressed the importance of government support in fostering a thriving business environment.
He stated that while private initiatives can provide short-term support for start-ups, sustainable economic growth depends on stable policies, improved security, and regulatory ease.
