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🇳🇬 Nigeria /Technology

Nigerian startups vie for $275,000 innovation prize

From The Punch · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

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  • The Nigeria Sovereign Investment Authority (NSIA) is offering a $275,000 prize pool for its fourth innovation competition, targeting Nigerian startups.
  • The initiative, themed "Building for Impact," focuses on solutions in manufacturing, climate and food security, and healthcare.
  • Winners will receive funding, training, mentorship, and opportunities for further investment and business development support.

The Nigeria Sovereign Investment Authority (NSIA) has launched the fourth edition of its Prize for Innovation (NPI 4.0), offering a substantial prize pool of $275,000 to support high-potential Nigerian startups. This initiative aims to foster innovation and drive development across key sectors of the Nigerian economy.

Across its first three editions, the programme has attracted more than 20,000 applications from startups operating within key sectors, including fintech, aggrotech, health tech, edtech, transport and logistics, among others, with participation spanning all six geopolitical zones of the country.

— Joyce OnyegbulaNSIA spokesperson, highlighting the program's reach and success.

The competition, themed "Building for Impact," specifically seeks to identify and support businesses developing solutions in manufacturing, climate and food security, and healthcare. According to NSIA spokesperson Joyce Onyegbula, the program is designed to strengthen productive capacity, improve healthcare delivery, enhance food security, and advance climate resilience.

Onyegbula highlighted that the NSIA Prize for Innovation has become a leading entrepreneurship development platform in Nigeria, attracting over 20,000 applications across its first three editions. Startups from various sectors, including fintech, aggrotech, health tech, and logistics, have participated, demonstrating the breadth of Nigeria's entrepreneurial ecosystem.

The success of the programme reflects the growing strength of Nigeria’s entrepreneurial ecosystem and the determination of Nigerian innovators to build solutions that improve lives, create jobs, strengthen industries, and contribute to national development.

— Joyce OnyegbulaNSIA spokesperson, commenting on the impact and significance of the innovation prize.

This year's prize money totals $275,000, with contributions from the NSIA ($220,000), Cascador ($45,000), and Wema Bank ($10,000). Beyond the cash awards, winners will gain access to further opportunities, including up to $1.5 million in additional funding through the Pula Xcelerator program for business expansion. They will also compete in Wema Bank's Hackaholics program for equity-free grants and participate in a fully funded business development program at the Enterprise Development Centre in Lagos.

Across Nigeria, entrepreneurs are building solutions with the potential to transform industries, improve livelihoods, and address some of our most pressing development challenges.

— Aminu Umar-SadiqManaging Director and Chief Executive Officer of the NSIA, discussing the role of entrepreneurs in national development.

NSIA Managing Director and CEO Aminu Umar-Sadiq reiterated the authority's commitment to transforming innovative ideas into sustainable businesses. He emphasized that Nigerian entrepreneurs are creating solutions to address pressing development challenges, and the NSIA Prize for Innovation serves as a crucial platform to support their endeavors.

Through the NSIA Prize for Innovation, we are creating

— Aminu Umar-SadiqManaging Director and Chief Executive Officer of the NSIA, on the authority's commitment to supporting entrepreneurs.
DistantNews Editorial

Originally published by The Punch in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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