Nigeria Sovereign Investment Authority unveils $275,000 award to foster creative entrepreneurship among local tech firms

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The Nigeria Sovereign Investment Authority has opened applications for the fourth edition of its Prize for Innovation, offering a combined prize pool of $275,000 to support startups developing solutions in manufacturing, climate and food security, and healthcare.

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The authority disclosed this in a statement issued in Abuja on Saturday, saying the fourth edition of the NSIA Prize for Innovation, tagged NPI 4.0, is designed to identify and support high-potential Nigerian startups through funding, entrepreneurial training, mentorship and strategic partnerships.

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The NSIA spokesperson, Joyce Onyegbula, said the initiative, themed “Building for Impact,” would focus on businesses capable of strengthening productive capacity, improving healthcare delivery, enhancing food security and advancing climate resilience.

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She said the programme had grown into one of Nigeria’s leading entrepreneurship development platforms.

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“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,” Onyegbula said.

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She added, “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.”

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According to the statement, this year’s edition carries a total prize value of $275,000, comprising $220,000 from the NSIA, $45,000 from Cascador and $10,000 from Wema Bank.

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Beyond the cash awards, Onyegbula said winners would have the opportunity to secure up to $1.5m in additional funding through the Pula Xcelerator programme to support business expansion.

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She added that successful participants would also qualify to compete at the grand finale of the Wema Bank Hackaholics programme for a share of N100m in equity-free grants.

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The statement noted that winners would equally participate in a fully funded programme at the Enterprise Development Centre in Lagos, where they would receive training in business strategy, leadership, governance, financial management, market expansion and investor readiness.

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Commenting on the initiative, the Managing Director and Chief Executive Officer of the NSIA, Aminu Umar-Sadiq, said the authority remained committed to helping entrepreneurs transform innovative ideas into sustainable businesses.

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

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“Through the NSIA Prize for Innovation, we are creating opportunities for these innovators to access the funding, training, mentorship, and strategic partnerships they need to scale their ideas into sustainable businesses.

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“The enhancements introduced in NPI 4.0 reflect our continued commitment to support founders who are leveraging innovation to shape the future of Nigeria’s economy.”

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He noted that previous editions of the programme had supported startups across sectors such as financial inclusion, agriculture, education, technology and sustainable development through funding, technical assistance and mentorship.

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Umar-Sadiq urged founders with innovative products and technologies in manufacturing, climate and food security, and healthcare to apply for the programme, describing it as an opportunity to access financing, training and strategic partnerships needed to scale their businesses.

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Also speaking, the Executive Director of Cascador, Trish Thomas, said the organisation would provide $45,000 in non-dilutive funding through the Cascador Prize for Impact.

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“As part of our commitment to supporting the growth of high-potential Nigerian ventures, we are awarding $45,000 in non-dilutive prize funding through the Cascador Prize for Impact,” Thomas said.

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“Cascador is proud to partner with NSIA again in 2026 to reward ground-breaking ideas that can change communities and lives for the better.”

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Earlier in August 2025, The PUNCH reported that the Nigeria Sovereign Investment Authority, in collaboration with international and private partners, awarded a total of $280,000 in cash and equity to the most promising Nigerian startups at the grand finale of its third edition of the NSIA Prize for Innovation.

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