NSIA To Award $275,000 Innovation Prize For Nigerian Startups

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.

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.

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.

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

“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.

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.”

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.

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.

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.

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.