Nigeria's growing innovation ecosystem has received another boost as the Nigeria Sovereign Investment Authority (NSIA) opened applications for the fourth edition of its NSIA Prize for Innovation (NPI 4.0), offering a $275,000 prize pool to help promising startups scale their solutions.
Announced in Abuja on Saturday, the programme is themed "Building for Impact" and targets startups developing innovations in manufacturing, healthcare, climate resilience and food security. Beyond funding, participants will receive entrepreneurial training, mentorship and strategic partnerships designed to accelerate business growth.
According to the NSIA, the initiative has grown into one of Nigeria's leading entrepreneurship development platforms, supporting founders whose innovations can strengthen productive capacity, improve healthcare delivery, enhance food security and advance climate resilience.
NSIA spokesperson Joyce Onyegbula said the programme's first three editions attracted more than 20,000 applications from startups operating in sectors including fintech, aggrotech, health tech, edtech, transport and logistics, with participation from all six geopolitical zones.
She said the programme's success reflects the growing strength of Nigeria's entrepreneurial ecosystem and the determination of Nigerian innovators to develop solutions that improve lives, create jobs, strengthen industries and contribute to national development.
This year's prize package includes $220,000 from the NSIA, $45,000 from Cascador and $10,000 from Wema Bank, bringing the total prize value to $275,000.
In addition to the cash awards, winners will be eligible for up to $1.5 million in additional funding through the Pula Xcelerator programme to support business expansion. They will also qualify to compete at the grand finale of Wema Bank's Hackaholics programme for a share of ₦100 million in equity-free grants.
Successful participants will further attend a fully funded programme at the Enterprise Development Centre in Lagos, where they will receive training in business strategy, leadership, governance, financial management, market expansion and investor readiness.
Commenting on the initiative, NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, said the authority remains committed to helping Nigerian entrepreneurs transform innovative ideas into sustainable businesses.
He noted that previous editions had supported startups across financial inclusion, agriculture, education, technology and sustainable development through funding, technical assistance and mentorship. He encouraged founders developing innovative products and technologies in manufacturing, healthcare, climate resilience and food security to apply for the programme.
Also speaking, Cascador Executive Director Trish Thomas said the organisation would provide $45,000 in non-dilutive funding through the Cascador Prize for Impact, reaffirming its commitment to supporting high-potential Nigerian ventures capable of creating lasting social impact.
The latest edition builds on the programme's growing legacy. In August 2025, the NSIA, in collaboration with international and private-sector partners, awarded a total of $280,000 in cash and equity to outstanding Nigerian startups during the grand finale of the third edition of the NSIA Prize for Innovation.
As applications open for NPI 4.0, the initiative continues to showcase the strength of Nigerian entrepreneurship by connecting innovators with the funding, knowledge and partnerships needed to build solutions that can drive economic growth and national development.
No comments:
Post a Comment