Nigeria Sovereign Investment Authority awards $277,000 to startups

The Nigeria Sovereign Investment Authority (NSIA) and its partners awarded a combined $277,000 in cash and equity prizes to seven startups during the fourth NSIA Prize for Innovation (NPI) Demo Day in Abuja. The event, themed ‘Building for Impact’, featured 12 finalists selected from over 6,000 applicants, focusing on sectors including manufacturing, healthcare, and climate and food security.

Come Again Foods, a manufacturer of packaged snacks from local commodities, secured first place with a total prize package of approximately $105,000. Protein Kapital, an insect-farming company producing protein and biofertiliser, placed second with $70,000, while InstantRad Inc., an AI-enabled teleradiology platform, took third with $50,000.

During the event, Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele emphasized that supporting small businesses is critical to Nigeria’s goal of building a $1 trillion economy. He noted that many promising enterprises struggle due to inadequate access to financing and institutional support. To address these gaps, the NSIA is developing a $50 million Impact Innovation Fund in collaboration with the Japan International Cooperation Agency (JICA), with interest also noted from British International Investment (BII).