Nigeria Sovereign Investment Authority launches $275,000 startup innovation prize

The Nigeria Sovereign Investment Authority (NSIA) has opened applications for the fourth edition of its NSIA Prize for Innovation (NPI 4.0). The competition offers a total prize pool of US$275,000 – US$220,000 from the NSIA, US$45,000 from Cascador and US$10,000 from Wema Bank – and targets Nigerian startups developing solutions in manufacturing, climate‑resilient food security and healthcare.

Winners will receive cash grants, mentorship, and a fully‑funded training programme at Lagos’ Enterprise Development Centre. They can also compete for a share of ₦100 million in equity‑free grants at the Wema Bank Hackaholics finale and may secure up to US$1.5 million in growth funding through the Pula Xcelerator platform. NSIA spokesperson Joyce Onyegbula noted that previous editions attracted more than 20,000 applications from all six geopolitical zones, underscoring the strength of Nigeria’s entrepreneurial ecosystem. Managing Director and CEO Aminu Umar‑Sadiq said the prize aims to scale high‑potential innovators and boost the country’s economic development.