Nigerian innovation and entrepreneurship initiatives

Efforts to bolster Nigeria’s economy through technological innovation and entrepreneurship have seen significant activity. In London, the National Board for Technology Incubation (NBTI) facilitated the participation of 298 innovators at the 2026 NextGen Innovation Challenge to attract global investment and commercialize indigenous technologies. Dr. Kareem Raji, Director-General of the NBTI, noted that such initiatives are essential for transitioning the nation toward a foundation of manufacturing and intellectual property to reach a one-trillion-dollar economy.

Domestically, the Nigeria Sovereign Investment Authority (NSIA) supported local small and medium-sized enterprises through the fourth NSIA Prize for Innovation (NPI) Demo Day in Abuja. Themed ‘Building for Impact’, the event featured 12 finalists selected from over 6,000 applicants, focusing on sectors such as manufacturing, healthcare, and climate and food security. Seven startups received a total of $277,000 in cash and equity prizes. Top awards were granted to Come Again Foods, a snack manufacturer, with approximately $105,000; Protein Kapital, an insect-farming company, with $70,000; and InstantRad Inc., an AI-enabled teleradiology platform, with $50,000.

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, noting that many enterprises struggle with inadequate access to financing. To address these gaps, the NSIA is developing a $50 million Impact Innovation Fund in collaboration with the Japan International Cooperation Agency (JICA), with additional interest noted from British International Investment (BII).