The Nigeria Sovereign Investment Authority (NSIA) has awarded $275,000 to innovative Nigerian startups with selected businesses also eligible to access up to $1.5 million in additional growth financing to support expansion and job creation.
The funding was announced following the fourth edition of the NSIA Prize for Innovation (NPI 4.0), which focused on businesses developing solutions in manufacturing, healthcare, climate resilience and food security.
The competition attracted approximately 6,000 applications with 12 finalists selected to present their business models before a panel of investors and industry experts in Abuja.
Come Again Foods emerged as the overall winner, securing a combined prize valued at $100,000 for its business producing packaged snacks from locally sourced agricultural commodities.
Protein Kapital, which converts organic waste into protein products and biofertilisers through insect farming, finished second with $70,000.
Instant Rad Inc., a healthcare technology company using artificial intelligence to connect hospitals and diagnostic centres with radiologists across Africa, secured third place with $50,000.
The $275,000 prize pool comprises $220,000 provided by NSIA, $45,000 from entrepreneurship development organisation Cascador and $10,000 from Wema Bank.
Additional beneficiaries include Eight Medical, Uwana Energy, Sambal Enterprises, Ebees Green, Smartel Agri Tech and Tryctor, which received support through various award categories.
Beyond the immediate financial rewards, eligible winners will have opportunities to secure growth financing of up to $1.5 million through Pula Xcelerator.
The additional capital is intended to help qualifying businesses expand operations, strengthen production capacity and enter new markets.
Beneficiaries will also receive entrepreneurial training through the Enterprise Development Centre in Lagos, covering financial management, corporate governance, business strategy and investment readiness.
NSIA Managing Director and Chief Executive Officer Aminu Umar-Sadiq said supporting emerging businesses remains central to the authority’s strategy for encouraging innovation and economic development.
He emphasised the importance of combining financing with mentorship, technical expertise and business networks to help startups become commercially sustainable.
The latest programme builds on previous editions that attracted more than 20,000 applications from entrepreneurs across Nigeria’s six geopolitical zones.
For Nigeria’s startup ecosystem, the initiative provides financing opportunities at a time when many emerging businesses face difficulties accessing affordable capital.
However, the long-term economic impact will depend on whether participating companies can expand commercially, generate sustainable revenue and create employment.
The NSIA expects its continued support for entrepreneurship to strengthen domestic innovation, encourage investment and contribute to Nigeria’s economic diversification efforts.
