NSIA Launches $275,000 Innovation Prize for Startups

The Nigeria Sovereign Investment Authority (NSIA) has launched the fourth edition of its innovation prize, offering a total prize pool of $275,000 aimed at supporting Nigerian startups. The initiative, announced in Abuja, is designed to identify and support high-potential startups in sectors such as manufacturing, climate, food security, and healthcare.

NSIA spokesperson Joyc Onyegbula stated that the program has attracted 20,000 applications from startups across Nigeria's six geopolitical zones in its previous editions. This year's prize includes $220,000 from NSIA, $45,000 from Cascador, and $10,000 from Wema Bank.

Winners will also have the opportunity to secure an additional $1.5 million through the Pula Xcelerator program. The initiative aims to enhance business capabilities, improve healthcare delivery, and advance climate resilience.

NSIA's Managing Director and Chief Executive Officer, Aminu Umar Sadiq, emphasized the commitment to helping entrepreneurs transform innovative ideas into sustainable businesses.