NSIA Awards $277,000 to Seven Startups at Demo Day

The Nigeria Sovereign Investment Authority (NSIA) and its partners awarded $277,000 to seven Nigerian startups during the fourth edition of the NSIA Prize for Innovation (NPI) at the Demo 4.0 Day. The event took place on Saturday, where 12 startups pitched their innovations after being selected from over 6,000 applicants.

The top three winners received a total of $220,000 in cash and equity, with Come Again Foods winning $105,000, Protein Kapital receiving $70,000, and InstantRad Inc. awarded $50,000. The prize pool included contributions from NSIA, Cascador, and Wema Bank, along with potential access to $1.5 million through the Pula Xcelerator and a chance to compete for N100 million in equity-free grants.

The NSIA's Managing Director and CEO, Aminu Umar-Sadiq, emphasized the importance of education, equity, and exposure for Nigerian innovators. The event also featured a six-week learning program at Lagos Business School for the nine additional finalists.