NSIA Awards N373 Million to Seven Innovative Startups

The Nigeria Sovereign Investment Authority (NSIA) and its partners awarded $277,000 (approximately N373 million) to seven Nigerian startups during the fourth edition of the NSIA Prize for Innovation (NPI). The winners were announced at the Demo 4.0 Day, where 12 finalists pitched their innovations after competing against over 6,000 applicants.

The prize pool included $220,000 from NSIA, $45,000 from Cascador, and $12,000 from Wema Bank. Come Again Foods, a manufacturer of packaged snacks from locally sourced agricultural commodities, was the overall winner, receiving $105,000.

Protein Kapital, which converts organic waste into protein and biofertiliser, secured second place with $70,000. InstantRad Inc., an AI-enabled teleradiology platform, won third place with $50,000.

Other notable awards included $15,000 for Eight Medical and various smaller prizes for other startups. NSIA Managing Director Aminu Umar-Sadiq emphasized the importance of supporting small and medium-sized enterprises.

The nine other finalists will participate in a six-week learning program at Lagos Business School.